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New Delhi, Mar 12 () In a precautionary move to check spread of deadly coronavirus, state-owned Software Technology Parks of India on Thursday issued advisory that enables around 18-20 lakh employees of IT units registered with it to work from home. IT industry body NASSCOM had urged the government to relax restrictions regarding allowing employees to work from home, amid the coronavirus outbreak. Currently, there are restrictions on WFH (work from home) under the OSP (other service providers) regime. "There are rules that allow employees to work from home in certain situation. We have issued those enabling clauses and will motivate all units registered with us to implement it. There are around 3,000 exporters registered with us and around 18-20 lakh employees work with them," STPI Director General Omkar Rai told . The urgent advisory issued by STPI, which overseas facilities and rules for software exporters, said in the wake of the coronavirus outbreak, units may require employees to work from home using the laptop or desktop provided by the unit to them. "In this connection, para-6.07 of HBOP (handbook of procedures) of FTP, inter-alia, permits employees of STP/EHTP units to take duty fee laptops/computers, etc, out of premises of unit for working upon by authorised employees," the advisory said. STPI mentioned another rule which permits authorised employees of STP (Software Technology Parks)-ETHP units to work from a place outside the unit. "Keeping in view of the outbreak of coronavirus, it is advised to make the industry/industry associations aware of this rule position enabling to make aforesaid precautionary measures in this regard for continuity of business operations in a seamless manner," the advisory said. The coronavirus outbreak, declared a pandemic by the World Health Organization (WHO) on Wednesday, has led to more than 4,000 deaths so far globally. The government on Wednesday suspended all visas, barring a few categories like diplomatic and employment, in an attempt to prevent the spread of coronavirus as cases across India rose to more than 70. Companies across sectors are asking their staff to work from home and adopting technologies like telepresence and video-conferencing to ensure business continuity. However, companies continue to struggle in operationalising WFH for their employees, owing to the onerous compliance and technical requirements under the prevailing OSP regime. These requirements include establishing PPVPN connectivity, sharing pre-defined locations of extended agents (employees), and providing high monetary security deposits, among others. PPVPN (Provider Provisioned Virtual Private Network) is generally used by companies to ensure secure communications for employees working from remote locations. Nasscom, which represents IT and BPO companies as well as start-ups, has written to Communications and IT Minister Ravi Shankar Prasad on the issue. In its letter, Nasscom urged that requirements pertaining to WFH under the OSP regime be relaxed for a period of one month as an interim emergency measure. PRS HRS

Coronavirus: 18-20 lakh employees of IT companies to work from home

New Delhi, Apr 20 () Saluting the efforts of bankers to provide services amid coronavirus threat, the Finance Ministry on Monday said public sector banks (PSBs) have provided insurance cover to employees in case of an unfortunate death due to the deadly virus.Banks have also expressed their commitment to ensuring the well being of their employees by providing protective gear and medical care.statBanks have appointed dedicated doctors for its employees and also set up helpline to attend to the concerns of staff, sources said."Salute to all bankers providing services across India in this critical time. To ensure their safety, PSBs have provided health cover (incl of #Covid-19) to all employees and also lumpsum compensation in case of an unfortunate death due to #Corona," the Finance Ministry said in a tweet.According to sources, banks have designed their own customised product keeping in mind interest of their employees and up to Rs 20 lakh lumpsum amount will be paid to relative in case of unfortunate event due to COVID-19.Prime Minister Narendra Modi and Finance Minister Nirmala Sitharaman have praised bankers for imparting their duty in these challenging times.Financial services are part of some of the essential services which have been operational during the lockdown that will continue till May 3.Several banks including SBI, Punjab National Bank, Union Bank of India and Indian Bank have taken various steps to ensure safety of their employees and protect them from coronavirus.For example, the country's largest lender State Bank of India (SBI) has set up a quick response team to keep the staff motivated amid the coronavirus outbreak,The bank has set up a helpline number manned by doctors and psychologists to assist its staff and employees to deal with the coronavirus outbreak as well as stress and anxiety related to this, sources said. DP MR

