FREQUENTLY ASKED QUESTIONS Q. How do I …

1 FREQUENTLY ASKED QUESTIONS Q. I am a new joinee. What are the formalities to be observed when I join the company ? A. You have to open a bank account with new age banks like ICICI, Axis and HDFC and update the account number in SSC portal. You have to obtain a PAN number and update the same in SSC portal. Q. How do I update the PAN and Bank details ? A. Please log on to Username will be your PS Number and password for the first time user will be the date of birth. Click Payroll >>> Employee >>> Employee Details. Update the bank details, PAN number and address details in the relevant fields.

2 Q. What will happen if I do not update the bank details and PAN number. A. If bank details are not updated you will receive your salary by way of cheque where there is a considerable delay. And if PAN details are not updated your taxable income will be subject to tax at a flat rate of 20% Q. What is Flexi Pay declaration ? A. This declaration helps the employee to plan his taxable earnings and save tax. Employee is given the option to break the Flexi pay I and Flexi pay II component of the salary in to various allowances viz. HRA, Conveyance allowance, Medical allowance and Telephone allowance.

3 Click Payroll >>> Employee >>> Flexi Declaration. Q. What is Form B and Form C ? What is the difference between the two ? A. Form B refers to the proposal of investments to be made during a financial year. This is normally submitted at the beginning of the financial year (April to March). Form C refers to submission of actual proof of investments made during the financial year. This should be submitted in the last quarter of the financial year (April to March). Q. What is the present tax structure for salaried persons? A. Income tax slab rate for the financial year 2012-13 is as follows : Up to Lakhs No tax to Lakhs 10% to Lakhs 20% Above Lakhs 30% Q.

4 Is any tax rebate allowed over and above the basic exemption of Lakhs. A. Yes. Apart from the basic exemption of Lakhs a person is allowed to claim a maximum deduction of Lakh from his taxable income under section 80c of the Income Tax Act. He can invest in various tax saving schemes like VPF, PPF, LIC, NSC, Mutual funds, FD etc. Q. Should I nominate a person for PF/Gratuity settlement ? You have to necessarily nominate a person for settlement of PF / Gratuity. Nomination forms are available in SSC portal. Click Retirement Benefits >>>RBS Employee >>> RBS submit forms