Dearness Allowance is calculated as a fixed % of basic salary & is completely taxable. This allowance is paid to the central government employees in India.
Before the introduction of TDS e-payments, businesses had to physically…
Gross salary is the total of all the components of the salary offered to an employee. It includes the earnings before deductions such as TDS, PF, etc.
The ESI scheme applies to all factories and establishments where employee strength is 10 or more. It is a self-financed social security scheme designed to protect employees covered under the ESI act.
Employee Provident Fund (EPF) registration is mandatory for an organisation where employee strength exceeds 20. For most employees, the contribution rate is 12% of the fixed wages of an employee, excluding HRA.
Professional tax is a direct tax that applies to individuals earning by way of employment or practising their profession. Explore more through this article.
Section 194A of the Income Tax Act states that tax has to be deducted at source on interest (other than interest on securities).
Allowances are a part of employees’ CTC (Cost-to-Company) and are paid in addition to basic salary. Employees can use these allowances to save their taxes.
Deductions under Section 80 of the Income Tax Act can be claimed only if tax-saving investments are made, or eligible expenses are incurred.
Payroll software automates all things related to payroll processing and execution. These tasks involve salary automation, compliance payments, leave management, employee database management, etc.