PSU banks provide up to Rs 20 lakh insurance cover to employees

<keyword id="120759" type="PERSON" weightage="20" keywordseo="Gratuity">Gratuity</keyword> is a kind of benefit that an employer gives to the employees. The recent amendment that has been approved by the parliament has increased the maximum limit of gratuity that is taxable. As per the recent amendment in the taxation laws in India, gratuity is tax exempt up to Rs 20 lakhs. Earlier this ceiling was Rs 10 Lakhs. The taxation procedures for gratuity is covered by Section 10(10) of the Income Tax Act. Notification The CBDT Notification no. S.O. 1213(E), dated 8 March 2019, states that the tax exemption on gratuity to an upper limit of Rs 20 lakh is made available to employees if the employee resigns or disabled, or retires or dies on or after 29 March 2018. What is gratuity? The monetary benefit called as gratuity given by the employer to the employees is given under the provisions found in the Payment of Gratuity Act, 1972. Gratuity is paid to the employee in case of the following. Case-1: The employee retires from the organization after attaining the age of retirement or resigns from the organization. Case-2: superannuation meaning the employee attaining the age of retirement while still working in an organization. To qualify for gratuity in the two cases mentioned above, the employee must have completed 5 years of service in the given organization that is supposed to pay gratuity. Case-3: death or disablement of the employee due to an accident or disease )in this case, the time limit of 5 years that must be completed for qualifying for gratuity does not apply). Who is covered under gratuity All employees working in factories, mines, ports, railways, plantations, enterprises, shops, oil fields and educational institutions that have 10 or more employees on its rolls on any given day in the preceding 12 months are eligible to get gratuity. Once the gratuity law becomes applicable to the employer, the employees will invariably get gratuity even if the number of employees fall below 10 eventually. How to calculate the amount of gratuity that is tax exempted In the following cases, whichever is the least one is exempted from tax: <ul><li>Last salary drawn including basic X DA and the number of years employed X 15.26.</li><li>Rs. 20 lakhs</li><li>The gratuity amount actually received by the employee</li></ul>For example, let us consider Karthik is employed for 25 years and 2 months. The average salary for the last 10 months in his case is Rs. 90,000. The actual gratuity he will receive is Rs. 11 lakhs. Average of last 10 months’ salary: Rs.90,000 Number of years employed: 25 (rounded off to the nearest year). Gratuity amount receivable: 90,000*25*1/2 = 11,25,000 Maximum amount allowed for tax exemption: 10 lakhs as per the earlier taxation law Amount exempted from tax as per the rule of least of the three: Rs. 10 lakhs Resulting taxable gratuity: Rs 1 lakh Note: Karthik need not pay any taxes on his gratuity amount once his gratuity is dealt with by the amended taxation laws that permit Rs 20 lakh upper limit to gratuity.

How to calculate gratuity and is gratuity taxable?

<ul><li>Technology majors Cognizant and Capgemini are hiring as many as 35,000 campus freshers this year. </li><li>Capgemini said it will hire 15,000 students from Indian universities, who will join the company next year at an average salary of ₹3.8 lakh. </li><li>Cognizant is looking to hire over 20,000 ‘digitally-skilled’ graduates in 2020 — increasing the average compensation for campus freshers to ₹400,000 per annum. </li><li>The two multinationals are also reskilling their employees to grow their digital businesses.</li></ul>After massive structural rejig with layoffs and reskilling initiatives last year, two technology majors with heavy presence in India — Cognizant and Capgemini — are hiring as many as 35,000 campus freshers this year. French multinational Capgemini is planning to hire as many as 15,000 students from Indian universities in 2020-21. These graduates will join the company next year at an average salary of ₹3.8 lakh per annum. However, for those hired from top tier IITs and NITs, salaries can go as high as ₹6.5 lakh. They will also account for nearly 10% of the total hires. “The net headcount in India has continued to grow well with strong hiring year-on-year and our perspectives for 2020 look good too. Globally, we also continue to increase our overall headcount by 5.1% year on year,” Capgemini said last year when it laid off over 500 employees. Meanwhile, Cognizant too is back to sprucing up its employee base. It is looking to hire over 20,000 digitally-skilled graduates in 2020. It also increased the average compensation for campus freshers to ₹4 lakh per annum. This is an 18% surge from last year’s campus salaries. “We continue to be a net hirer of engineering, science, management and other graduates as well as experienced professionals. With more and more students in campuses becoming digitally ready, we have announced a 30% increase in our hiring of engineering and science students for 2020,” the company spokesperson said. Focus remains on <keyword id="4576053" type="PERSON" weightage="20" keywordseo="Reskilling-employees">reskilling employees</keyword> These multinationals which have laid off employees last year and are back to hiring - indicates a growing trend to employ those with digital skills. Digital technologies, including cloud services comprise over 50% of Capgemini’s growth. While for Cognizant, the digital revenue has been growing by more than 20% year-on-year. Young engineers could be partly ready to take on digital roles as they learn new age skills for cloud, IoT. Others are also easier to train, helping companies expand their digital employee base. These IT majors are are also actively reskilling their employees. “We have 1,800 certified consultants, while our nearest competitor in India is 500. The focus is on continued skilling. On average, we are reskilling 60,000-plus employees,” Ashwin Yardi, CEO of Capgemini India <a href="https://timesofindia.indiatimes.com/business/india-business/capgemini-india-to-hire-over-12000-freshers-this-year/articleshow/74128213.cms">told</a> the Times of India. The company claims to have reskilled over 51,000 people in 2019 so far — on emerging technologies like cloud, devOps, and big data. Cognizant is also <a href="https://www.businessinsider.in/careers/news/cognizant-and-capgemini-are-taking-steps-to-reskill-over-60000-employees/articleshow/72154055.cms">doing the same</a>. We have doubled our investment in Cognizant Academy in 2020. To accelerate our digital momentum, we believe we need to hire or reskill approximately 25,000 resources in 2020, and we have started to operationalise this," Brian Humphries, CEO of Cognizant said. 
	<div type="twitter" handle="Capgemini" handlename="Capgemini" image="http://pbs.twimg.com/profile_images/1211971586204393473/peuCq7w7_normal.jpg" favoritecount="5" retweetcount="2" status="FY 2019 highlight: Digital and Cloud now account for over 50% of the Group’s activities, with growth exceeding 20%… https://t.co/wr1DwghUhw" createdat="1581669011000" id="1228234970033901573"></div>



