Your go-to blog for everything related to HR, Payroll and Inventory Management Software
HOW THIS NEW BUDGET IMPACTS ON SALARIED INDIVIDUALS? In the midst of an economy going through the worst of the decade, Finance Minister Nirmala Sitharaman on Saturday presented the General Budget, which has introduced a new system of reduction in income tax rates. However, there is also an option to remain in the old system….
Choosing 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 is not a one-size-fits-all situation, and the real trick is to…
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 (up from INR 10,000 per month before). Increase of…
In an Employment contract between the employee and employer, the termination clause states a clause on Pilon i.e, payment in lieu of the notice period. This can come into picture in two situations. When the employee resigns and does not want to serve the notice period as per his employment agreement. The employee can serve…
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 HR software in India arises in every employer’s mind. What you may find is that the prices vary depending on where you make your purchase. Make it a…
In India we have different types of provident funds which are created to address needs of different sections of people. In this article we will be looking into these different types of provident funds. Employee Provident Fund or EPF Any person who has employed 20 or more employees in an organization, is under an obligation…
Employees’ State Insurance (abbreviated as ESI) is a self-financing social security and health insurance scheme for Indian workers. The fund is managed by the Employees’ State Insurance Corporation (ESIC) according to rules and regulations stipulated in the ESI Act 1948. ESIC is a Statutory Body and Administrative Ministry is Ministry of Labour and Employment, Government…
As the name itself suggests, it is an exemption for allowance/assistance received by the employee from his employer for travelling on leave. Though it sounds simple, many factors need to be kept in mind before planning the travel for the purpose of claiming LTA exemption. Income tax provision has laid down rules with respect to…
Section 10 of the 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 Section 10 is to reduce the tax burden 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 benefits for home loans remain unchanged, though the timeline for availing loans for affordable housing has been extended for a year –…
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 80EEA has been inserted to allow for an interest deduction from AY 2020-21 (FY 2019-20).The existing provisions of Section 80EE…