Author: indiafreenotes

A job-based compensation structure typically contrasts a skill-based structure in that you are paid based on the responsibilities of a position rather than your personal skills. While you might prefer the opportunity to optimize your earnings to match your abilities, job-based pay does offer some benefits that are especially important to women.

In a job-based pay structure, you essentially get paid for the value of the work you perform for the company. This gives your compensation a more tangible quality than a skill-based structure where a supervisor must assess the value of the skills and qualities you bring to the table. Employers typically have pay grades or schedules indicating the salary or wage for each particular job, and this enables you to see the relative pay to the duties assigned.

Though not 100 percent certain, job-based pay can reduce the likelihood of gender discrimination in pay. Since the focus is on the job itself, pay theoretically shouldn’t vary based on personal qualities you present. In fact, some employers use job-based structures primarily to protect against discrimination claims. While the glass ceiling, or wage gap, still exists between men and women, job-based pay should ensure that men and women earn equal pay for the same position.

The process of earning more money are generally clear in a job-based structure. Typically, you must gain promotion to a new position to see a significant boost in pay. You can normally look at the job description of a position you want to see what skills and qualities you must possess to gain a promotion. In a skill-based structure, the path to a raise is usually more informal and grounded in the development of new skills and abilities.

Pay comparisons

Though not necessarily your employer’s intent, a job-based structure allows you to more easily compare your salary to those offered by other employers. This is especially true if most companies in an industry use a job-pay structure. A side benefit is that employers using this compensation structure are often more cognizant to compare their salaries to those offered by competitors, which may mean your earning potential is higher or more representative of current market value for your work.

A job based pay structure is a structure of salary payments that is built on compensable factors determined by the job. In other words the salary for a job is determined by its responsibilities, and sometimes its work conditions.

The advantages are:

• It is based on a hierarchical organizational structure, which is the organizational structure for most organizations.
• It is simpler than a person based system as more work is required to define knowledge, skills and competencies required for a person based pay structure.
• Most companies’ pay structures are job based pay structures. This means comparison is possible between companies.
• The hierarchical order of the job structure created the illusion that there are some career paths and possibilities for promotions.

The disadvantages are:

• It reinforces hierarchy and bureaucracy. It is less compatible with team based structures and incentives.
• The hierarchical organizational structure that it is based on has fundamental weakness.
• The job holder may not be competent in the job.
• The job at the top is over paid and the job at the bottom is too paid low. It increases the overall business operating costs.
• It encourages compromise of honesty in job descriptions and job valuations.
• It does not reward employees directly for their knowledge, abilities and individual strengths.
• It does not encourage development of a flexible organizational structure in terms of flatter structure; T-shaped employees and job rotation.
• Some job evaluation systems take short cuts by using a generic set of compensable factors or develop the pay structure by using job classification.

Skill based Compensation Tools

developing a person based pay structure also requires an understanding of the tasks and responsibilities of jobs in a business. Similarly the development of the structure requires job analysis and job descriptions. The difference is that it compensates the job incumbent (person) in terms of his knowledge, competencies and skills. These are called competency-based pay structure, skills-based pay structure or knowledge based pay structure.

A study made by Murray and Gerhart (1998) found that in a person based pay structure, although hourly wages increased, however product quality (scrap percentage), productivity (labour hours per part) improved and overall labor costs decreased (The Oxford Handbook of Human Resource Management By Peter F. Boxall, John Purcell, Patrick M. Wright).

Advantages and Disadvantages of Skills-Based Pay Structures

There are very few person based pay structures, so information on it is mostly academic information. Below are the academic rather than market place explanations.Skills-based pay has the following advantages and potential disadvantages.

Job-based pay has traditionally been the main structure companies have used in determining how much to pay workers. Employers that use this structure pay workers according to the employee’s position and job duties. An employer may also consider the employee’s work experience and seniority as part of the job evaluation. The implicit message to employers who use the job-based pay structure conduct performance appraisals to measure the employee’s contributions to the company.

Some business owners are finding that job-based pay structures do not suit their organizational strategies. They are seeking pay structures that align with their work environments. As companies have changed their work environments, they are basing salaries on other structures that are more useful. For example, as more emphasis is placed on working as a team, companies are basing salaries of the effort’s workers make as a member of a team.