 See also: <a href="https://www.businessinsider.in/careers/news/cognizant-to-hire-20000-digitally-ready-freshers-with-higher-starting-salaries-of-4-lakh-per-annum/articleshow/74075931.cms">Cognizant to hire 20,000 ‘digitally ready’ freshers — with higher starting salaries of ₹4 lakh per annum</a> <a href="https://www.businessinsider.in/careers/news/cognizant-and-capgemini-are-taking-steps-to-reskill-over-60000-employees/articleshow/72154055.cms">Learn or leave — tech majors are either reskilling employees or slashing jobs</a> <a href="https://www.businessinsider.in/careers/news/benching-firing-and-re-deploying-the-story-of-20000-employees-at-tech-majors/articleshow/71934414.cms">Benching, firing and re-deploying — the story of 20,000 employees at tech majors</a>

Cognizant and Capgemini are looking to hire 35,000 fresh engineers

<ul><li>While the demand for IT services companies remains robust with the evolving digital environment, high attrition rates remain a top concern for IT firms.</li><li><keyword id="6357150" type="General" weightage="20" keywordseo="tcs" source="Orion">TCS</keyword>, <keyword id="6354512" type="General" weightage="20" keywordseo="infosys" source="Orion">Infosys</keyword> and <keyword id="10862" type="General" weightage="20" keywordseo="wipro" source="Orion">Wipro</keyword> will together hire 1.53 lakh employees in FY22 to hedge against employees leaving.</li><li>Wipro’s attrition rate remains highest at 20.5% followed by Infosys at 20.1% and TCS at 11.9%.</li></ul>While the demand for information technology (IT) services companies remains robust with the evolving digital environment, a huge number of employees leaving these organisations remain a top concern for IT firms. Attrition rate of IT companies has been rising consistently and in-line with growing demand for digital talent. With the earnings results available so far for the September quarter, Wipro has the highest attrition rate, among IT firms, at 20.5% followed by Infosys at 20.1% and <keyword id="6357585" type="General" weightage="20" keywordseo="tata-consultancy-services" source="Orion">Tata Consultancy Services</keyword> (TCS) at 11.9%. <div type="image" title="attrition chart" height="900" width="1200" msid="87013677" hostid="261"></div> However, a report by human resource solutions firm TeamLease shows that the average attrition rate in the IT industry was at 8.67% in September quarter, far less than what the big IT firms have reported. One of the key concerns of IT employees for leaving an organisation is muted growth in increments followed by poor employee benefits, rewards, digital skilling and so on, shows a ‘compensation benchmarking survey’ by Deloitte India and software firms’ lobby NASSCOM. The average increments for the technology services sector in India dropped from 9.5% in 2019 to 5.2% in 2020, which later increased to 8.8% in 2021 due to higher attrition rate. Average increments are expected to go up to 9% to 11% in 2022, said the report. <div type="image" title="compensation" height="900" width="1200" msid="87013730" hostid="261"></div> IT companies are all set to hire in bulk from campuses as they struggle to retain employees with the increasing demand for digital talent. TCS, which has already hired 43,000 freshers in the first half of FY22, expects to hire another 35,000 in the next six months. This takes up the total count of FY22 to 78,000 new employees. <table style="border-width: initial; border-style: none;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">IT companies </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">FY22 hiring </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Infosys </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">45,000 </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Wipro </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">30,000 </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">TCS </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">78,000 </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table> “We believe this attrition level will continue for the next 2-3 quarters. Having said that, our strong employer brand and our robust talent acquisition and talent development models will help us significantly overcome the supply side issues…We will continue to hire more and more and keep the supply ready since our model is robust. The attrition level is definitely concerning, but we can manage through that,” said Milind Lakkad, global head of human resources at TCS, in a press conference post earnings. High attrition rate in some of the largest IT companies in the country is expected to continue for the coming quarters and so is the huge hiring process. “In order to harness the full potential of the market opportunity, we are expanding our college graduates hiring program to close to 45,000 for the year. Simultaneously, we continue to strengthen employee value propositions including health and wellness measures, reskilling programs, appropriate compensation interventions and enhanced career growth opportunities,” said Pravin Rao, chief operating officer at Infosys. TCS is one of the biggest employers in the country with 5.28 lakh employees as of September quarter. <table style="border-width: initial; border-style: none;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Companies </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Total