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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...

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...

Section 80 EEA

Section 80 EEA

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...

Section 80 E

Section 80 E

Any individual who has applied for a loan for higher education can avail of the benefits of tax savings provided by Section 80E of the Income Tax Act, 1961. Even if an individual has availed the maximum available deduction of INR. 1,50,000 under section 80C, they can...

Donating Money? Tax benefit under section 80G.

Donating Money? Tax benefit under section 80G.

The amount of donation which can be claimed as a deduction under section 80G is determined as per certain rules. You can claim either 100% or 50% of the amount donated as a deduction subject to ‘With’ or ‘Without’ the upper limit.How much of the amount donated can be...

Section 80U

Section 80U

Section 80U of the Income Tax Act, 1961 includes provisions for tax deduction benefit to individual taxpayers suffering from a disability. In order to claim tax deduction under section 80U, the individual must be certified as a person with a disability by appropriate...

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