Business Glossary: Definitions & Terms Every Entrepreneur Needs To Know

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.

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.

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.

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.

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.

Payroll software automates all things related to payroll processing and execution. These tasks involve salary automation, compliance payments, leave management, employee database management, etc.

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

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.

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.