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).
RazorpayX Payroll not only automates PF registration for employees but also takes care of the entire payroll process for startups and small business owners.
According to the draft of new wage rules under the Code on Wages 2019, wages for calculation of PF contributions will be at least 50% of employee total pay.
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.
Understand the applicability of Section 80D of the Income Tax Act and the tax benefits of group health insurance for employers and employees here.
RazorpayX Payroll has partnered with a leading insurance company to provide a comprehensive and affordable group health insurance for companies as small as 2 employees.