Job-based pay structures can increase a company’s operating costs, which is another disadvantage. For example, the company may have to hire a consulting firm to conduct compensation audits. The business may also have to revise its pay grades every year, which requires more administrative staff.

If job-based pay does not reward the best employees for their work, this can affect how employees are evaluated. When evaluating employee performance, employers that have job-based pay structures are limited in giving pay raises that take the worker’s skills and experience into account. The fact that an employee’s performance may be superb carries less weight in such structures.

Employees who are not rewarded for their job performance may quit because they feel that their contributions are not valuable to the company. For example, an employee whose contributions result in an increase in earnings or new clients will want to be rewarded. Employees can be rewarded with pay raises or bonuses. If the employee receives neither, he may seek employment with other companies.

Job Based Pay Structures

A job-based pay structure is a structure of salary payments that is built on compensable factors determined by the job. In other words, the salary for a job is determined by its responsibilities, and sometimes its work conditions.

The advantages are:

• It is based on a hierarchical organizational structure, which is the organizational structure for most organizations.
• It is simpler than a person-based system as more work is required to define knowledge, skills and competencies required for a person-based pay structure.
• Most companies’ pay structures are job-based pay structures. This means comparison is possible between companies.
• The hierarchical order of the job structure created the illusion that there are some career paths and possibilities for promotions.

The disadvantages are:

• It reinforces hierarchy and bureaucracy. It is less compatible with team based structures and incentives.
• The hierarchical organizational structure that it is based on has fundamental weakness.
• The job holder may not be competent in the job.
• The job at the top is over paid and the job at the bottom is too paid low. It increases the overall business operating costs.
• It encourages compromise of honesty in job descriptions and job valuations.
• It does not reward employees directly for their knowledge, abilities and individual strengths.
• It does not encourage development of a flexible organizational structure in terms of flatter structure; T-shaped employees and job rotation.
• Some job evaluation systems take short cuts by using a generic set of compensable factors or develop the pay structure by using job classification.

Employees work to earn money (wages or salary). This money is broadly termed as compensation. It is the reward they want from management in return for services rendered to the organisation. Compensation or paying employees for their work is an important responsibility of human resource managers. How much compensation a worker wants depends upon his economic needs.

If a man is unemployed and hard pressed, he will be ready to work for lower compensation. If his physiological needs (food, clothing, shelter) are satisfied, he will bargain for better compensation. Good compensation (or pay packet) not only attracts talented employees, it also retains them in the organisation for long run.

“Compensation is a comprehensive term which includes wages, salaries, all other allowances and benefits.” It involves remunerating people for services rendered by them and motivating them to reach the desired level of performance. Compensation may be paid in cash, kind or both.

Benefits of Compensation Management

• One of the most significant benefits associated with compensation management is that it helps the organization achieve employee satisfaction. A happy employee will be more productive, while contributing to the overall profit of the business. This makes employees realize that they are getting equal returns for the time and effort they are dedicating to the organization. The practice of compensation management exerts a positive impact in the employees by influencing them to perform better and increasing their overall efficiency.
• This stabilizes the labor turnover rate as employees get compensated for their work at a competitive market rate. They do not feel the need of leaving the organization. It can then be concluded that compensation management helps increase the loyalty of the employees towards the organization.
• Compensation management is an important aspect of the job evaluation process. It augments the whole process by setting up standards for the company that are realistic as well as achievable, as far as the compensation practices of the organization are concerned.
• It is a practice which helps to improve the relationship of the company with the labor union, as it allows the compliance of different labor laws and acts. If the organization is following the compensation practices same as that of the market, there will be no dispute to settle between them and the labor union.
• It helps the professional growth of employees, as their efficiency increases, when there is a reward present for achieving a certain level of production. This also means that the deserving employees are fairly compensated for the efforts they are putting into their work, thus helping the organization to retain the best talent.
• Compensation Management is the practice that if followed properly, will turn the organization into a hub of talent. This means that more human capital will get attracted to the company, when they will view the compensation package that it will be offering. Also, the organization must keep in mind that monetary rewards are not something that only derives the motivation of the workforce. The overall compensation package must also include the non-monetary rewards, where the employees should be appreciated for the effort they are putting in their work. Therefore, the organization must ensure that its compensation package is based on monetary as well as non-monetary rewards.

