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What to consider when choosing your Payroll Software?

What to consider when choosing your Payroll Software?

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...

Statutory Bonus

Statutory Bonus

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...

Notice Pay- Salary in lieu of Notice

Notice Pay- Salary in lieu of Notice

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...

Provident Funds in India

Provident Funds in India

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...

ESIC- Employees’ State Insurance Corporation.

ESIC- Employees’ State Insurance Corporation.

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...

Leave Travel Allowance

Leave Travel Allowance

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 the Income Tax Act

Section 10 of the Income Tax Act

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...

Tax Benefit on Home Loan

Tax Benefit on Home Loan

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...

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