Major Functional changes taken place in payroll - 2012

Major Functional changes taken place in payroll - 2012

1. Electronic return filing of PF & ESI was made mandatory from April 2012. The older return method i.e. paper return filing has been removed w.e.f April 2012. For more information, please visit www.epfindia.com.

2. Employees can now view their PF account details, online. For more information, please visit http://members.epfoservices.in.

3. Electronic return filing of PT was introduced by many states.

4. Few changes were introduced in IT for individuals through Budget 2012. The changes are as below:

1. A single category of individual tax payer was introduced abolishing male & female category.
2. New investment section of 80CCG (Equity Saving Scheme) was introduced for individual tax payers with an exemption limit upto 25000.
3. Provision was given to claim exemption upto Rs. 5000, on certain preventive health check up. This exemption is included in the main exemption threshold of Rs. 15000.
4. Investment on Long term infrastructure under 80CCF was removed w.e.f FY 2012-13.
5. Challan input file import is made mandatory before validation of return for TDS return filing.