Objectives of Compensation Management

1. To Attract Top Talent

Rai University states that one of the primary goals of compensation should be to recruit qualified talent. When you have a competitive compensation plan in place, you’ll be better able to attract top industry talent.

2. To Retain & Reward Personnel

Don’t lose your top talent to your competitors because employees believe that the grass will be greener elsewhere. Find out market values for your employees and pay accordingly. You can also set up pay-for-performance models to drive performance by encouraging associates to reach new goals and push farther.

3. To Boost Motivation

When structured effectively, your compensation plan can drive motivation across your teams. Employees who know that they’re being fairly compensated for their work feel appreciated and are therefore more likely to stay engaged, committed, and productive.

4. To Be Compliant

Compensation isn’t just about being fair within the industry; it must also comply with federal regulations, such as the Fair Labor Standards Act. While adhering to standards can complicate your compensation management, it will help protect your company against litigation and ensure fairness across the board for your personnel.

5. To Maximize ROI

It requires some fine tuning, but compensation management is most effective when you get the biggest bang for your buck. In other words, if you can create a compensation plan that stays within budget while also driving productivity through pay-for-performance and other motivational tactics, you’re creating a plan that’s both equitable for the company and advantageous for hardworking employees.

The term human resources imply that people have the capabilities that drives organisational performance along with other resources like machinery, money, materials and information. Human resource management is designing management systems to ensure that human talent is used effectively and efficiently to accomplish the organization goals. HR professionals perform variety of roles. They perform functions at strategic level, EEO (Equal Employment Opportunity), staffing, ensures employee and labour relations with management, risk management and worker participation, rewards and compensation, talent management, etc. The focus of study at this stage is on the role of HR professionals in compensation management.

Following are the roles performed by a HR professional:

1. Develop a compensation philosophy: Compensation philosophies can be developed considering two philosophy:

(i) entitlement philosophy

(ii) performance philosophy.

The entitlement philosophy assumes that individuals who have worked another year are entitled to pay increases, with little regard for performance differences. While performance philosophy assumes that compensation changes, if performance changes. Organisations working under this philosophy do not guarantee additional or increased compensation simply for completing another year of service.

2. Develop a programme outline: As a part of compensation] plan, a HR professional will design a programme outline which very clearly will indicate the objective of the compensation programme. They should clearly prescribe the process of how a particular compensation strategy will be implemented or executed by the organisation. The objectives will also consider the budget allotted for a particular financial year on compensation and rewards.
3. Job evaluation: Job evaluation aims to determine a job’s relative worth. The job evaluation is a formal and systematic comparison of jobs to determine the worth of one job relative to another. Rank the jobs within each senior vice presidents and manager’s department, and then rank jobs between and among departments. HR professional verifies the ranking by comparing the industry market data and prepares the flowchart of all ranks for each department for easy assessment and interpretation of job.
4. Conduct a job analysis of all positions: One of the most important functions performed by the HR professional is to do the job analysis of all the positions in a hierarchy. HR executives gathers information from the senior departmental heads of marketing, finance, sales, administration, production and other appropriate departments to determine the organisational structure and primary functions of each. Interviewing the department managers and the employees who actually executes it will be helpful in determining the specific job functions. Develop a model of job descriptions which will help in better evaluation of job.
5. Determine job grades: After job evaluation, jobs are further classified into job grades by establishing various levels like senior, junior, intermediate and beginners. HR executives at this stage also determine the number of pay grades, or monetary range of a position at a particular level, within each department.
6. Determine an appropriate salary structure: Job grading helps in classification of jobs which could further be helpful designing a salary structure. Various components of a salary structure is analysed with the market rates and company’s philosophy. If it gets satisfied, then the compensation committee reviews it, makes adjustments if required and goes for further approval from top level management.
7. To obtain top executives’ approval of the basic salary programme: After getting approval from HR committee, HR department develops and presents the cost impact studies that project the expense of bringing the present staff upto the proposed levels or adding any compensation benefits into the present salary structure.
8. Communicate the final programme to employees and managers: Once the salary structure is approved and finalized by compensation committee, HR Executives develop a plan for communicating the new programme to employees using slide shows or movies, literature, handouts, etc.; make presentations to managers and employees; implement the programme; design and develop detailed systems, procedures and forms; work with HR information systems staff to establish effective implementation procedures, to develop appropriate data input forms, and to create effective monitoring reports for senior managers; and execute the compensation programme.
9. Monitor the programme: Organisation’s objective of effective compensation plan is to motivate employees to give their best at work. HR monitors feedback from managers, make changes where necessary, find flaws or problems in the programme and adjust or modify where necessary.

