CORPORATE INDUCTION:

FINANCE

SYNOPSIS:
Introduction
Finance Team: Structure
Tax Slabs
Investment Declaration
Elements of Salary Structure
Due Dates for compliances
Finance space on Confluence
ESS Login
Login Window and utilities
Stepwise checking Reimbursement Ledger& balance

INTRODUCTION
- SCIENCE OF MONEY MANAGEMENT
- AREAS INCLUDE ACCOUNTS, TAXATION, CORPORATE FINANCE, ETC.
- DISCUSSION WILL BE LIMITED TO TAXATION AND ANCILLARY CONTEXT FROM
EMPLOYEES PERSPECTIVE

- TAXATION IN INDIA

FINANCE TEAM: STRUCTURE

Head Finance
Vijay Honyalkar

India Finance

Global Finance

Legal

Manager

Shashank Mistry

Asst.
Manager
Omkar
Kulkarni

Finance
Legal
Accounts Exec Asst. Manager Officer
Counsel
Amandeep
Tuhina
Bharti Malshe Nitin Mahadik Dhillon
Chakrabarty

TAX SLABS F.Y. 2016-2017

For individuals below 60 years (Including Women Assessees)
Upto 2.50 lacs

No Tax

Rs. 2.50 Lacs to Rs. 5 Lacs

2.5 Lacs

10% on amount exceeding Rs.

Rs. 5 Lacs to 10 Lacs

exceeding 5

Rs. 25,000 + 20% of amount

lacs

Above 10 Lacs
exceeding

Rs.1,25,000 + 30% of amount

Rs.10 Lacs

PLUS 3% Education Cess on above tax

INVESTMENT DECLARATION
-

PURPOSE
MODUS OPERANDI
ACTUAL INVESTMENTS V/S INVESTMENTS DECLARED
DUE DATE: 15TH JAN AND 10TH DECEMBER EVERY YEAR

ELEMENTS OF SALARY STRUCTURE

- THE ELEMENTS DISCUSSED HEREIN ARE LIMITED TO TAXATION/FINANCE
PERSPECTIVE

LTA/LTC
MEDICAL REIMBURSEMENT
MOTOR CAR
CHAUFFEURS SALARY
INTERNET
MOBILE BILL
BOOKS/PERIODICALS
OTHER TAX SAVING COMPONENTS

LEAVE TRAVEL ALLOWANCE (LTA)

Pre-requisites:

Original train tickets / flight tickets along with boarding passes.

In case of car rentals / travel by Taxis original bill clearly showing the
places traveled, number of dependents traveled and the kilometers
covered
Monetary Limit (Per Annum):

Rs.20,000 (Twenty thousands) or one basic salary whichever is less.

Points to be remember:

The tax rules provide exemption only with respect of two journeys
performed in a block of four calendar years. The current block runs from
2014-2017.

Employee should have at least 7 days paid leave in his/her leave account
and have to utilize these for traveling within India.

MEDICAL REIMBURSEMENT
Prerequisites:

Original bills
Bills should be for financial year
Options (per- month):

1250
Points to be remember:

Bills should only be related to medicines & not general cosmetics

No over-writing on bill amount will be accepted

MOTOR-CAR
Pre-requisites

All bills should be Submitted in original

Date should be within the respective Financial Years
Additional consolidated report should be provided in Excel if there are more than on
Need to Submit RC book/ card while claiming for first time
Options

1800 (Per-Month) (Including petrol bills, Repair & Maintenance Bill (excluding any pa
replacement), Tolls).

2400 (per month) ( same as above )

Points to remember:

NO overwriting over bill amount will be accepted

Credit/ Debit card Swipe slip will not be considered as bills

CHAUFFEURS SALARY
Prerequisites:

Payment voucher/ cash voucher should be provided in original

There should be revenue Stamp of Rs.1 affix along with driver signature
Option (Per month):

900
Points to remember:

Name of driver should be mentioned which should be legible

Month of Payment, year should be clearly mentioned on payment vouch

Prerequisites:

INTERNET

Original bill along with a period mentioned .

If the bill is for local internet service provider

e.g. Hathway we need pr

bill
with name of employee & period mentioned properly

Bills should pertain to Financial year

Options ( Per Month)

500, 700, 1000, 1500

Points to be remember

Bill should in the name of employee

Only one number/ or bill is allowed at a time
Mobile internet bill is not a part of this option.

Pre-requisites:

MOBILE BILLS

Original bill along with a period mentioned

Bills should pertain to Financial year
Options (per- month):

500, 700, 1000 ,1500

Points to be remember:

Bill should in the name of employee

Only one number/ or bill is allowed at a time
Prepaid bills/voucher are not considered

BOOKS & PERIODICALS

Prerequisites:
Original bills
Bills should pertain to Financial Year
Options (per- month):
500
Points to be remember:
Bills should only for books which will useful for professional updates
& learning
No over-writing on bill amount will accepted
Cash memo, cash voucher are not considered as valid bills.

OTHER TAX SAVING INSTRUMENTS

Food Coupons (Sodexo Vouchers)
Employees can opt food coupon's of (1100/2200) PM
Benefits to Employee
- A tax-free benefit that provides an unmatched user experience
- Can be redeemed any where on purchase grocery & other Food items

Gift Voucher (Gift Cards)

Employees can opt Gift Cards 5,000/- annually
Benefits to Employee:
- A tax-free benefit that provides an unmatched user experience
- Can be redeemed any where on purchase of any items

Provident Fund

12% of the basic or Rs.1,800 per month.

Once opted for 12% cannot be reduced subsequently.

DUE DATES FOR COMPLIANCES

FINANCE SPACE IN CONFLUENCE

Relevant guidelines for investments
Varied forms
SOPs that pertain to individual users

ESS LOGIN

 ESS Login window and utilities:

STEPWISE CHECKING REIMBURSEMENT LEDGER& BALANCE

Step -1
Please login
through ESS & go
on General services
tab & select

Step -2
Select appropriate
reimbursement
head for checking
of balances
Step -3
Select appropriate
Ledger for brief
details &
transaction for indepth details of
reimbursement

QUESTIONS?

THANK YOU!