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.
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.
Professional tax is a direct tax that applies to individuals earning by way of employment or practising their profession. Explore more through this article.
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.