Basics of HRA Individuals earning salary income, living in rented premises and having HRA as a component of salary are allowed to claim the benefit of House Rent Allowance. This can be partially or completely exempt from taxes. The allowance is for expenses related to rented accommodation. Exemption Calculation The exemption amount is least of […]
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Income Tax Rates as per Revised Slabs In India, the income is taxed as per the slabs mentioned by the finance ministry. Tax rates have been prescribed for different slabs and the rate increases as the income increases. The tax rates as per the existing slabs are as follows: Income Tax Slabs & Rates for
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Advantages of Leave Management System Every organization, irrespective of size, requires a proper leave management system to be put in place. It is necessary for a variety of reasons and ultimately contributes to increased productivity and efficiency. Leave management systems have been handled manually since long- it is not just cumbersome but also leads to
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Benefits of Payroll Software For every organization, employees are considered as its main resources. In an organization if the employees are happy, then there are better chances of those organizations to prosper. For the employees to be happy, their management should be done appropriately which can be done through a payroll processing software. The following
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ESIC notification contribution extended till May 15 ESIC (notification no p-11/14/Misc/1/2019-Rev) has extended the ESI contribution for the month of February 2020 and March 2020 to 15th April 2020 and 15th May 2020 respectively on account of pandemic in the form of corona virus. Therefore time limit for payment of contribution has been extended to
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What is WPS (Wage Protection System) WPS is a electronic transfer system that allows employer to make payment of wages through banks, bureaux de change and financial institution. WPS is developed by Centeral bank by of UAE that allows the ministry of labour to create a database of wage payments in the private sector to
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Payroll processing refers to the process wherein the total payment to be made to the employees of the organization needs to be calculated and the same has to be paid to the credit of employee’s bank account on or before the salary processing date. This process of maintaining and processing the payroll seems easy at
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