Choosing your Payroll software for your business may seem like a simple decision on the surface, but it can be quite complex. All sorts of things need to be considered, including the size and nature of your business and technical things like software compatibility. It...
The statutory bonus in India is paid according to the bonus payment law (1965). The bonus is a deferred benefit, and some companies choose to pay it in advance. Eligibility for the bonus has been increased to include employees income up to INR 21,000 per month...
In an Employment contract between the employee and employer, the termination clause states a clause on Pilon i.e, pay in lieu of notice period. This can come into the picture in two situations. When the employee resigns and does not want to serve the notice period as...
There are many different websites where you can get your hands-on Cloud HRMS in India, and in this scenario, the question of where to purchase the best online HR software in India arises in every employer’s mind. What you may find is that the prices vary depending on...
In India, we have different types of provident funds which are created to address the needs of different sections of people. In this article, we will be looking into these different types of PFs. Employee Provident Fund or EPF Any person who has employed 20 or more...
Employees’ State Insurance Corporation (ESIC) is a self-financing social security and health insurance scheme for Indian workers. The fund is managed by the Employees’ State Insurance Corporation according to rules and regulations stipulated in the ESI Act 1948. ESIC...
As the name itself suggests, it is an exemption for allowance/assistance received by the employee from his employer for traveling on leave. Though it sounds simple, many factors need to be kept in mind before planning the travel for the purpose of claiming a Leave...
Section 10 of Income Tax Act, 1961 includes those incomes which do not form part of the total income while calculating the tax for an individual. Thus, these incomes are excluded from the calculation, and they are known as exempted incomes. The main objective of...
Taking a home loan can help you save tax as per the provisions of the Income Tax Act, 1961. Even more so after the announcements made during the latest financial budget 2020: Tax benefit on home loans remain unchanged, though the timeline for availing loans for...
Under the objective “Housing for all”, the government has now extended the interest deduction allowed for low-cost housing loans taken during the period between 1 April 2019 and 31 March 2020. Accordingly, a new Section 80 EEA has been inserted to allow for an...
