How to calculate basic salary from whole salary
A) Total salary is 5000
=(Total salary/318) ×52×1.5
= (5000/318) × 52 × 1.5 = 1226
The result is basic salary is 3774
and overtime is 1226
Nirmala Sitharaman on May 28 hinted at the possibility of the government reconsidering changes made to the income tax rules mandating payments to micro, small and medium enterprises (MSMEs)
Finance Minister Nirmala Sitharaman on May 28 hinted at the possibility of the government reconsidering changes made to the income tax rules mandating payments to micro, small and medium enterprises (MSMEs) within 45 days, failing which companies will have to pay tax on the amount due. This mandate came into effect on April 1, 2024. She urged MSMEs to send representations on the same, adding that the government will "surely do something about it in the July Budget." Speaking at an event in Ludhiana, Punjab, Sitharaman said the changes mandating the 45-day payment window was introduced as per requests from MSMEs themselves. “The change in income tax Act did not come this year, it came in 2023, if you want to change it then when the new government comes in the July Budget something can be done depending on the representations that are submitted. But we have changed the income tax act as per requests from MSMEs themselves. Request was payment was not happening in 45 days. But ...
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