headcount </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">TCS </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">5.28 lakh </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Infosys </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">2.79 lakh </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Wipro </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">2.21 lakh </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table>At 11:12 a.m., on October 14, shares of Wipro were up 7%, Infosys stock was up 2% and TCS stock was down by 0.8%. ALSO WATCH: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/videos/talent-from-large-it-firms-has-been-flowing-towards-indias-tech-startups/videoshow/87014361.cms">Talent from large IT firms has been flowing towards India's tech startups</a> SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/ecommerce/news/three-unicorns-hundreds-of-crore-in-loss-and-very-little-market-share-whats-the-hype-around-online-car-retailers/articleshow/87012417.cms">Three unicorns, hundreds of crore in loss and very little market share — What's the hype around online car retailers?</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/infosys-wipro-vodafone-idea-and-other-hot-stocks-in-focus-on-october-14-as-results-season-heats-up/slidelist/87010496.cms">Infosys, Wipro, Vodafone Idea and other hot stocks in focus on October 14 as results season heats up</a>

India’s techies are leaving IT firms in hordes — Here’s why

New Delhi, Feb 1 () Finance Minister Nirmala Sitharaman on Saturday slashed income tax for individuals, abolished dividend tax for companies and announced record spending in agriculture and infrastructure sectors to pull out the economy from its worst slowdown in more than a decade.
The cut in income tax rates, which would help save about Rs 31,000 a year in tax for persons with annual income of up to Rs 17 lakh, was however conditioned on current exemptions and deductions including standard deduction for Rs 50,000 as well as the waiver earned on payment of up to Rs 1.5 lakh in tuition fee of children, and contribution towards insurance premium and provident fund, being given up.
She raised import duty on a variety of products ranging from tableware and kitchenware to electrical appliances to footwear, furniture, stationery and toys to boost domestic manufacturing while at the same time provided funds to help farmers set up solar power generation units and set up coal storages to transport perishables.
Alongside, the limit of insurance cover in case of bank failure on deposits was increased to Rs 5 lakh from Rs 1 lakh and a sale of government stake in the country's largest insurer Life Insurance Corporation (LIC) announced.
Presenting her second budget in Parliament, Sitharaman said the 2020-21 Budget was aimed at boosting incomes and enhancing purchasing power, stressing that the economy's fundamentals were strong and inflation was well contained.
For farm and rural sectors, she allocated Rs 2.83 lakh crore and fixed Rs 15 lakh crore target for giving agriculture credit. Another Rs 1.7 lakh crore spending was planned for transport infrastructure and Rs 40,740 crore allocation was made for the energy sector.
In doing so, the government will miss its deficit target for the third year in a row, pushing shortfall to 3.8 per cent of GDP in the current fiscal as compared to 3.3 per cent previously planned. The fiscal deficit target for the coming fiscal year starting April 1 has been fixed at 3.5 per cent.
Sitharaman, who cut tax paid by companies to its lowest in September last year, proposed new tax slabs of 15 per cent and 25 per cent in addition to the existing 10 per cent, 20 per cent and 30 per cent. The new slabs would be for individuals not availing certain specified deductions or exemptions.
Under the proposed I-T slab, annual income up to Rs 2.5 lakh is exempt from tax. Those individuals earning between Rs 2.5 lakh and Rs 5 lakh will pay 5 per cent tax. A 10 per cent tax will be charged on income between Rs 5 and 7.5 lakh, 15 per cent, 20 per cent and 25 per cent on next Rs 2.5 lakh each and 30 per cent on income above Rs 15 lakh.
"Currently, annual income up to Rs 2.5 lakh is exempt from income tax. While a 5 per cent tax is charged for income between Rs 2.5 and 5 lakh. 20 per cent for income between Rs 5 lakh and Rs 10 lakh and 30 per cent for those earning above Rs 10 lakh.
"The new tax regime shall be optional for taxpayers," she said.
Sitharaman accepted the demand of the industry to reverse the taxability of dividends back to the recipients, making equity investment more attractive. Now, dividends will be taxed in the hands of recipients, a move that will cause Rs 25,000 crore dent to her coffers.
Also, she deferred taxes for ESOPs in the hands of employees which will be an important decision for the employees to own shares in the employer without getting worried about organising cash to pay taxes. This will also provide greater flexibility to the employers and employees in the structuring of their employment prospects.
One proposal that could be become contentious was tax being imposed on Indian citizens abroad if they are not taxable in their home country.
For the next fiscal, she pegged net borrowings of Rs 5.45 lakh crore and doubled target of raising revenue from the sale of government stake in PSUs to Rs 2.1 lakh crore. ANZ MKJ