Wealth management is a consultative process. It involves consultations with affluent clients, discussions on their financial needs and goals.

Wealth management (WM) or wealth management advisory (WMA) is a form of investment management and financial planning that provides solutions to a wide array of clients ranging from affluent to high-net-worth (HNW) and ultra-high-net-worth (UHNW). It is a discipline which incorporates financial planning, portfolio management and a number of aggregated financial services offered by a complex mix of investment banks, asset managers, custodial banks, retail banks, and financial planners. There is no equivalent of a stock exchange to consolidate the allocation of investments and promulgate fund pricing and as such it is considered a fragmented and decentralised industry.

HNW individuals, small-business owners and families who desire the assistance of a credentialed financial advisory specialist call upon wealth managers to coordinate retail banking, estate planning, legal resources, tax professionals and investment management. Wealth managers can have backgrounds as independent Chartered Financial Consultants, Certified Financial Planners or Chartered Financial Analysts (in the United States), Certified International Investment Analysts, Chartered Strategic Wealth Professionals (in Canada), Chartered Financial Planners (in the UK), or any credentialed (such as MBA) professional money managers who work to enhance the income, growth and tax-favored treatment of long-term investors.

The term “wealth management“ occurs at least as early as 1933. It came into more general use in the elite retail (or “Private Client”) divisions of firms such as Goldman Sachs or Morgan Stanley (before the Dean Witter Reynolds merger of 1997), to distinguish those divisions’ services from mass-market offerings, but has since spread throughout the financial-services industry. Family offices that had formerly served just one family opened their doors to other families, and the term Multi-family office was coined. Accounting firms and investment advisory boutiques created multi-family offices as well. Certain larger firms (UBS, Morgan Stanley and Merrill Lynch) have “tiered” their platforms with separate branch systems and advisor-training programs, distinguishing “Private Wealth Management” from “Wealth Management”, with the latter term denoting the same type of services but with a lower degree of customization and delivered to mass affluent clients. At Morgan Stanley, the “Private Wealth Management” retail division focuses on serving clients with greater than $20 million in investment assets while “Global Wealth Management” focuses on accounts smaller than $10 million.

In the late 1980s, private banks and brokerage firms began to offer seminars and client events designed to showcase the expertise and capabilities of the sponsoring firm. Within a few years a new business model emerged, Family Office Exchange in 1990, the Institute for Private Investors in 1991, and CCC Alliance in 1995. These companies aimed to offer an online community as well as a network of peers for ultra-high-net-worth individuals and their families. These entities have grown since the 1990s, with total IT spending (for example) by the global wealth management industry predicted to reach $35bn by 2016, including heavy investment in digital channels.

Wealth management can be provided by large corporate entities, independent financial advisers or multi-licensed portfolio managers who design services to focus on high-net-worth clients. Large banks and large brokerage houses create segmentation marketing-strategies to sell both proprietary and non-proprietary products and services to investors designated as potential high-net-worth clients. Independent wealth-managers use their experience in estate planning, risk management, and their affiliations with tax and legal specialists, to manage the diverse holdings of high-net-worth clients. Banks and brokerage firms use advisory talent-pools to aggregate these same services.

The Great Recession of the late 2000s caused investors to address concerns within their portfolios. For this reason wealth managers have been advised that clients have a greater need to understand, access, and communicate with advisers about their situation.

The CFA Institute curriculum on private-wealth management indicates that two primary factors distinguish the issues facing individual investors from those facing institutions:

• Time horizons differ. Individuals face a finite life as compared to the theoretically/potentially infinite life of institutions. This fact requires strategies for transferring assets at the end of an individual’s life. These transfers are subject to laws and regulations that vary by locality and therefore the strategies available to address this situation vary. This is commonly known as accumulation and decumulation.
• Individuals are more likely to face a variety of taxes on investment returns that vary by locality. Portfolio investment techniques that provide individuals with after tax returns that meet their objectives must address such taxes.

