Do you know that social media has become a powerful platform for businesses? Yes! It has yet to remain a place to chat and share your lifestyle with friends and family. One of them is Instagram which has gained immense popularity in reaching your global audience. With...
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
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 EPFStatutory Provident Fund or...
What Is ESIC (Employee State Insurance Corporation) and What It Does Do in India?
Whether you are an employer or an employee, you need to know what is ESIC and what it does in India. You should also be aware of the benefits you can receive from it. Moreover, you should be aware of the ways in which you can check the status of your payment and how...
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...
Understanding Section 10 of Income Tax Act in India
Section 10 of Income Tax Act is an essential provision under the Indian Income Tax Act, 1961. It provides various exemptions and deductions to taxpayers, reducing their taxable income and, ultimately, their tax liability. Every taxpayer in India needs to understand...
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 benefits on home loans remain unchanged, though the timeline for availing loans for...
What is Section 80EEA of the income tax act?
Section 80EEA of the Income Tax Act is a deduction that taxpayers can claim on the interest paid on home loans. It was introduced in the Union Budget of 2019 to relieve middle-class taxpayers who have taken home loans. In this article, we will discuss the key aspects...
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.
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...
What are 80U Deductions and the benefits of having an 80U deduction?
Section 80U of the Income Tax Act, of 1961 includes provisions for tax deduction benefits to individual taxpayers suffering from a disability. Generally, a taxpayer can claim a deduction under Section 80U when filing an Income Tax Return. However, it is important to...
Deduction available under Section 80D
Individual: An individual can claim a deduction of up to Rs 25,000 for the insurance of self, spouse, and dependent children. An additional deduction for the insurance of parents is available to the extent of Rs 25,000 if they are less than 60 years of age, or Rs...
Tax Treatments of Investment National Pension Scheme
Earlier the tax deductions allowed for the NPS investments was only limited to Rs. 1 lakh. However, the same was amended in the budget of 2015 to encourage more people to invest in pension schemes. Amendments in the sections pertaining to NPS were announced in Budget...
HRA exemption (House Rent Allowance) in India
Are you looking to save up on your taxes? Do you have an allowance for rental payments? Then you should definitely look into understanding the House Rent Allowance (HRA) exemption and how it works! In this article, we'll break down everything you need to know about...
Tax Rebate Under Section 87A of the Income Tax Act in India
Whether you are an Indian or a non-resident Indian, you may be eligible for a tax rebate under section 87a of the income tax act in India. However, you will need to understand the eligibility criteria and how to calculate the deduction. In the year 2013-14 the...
Top 5 Amazing Benefits of using Payroll Software
As an HR professional, while onboarding new employees, the payroll tasks beyond the basics are usually not your responsibility. However, ensuring that the employees are being paid correctly is crucial, as you are the point of contact for addressing any pay-related...
Selecting Human Resource Management Systems
A seven-step plan for selecting HRMS (Human Resources and Payroll Management Software) that meets your company’s needs now – and in the future The Need for AutomationA Roadmap for Successfully Selecting HRMSStep #1: Set Realistic Goals for Your SearchStep #2: Map Your...
Why HR is Essential in Small Business?
Many small businesses have lower monetary resources that force the owner to employ fewer company professionals. To run the company on a tight budget, these business owners have to perform multiple tasks. We will also interview applicants by shortlisting their...
Why Does Your Business Need Employee Management System?
Implementing an employee management system is equivalent to moving mountains for a company, and this is true for remote workforce management. Sadly, we have been increasingly outgrowing traditional employee management resorts, and this involves task management...