Sitharaman cuts income tax, abolishes DDT; to spend more on agri, infra to boost growth

Nagpur, Mar 28 () Western Coalfields Ltd (WCL), a subsidiary of Coal India Ltd, has registered highest ever single day coal production of 4.29 lakh tonnes on March 27 amid the countrywide lockdown to contain coronavirus.Employees, currently 42,000, are working 24x7 in both underground &amp; opencast coal mines to produce and despatch enough coal to its linked power plants, so that there should be no disruption in electricity supply in the country at present necessary to combat the menace of COVID-19, WCL said in a press release.Coal Mining activity and its transportation has been declared as Essential Service during the lockdown due to COVID-19 outbreak."In line with other Essential Services and without affecting their morale under the present crisis, WCL with its 42,000 employees has registered highest ever single day coal production of 4.29 lakh tonnes on March 27 2020. The last highest production registered by the company was 4.02 lakh tonnes on March 30, 2019," the release said.WCL has already broke its earlier record on March 20 by surpassing 53.18 million tonnes produced during 2018-19.The company is now heading to surpass its annual target of 56 MT for 2019-20.WCL also surpassed its annual target of 2018-19 by registering a growth of over 15 per cent, release said.WCL operates 55 mines in 10 areas spread over Maharashtra and MP." In order to provide safe work place to its employees during the threat of COVID19, all the areas are working hard to make available all precautionary measures required for safety of workers. Around 25,000 masks have been provided to the employees and further 10,000 to be distributed shortly," the company said.WCL supplies 80 per cent of its production to power plants located in Central, Western and Southern India."WCL has been able to maintain sufficient coal stock at the above plants and continues to do so by dispatching more than 1.5 lakh tonnes of coal per day by Rail &amp; Road mode during the present crisis also so that nation continues to be energised," it said.It has also made provision of 75 beds in its 10 different area hospitals in both Maharashtra and Madhya Pradesh for use of quarantine of suspected corona cases.Doctors, Nurses &amp; Para-Medical Staffs have been put on alert to deal any eventuality. CLS NP BALBAL

Western Coalfields registers highest single day production amid nationwide lockdown