Advantages of Wealth Management

• Wealth management plans are tailored to client-specific needs. The financial products are combined to effectively reach the financial goals of the client.
• The advisory services entail the handling of client sensitive information. Investment advisors have to maintain the confidentiality of information obtained during the course of financial planning and advisory services.
• A wealth management advisor utilizes the diverse financial disciplines such as financial and accounting, and tax services, investment advice, legal or estate planning, and retirement planning, to manage an affluent client’s wealth as a bundle of services.
• Wealth management practices and the corresponding services may differ from one location to another, depending on the state of the economy, per capita income and saving habits of the people.
• Wealth management is different from investment advice. The former is a more holistic approach in which a single manager coordinates all the services needed to manage their money and plan for the client’s needs, including the current and future needs of the client’s family.
• While most wealth managers provide services in any financial field, some wealth managers specialize in specific areas of finance. The specialisation would be based on the area of expertise of the wealth manager.
• Wealth management services are usually appropriate for wealthy individuals who have a broad array of diverse needs. The advisors are high-level professionals and experts.
• Wealth managers may work individually as a single person, or as part of a small-scale business or as part of a larger firm. Based on the nature of the business, wealth managers may function under different titles, which include financial consultant or financial adviser. A client may receive services from a single designated wealth manager or may have access to the members of a specified wealth management team.

Wealth managers perform the following tasks:

• Spotting investment opportunities.
• Providing curated estate planning services.
• Providing tax planning services.
• Buying and selling of stocks.
• Advising clients about financial products and services.
• Managing portfolios.
• Assessment of risks associated with decisions

Sections 22 to 27 of the Act deal with the subject of taxation of “Income from house property”.

Section 22: Annual value of property is taxable under the head “Income from House property”.

Section 23: Determination of ‘Annual value’

Section 24: Allowable deductions from “Income from House property”

Section 25: Amounts not deductable from “Income from House property”

Section 25A: Special Provision for arrears of rent and unrealised rent received subsequently.

Section 26: Property owned by co-owners

Section 27: Situations where the ownership shall be deemed, for taxing income from house property

Section 22 provides for taxation of ‘annual value’ of a property consisting of any buildings or lands appurtenant thereto. The term ‘buildings’ includes any building- office building, godown, storehouse, warehouse, factory, halls, shops, stalls, platforms, cinema halls, auditorium etc. as long as they are not used for business or profession by owner. Land appurtenant includes land adjoining to or forming a part of the building. It would depend on the nature of the land, whether it is appurtenant to the residential building, factory building, hotel building, club house, theatre etc. and will include courtyards, compound, garages, car parking spaces, cattle shed, stable, drying grounds, playgrounds and gymkhana.

Determination of ‘annual value’ of the property [Sec. 23]

‘Annual Value’ is inherent capacity of property to yield income. The inherent capacity has been defined as the sum for which the property might reasonably be expected to be let from year to-year. It is not necessary, that the property should be actually let. It is also not necessary that the reasonable return from property should be equal to the actual rent realized when the property is, in fact, let out. Under Section 23 (1) of the Income tax Act, annual value of property shall be deemed to be the following:

1. The sum for which the property might reasonably be expected to be let out from year to year;
2. Where the property or any part of the property is let and the actual rent received or receivable by the owner in respect thereof is in excess of the sum referred to in clause (a), the amount so received or receivable

iii. Where the property or part of the property is let and was vacant during the whole or any part of the previous year and, owing to such vacancy, the actual rent received or receivable by the owner in respect thereof is less than the sum referred to clause (a) the amount so received or receivable.

4.1 Annual value to be calculated as under:

1. Where RC Act applicable

(i) Standard rent under the Rent Control Act; or

(ii) Actual rent received Whichever is higher

2. Where RC Act is not applicable:

(i) Municipal Value or

(ii) Fair Rent or

(iii) Rent Received whichever is higher

Sub-section 2: The annual value of a house or part of a house shall be taken as nil if the property

• is occupied by the owner himself for the purpose of his own residence or,
• if such house or part thereof cannot be occupied by him because his employment, business or profession is carried on at any other place and, he has to reside at that other place in a building that does not belong to him.

Deductions permitted from Income from house property [Sec. 24]

Amount left after deduction of municipal taxes is net annual value. Following permissible deductions are allowed from Annual Value in cases of let out properties (Section 24).

