Payroll software automates all things related to payroll processing and execution. These tasks involve salary automation, compliance payments, leave management, employee database management, etc.
The LTC Cash Voucher Scheme was announced by Finance Minister Nirmala Sitharaman on the 12th of October 2020. Let’s discuss this scheme in detail.
Mandatory implementation of GST e-invoicing begins from the 1st of October 2020 for the taxpayers with an aggregate turnover of more than Rs 500 crore.
The misinterpretation of law over the years has given rise to quite a few myths about payroll, making the entire payroll process seem intimidating.
Businesses should provide health insurance policy to their employees if they want to remain competitive and see their company grow.
Form 12BB is a tax declaration form where an employee needs to mention all tax-saving investments made or to be made in the financial year and submit it to their employers. Employers consider such details for deducting income from employee’s salary.
TDS Returns are the statement that is submitted by the deductors to the income tax department on a quarterly basis. It includes all the transactions subjected to TDS carried out in a particular quarter.
A group health insurance is similar to medical insurance that covers all the members of a particular group. Employers should provide group health insurance to their employees to build a feeling of safety among them.
A business needs to file TDS return through Form 26Q every quarter to report all TDS from business payments made. Such business payments include contractor payments, payments to professionals, and rental payments.
Tax Deducted at Source (TDS) operates on the basis that each person making a specified type of payment to another individual will deduct tax at source at the rates prescribed by the Income Tax Act.