<ul><li><keyword id="128682" type="General" weightage="100" keywordseo="netflix" source="Orion">Netflix</keyword>'s Co-CEO Ted Sarandos confirms that ads are coming to its platform by year end.</li><li>Few months back, Netflix laid off 150 employees and dozens of contractors and part-time workers.</li><li>Reportedly, Netflix lost 20 lakh paid subscribers in Q2.</li></ul>Streaming giant Netflix, which has laid off 450 employees in two tranches so far, is set to launch an ad-supported tier by the end of the year to reduce its losses and bring more users on to the platform. Netflix's Co-CEO Ted Sarandos confirmed during the Cannes Lions advertising festival that the future of the streaming giant will include ads, reports <keyword id="218576" type="General" weightage="50" keywordseo="hollywood-reporter" source="Orion">Hollywood Reporter</keyword>. "We are adding an ad tier. We're not adding ads to Netflix as you know it today. We're adding an ad tier for folks who say, 'Hey, I want a lower price and I'll watch ads,'" Sarandos told 'Sway' podcast host Kara Swisher. Sarandos confirmed that the streaming service is in talks with potential ad-sales partners. As the company's share price has tanked, there has been growing speculation that Netflix can be acquired soon. Sarandos admitted that a buyout "is always a reality, so we have to be wide-eyed about that". However, he insisted that "we have plenty of scale and profitability and free cash flow to continue to grow this business". Its rival Disney Plus also plans to launch a similar ad-based offering by the end of the year, starting with the US, before going global. Netflix saw its stock tumbling by 20 per cent after it reported a loss of 2 lakh paid subscribers in the first quarter of 2022, its first subscriber loss in over a decade. Moreover, it now forecasts a global paid subscriber loss of 20 lakh for the April-June quarter (Q2). After laying off 150 employees recently, the popular video streaming platform has once again shown the exit door to an additional 300 employees in the second round of layoffs. The cuts are across multiple business functions in the company, with the bulk of the jobs lost in the US. The platform has indicated more rounds of layoffs would be coming this year. SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/news/poco-f4-5g-vs-iqoo-neo-6-5g-specifications-and-features-compared/slidelist/92431834.cms">Poco F4 5G vs iQOO Neo 6 5G — specifications and features compared</a> <a href="https://www.businessinsider.in/tech/news/google-introduces-five-new-features-for-chrome-on-ios/articleshow/92429982.cms">Google’s latest update brings safer browsing, a new home screen, better translation and more for Chrome on iOS</a>

Netflix confirms an ad supported tier is coming to its streaming service by year end

The government has allowed individuals under new lower tax regime to claim I-T exemption on <keyword id="404341" type="PERSON" weightage="20" keywordseo="Conveyance-allowance">conveyance allowance</keyword> received from employers. <keyword id="2552407" type="COMPANY" weightage="20" keywordseo="The-Central-Board-of-Direct-Taxes">The Central Board of Direct Taxes</keyword> (CBDT) has now amended Income Tax rules to prescribe <keyword id="9477484" type="UNKNOWN" weightage="20" keywordseo="certain-exemptions">certain exemptions</keyword> which can be availed by the employees. These include any allowance granted to meet the cost of travel on tour or on transfer, any allowance, whether, granted on tour or for the period of journey in connection with transfer, to meet the ordinary daily charges incurred by an employee on account of absence from his normal place of duty. It also includes exemption for any allowance granted to meet the expenditure incurred on conveyance in performance of duties of an office or employment of profit, provided that free conveyance is not provided by the employer. The CBDT has further clarified that while determining value of perquisites, no exemption will be available in respect of free food and non-alcoholic beverage provided by employer through paid voucher. Further, blind, deaf and dumb or orthopedically handicap employees can also claim ad-hoc exemption of transport allowance of Rs 3,200 per month while computing <keyword id="4624679" type="PERSON" weightage="20" keywordseo="salaried-income">salaried income</keyword>. Offering an <keyword id="9477485" type="UNKNOWN" weightage="20" keywordseo="optional-lower-rate">optional lower rate</keyword> of income tax to individuals, Finance Minister Nirmala Sitharaman in her Budget for 2020-21 proposed new optional tax regime under section 115BAC of I-T Act for individuals willing to forego certain specified deductions or exemptions while computing total income for tax purpose. Under this, annual income up to Rs 2.5 lakh is exempt from tax. Those individuals earning between Rs 2.5 lakh and Rs 5 lakh will pay 5 per cent tax. Income between Rs 5 and 7.5 lakh will be taxed at 10 per cent, while those between Rs 7.5 and 10 lakh at 15 per cent. Those earning between Rs 10 and 12.5 lakh will pay tax at the rate of 20 per cent, while those between Rs 12.5 and Rs 15 lakh will pay at the rate of 25 per cent. Income above Rs 15 lakh will be taxed at 30 per cent. The new I-T slabs would be for individuals not availing certain specified deductions or exemptions. Nangia &amp; Co LLP Partner Shailesh Kumar said: "The notification also considers that it is employers' responsibility to provide transport to employees with certain disabilities and therefore exempts allowance given to such employees for commuting to/ from office, even under new scheme". The notification considers free meal/ beverages provided by an employer to employees during office hours to be a personal benefit to employees and not an expenditure for official purposes. Therefore, similar to other allowances withdrawn under new scheme/ slabs, tax exemption of such free meals/ beverages has been withdrawn under the new scheme, Kumar added. Taxmann DGM Naveen Wadhwa said "Section 115BAC(2) prescribes list of deductions/exemptions which are not available for deduction while computing total income if taxpayer opts for concessional tax regime. However, the provision empowers the CBDT to prescribe certain exemptions available under section 10 which can be availed by the employees". SEE ALSO: <a href="https://www.businessinsider.in/business/auto/news/what-ceos-say-india-can-learn-from-china-to-get-more-electric-vehicles-on-the-road/articleshow/76669260.cms" data-type="tilCustomLink">What CEOs say India can learn from China to get more electric vehicles on the road</a> <a href="https://www.businessinsider.in/india/news/assam-flood-situation-worsens-4-63-lakh-people-affected-across-1289-villages/articleshow/76669400.cms" data-type="tilCustomLink">Assam flood situation worsens, 4.63 lakh people affected across 1,289 villages</a>