(1) Deduction equal to 30% of the annual value, irrespective of any expenditure incurred by the taxpayer (s.24(a)). No other allowance for depreciation, repairs, maintenance etc. would be allowable.

(2) Interest on borrowed capital (s.24(b)). Interest on borrowed capital is allowable as deduction on accrual basis (even if account books are kept on cash basis) if capital is borrowed for the purpose of purchase, construction, repair, renewal or reconstruction of the house property.

As per section 25, interest chargeable under the Income tax Act, which is payable outside India on which tax has not been paid or deducted (and in respect of which there is no person in India, who may be treated as an agent under section 163) shall not be deducted in computing the income chargeable under the head “Income from house property”.

Income from house property is wholly exempt from tax in following situations

1. Income from any farmhouse forming part of agricultural income;
2. Annual value of any one palace in the occupation of an ex-ruler; Section 10(19A)
3. Property Income of a local authority; Section 10(20)
4. Property income of any registered trade union; Section 10(24)
5. Property income of a member of a Scheduled Tribe;
6. Property income of a statutory corporation or an institution or association financed by the Government for promoting the interests of the members either of the Scheduled Castes or Scheduled tribes or both;
7. Property income of a corporation, established by the Central Govt. or any State Govt. for promoting the interests of members of a minority group;
8. Property income of a cooperative society, formed for promoting the interests of the members either of the Scheduled Castes or Scheduled tribes or both;
9. Property Income, derived from the letting of godowns or warehouses for storage, processing or facilitating the marketing of commodities by an authority constituted under any law for the marketing of commodities;

• Property income of an institution for the development of Khadi and village Industries;’
• Self-occupied house property of an assessee, which has not been rented throughout the previous year;
• Income from house property held for any charitable purposes;
• Property Income of any political party. Section 13A

Section 26

Co-ownership: In case where property is owned jointly by two or more persons, and where shares of such joint owners are definite and ascertainable, the income of such house property will be assessed in the hands of each co-owner separately. For the purpose of computing income from house property the rent/ annual value will be taken in proportion to his share in the property. In such an eventuality, the relief admissible under section 23(2) shall also be separately allowable to each such person [Explanation to Section 26]. However, where the share is not definite, the income of the property shall be assessed as that of an Association of persons.

Deemed ownership (Section 27)

In the following situations the ownership shall be deemed for taxing income from house property in view of Section 27 of the Act:

1. When house property is transferred to spouse (otherwise than in connection with an agreement to live apart) or minor child (not being a married daughter) without adequate consideration (Section 2 7(i))
2. In the case of holder of an impartible estate (Section 27(ii))

iii. A member of a cooperative society, company etc. to whom a building or part thereof has been allotted or leased under a house building scheme (Section 27(iii)). Thus, when a flat is allotted by a cooperative society or a company to its members/shareholders who enjoy the flat, technically the co-operative society/company may be the owner. However, in such situations the allottees are deemed to be owners and it is the allottees who will be taxed under this head.

iii a. A person who is allowed to take or retain possession of any building (or part thereof) in part performance of a contract of the nature referred to in section 53A of the Transfer of Property Act, 1882, is deemed as the owner of that building (or part thereof) [Sec. 27 (iiia)].

1. A person who acquires any rights (excluding any rights by way of a lease from month to month or for a period not exceeding one year) in or with respect to any building (or part thereof) by virtue of any such transaction as is referred to in section 269UA(f) [i.e. if a person takes a house on lease for a period of 12 months or more, is deemed as the owner of that building or part thereof] [Sec. 27 (iiib)].

(v) taxes levied by a local authority in respect of any property shall be deemed to include service taxes levied by the local authority in respect of the property.[Sec. 27 (vi)].

Profit & Gain from Business and Profession (S. 28, 30,31,32, 35, 35D,36,37, 40, 40A and 43B)

In this Article we have discussed briefly Different Provisions Applicable to Income from Business and Profession at one place.

Profits and Gains from Business and Profession

1. Chargeability:

The following incomes are chargeable to tax under the head Profit and Gains from Business or Profession:

2. Deductions under Sections 30 to 37

Amount deductible, while computing, Profits and Gains of Business or Profession are:

3. Amount expressly disallowed under the Act

4. Expenses deductible on actual payment basis

The following expenses shall be allowed as deduction if such expenditure are actually paid on or before the due date of filing of return of income:-

5. Other provisions