CBDT allows employees to claim exemption on tour conveyance allowance under new tax regime

Bhubaneswar, Apr 1 () National Aluminium Company Limited(NALCO) on Wednesday said it has recorded an all-round successin bauxite and alumina productions, while its aluminiumsmelter achieved more than 90 per cent capacity utilisation in2019-20.With more than 100 per cent capacity utilization, NALCOsPanchpatmali Mines has achieved bauxite production of 73.02lakh MT, which is highest ever since companys inception, theNavaratna PSU said in a statement.Bauxite transportation has gone up to 73.02 lakh MT,which is also highest ever so far, while companys AluminaRefinery has produced highest-ever 21.61 lakh MT of AluminaHydrate and set a new record. Steam &amp; Power Plant (SPP) ofAlumina Refinery has also achieved highest ever net powergeneration.The Aluminium Smelter of NALCO has achieved more than 90per cent capacity utilization with cast metal production of4.18 lakh MT in spite of acute coal crisis in the monsoonseason and also the recent Coronavirus pandemic.Also noteworthy that the DC energy consumption atcompanys smelter plant was at the lowest in 2019-20, it said.Attributing, record performance to the teamwork anddedication of employees, Sridhar Patra, CMD, NALCO said "inthe on-going sluggish metal market, we would be able to tideover the downturn by continuing to keep our focus on bauxitemining and alumina refining arm, coupled with several costreduction measures".Its worth mentioning that despite COVID-19 crisis,NALCOs all units are operational with reduced manpower andcontributing to the national economy.The company is implementing adequate social distancingand sanitization measures in its plants and residential areasto safeguard its employees and workers against corona virusexposure, it added. SKNSNS SNS

NALCO records success in bauxite,alumina production

New Delhi, Mar 25 () Around 12.06 lakh new members joined ESIC-run social security schemes in January 2020 against 12.90 lakh in the previous month, according to the payroll data of the Employees' State Insurance Corporation (ESIC), providing an employment perspective in the formal sector.Gross enrolments of new subscribers with ESIC were 1.49 crore during the entire 2018-19 financial year, the National Statistical Office (NSO) said in a report 'Payroll Reporting in India: An Employment Perspective - January 2020' released on Wednesday.The report also showed that during the September 2017-January 2020 period, around 3.62 crore new subscribers joined the ESIC scheme.The NSO's report is based on the payroll data of new subscribers of various social security schemes run by ESIC, retirement fund body and the Pension Fund Regulatory and Development Authority (PFRDA).It has been releasing the payroll data or new subscribers data of these three bodies since April 2018, covering a period starting from September 2017.The report showed that gross new enrolments with the ESIC during the September 2017-March 2018 period were 83.35 lakh.A net of 10.45 lakh new enrolments with the Employees' Provident Fund Organisation (EPFO) were recorded in January 2020, compared with 9.12 lakh in December last year.In 2018-19, 61.12 lakh new subscribers on a net basis joined the social security schemes run by EPFO. Similarly, the net new enrolments were 15.52 lakh during September 2017-March 2018.The latest data showed that during September 2017-January 2020, around 3.20 crore new subscribers joined the Employees' Provident Fund Scheme.It also showed that net of 69.35 new members joined the social security schemes run by the EPFO in April to January this fiscal, which is higher than 61.12 lakh in the entire fiscal of 2018-19. However, the gross enrolments with the ESIC were 1.29 crore during April-January this fiscal. The report said that since the number of subscribers is from various sources, there are elements of overlap and the estimates are not additive.The NSO said the report gives different perspectives on the levels of employment in the formal sector and does not measure employment at a holistic level. KKS MRMR

12.06 lakh new members join in January: ESIC payroll data

The income tax slabs have undergone a revision during the latest budget in India and here is a summary of different income tax slabs you must know for the financial year 2019-20. For earnings up to 5 lakhs in a year, no income tax is applicable. The exemption allowed on up to 5 lakhs income per year is combined with deductions on savings facilitated by Sector 80. This will imply that those that are earning till Rs. 6.5 lakhs per annum need not pay any income tax. In case of salaried employees, a standard deduction of Rs. 50,000 is allowed. The TDS threshold on income through rents in raised to 2.4 lakhs from 1.8 lakhs. On bank and post office deposits, the threshold on interests are raised from Rs. 40,000 from Rs. 10,000. Income tax slab for <keyword id="7824722" type="UNKNOWN" weightage="20" keywordseo="individual-tax-payers">individual tax payers</keyword> aged less than 60 years (FY 2018-19 AY 2019-20) <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">Income range per annum </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">Tax rate </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">Up to Rs. 2.5 lakhs </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">No Tax </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">From Rs. 2.5 lakhs to Rs.5 lakhs </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">5% + 4% cess </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">From Rs. 5 lakhs to Rs. 10 lakhs </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">20% + 4% cess </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">From Rs. 10 lakhs to Rs. 50 lakhs </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">30% + 4% cess </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">From Rs. 50 lakhs to Rs. 1 crore </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">30% + 10% surcharge + 4% cess </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">Above Rs.1 crore </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">30% +15% surcharge + 4% cess </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">Rebate as per Section 87 (A) </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">100% tax rebate is allowed for a maximum value of Rs. 2,500 in case of resident individuals whose total income is not above Rs. 3.5 lakhs </td></tr></tbody></table> Income tax slab for senior citizens aged between 60 and 80 years (FY 2018-19 AY 2019-20) <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">Income range per annum </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">Tax rate </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">Up to Rs. 2.5 lakhs </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">No Tax </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">From Rs. 2.5 lakhs to Rs.5 lakhs </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">5% + 4% cess </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">From Rs. 5 lakhs to Rs. 10 lakhs </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">20% + 4% cess </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">From Rs. 10 lakhs to Rs. 50 lakhs </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">30% + 4% cess </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">From Rs. 50 lakhs to Rs. 1 crore </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">30% + 10% surcharge + 4% cess </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">Above Rs.1 crore </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">30% +15% surcharge + 4% cess </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">Rebate as per Section 87 (A) </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">100% tax rebate is allowed for a maximum value of Rs. 2,500 in case of resident individuals whose total income is not above Rs. 3.5 lakhs </td></tr></tbody></table> Income tax slab for senior citizens aged above 80 years (FY 2018-19 AY 2019-20) <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">Income range per annum </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">Tax rate </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">Up to Rs. 2.5 lakhs </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">No Tax </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">Up to Rs. 5 lakhs </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">No Tax </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">From Rs. 5 lakhs to Rs. 10 lakhs </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">20% + 4% cess </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">From Rs. 10 lakhs to Rs. 50 lakhs </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">30% + 4% cess </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">From Rs. 50 lakhs to Rs. 1 crore </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">30% + 10% surcharge + 4% cess </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">Above Rs.1 crore </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">30% +15% surcharge + 4% cess </td></tr></tbody></table> Income tax slab for firms and domestic companies (FY 2018-19 AY 2019-20) <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">Tax category </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">Firms </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">Domestic companies </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">Turnover up to Rs. 50 crores </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">30% </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">25% </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">Turn over above Rs. 50 crores </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">30% </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">30% </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">Surcharges </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">If the total income exceeds 1 crore, 12% of tax is applied as surcharge </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">7% of tax if income exceeds 1 crore but is below 10 crore. 10% of tax in case the income exceeds Rs. 10 crores </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">Cess </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">3% of tax + surcharge </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">3% of tax + surcharge </td></tr></tbody></table>

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