The 2020 Union Budget of India has proposed the latest income tax rules. This article describes the new income tax regime 2020 and its effect on Payroll Processing. Taxpayers can choose any of the two tax options – the old tax regime or the new tax regime. What will you choose? Old Tax Regime: Higher […]
Are you ready to take up a remote work model and safeguard your employees from COVID-19? If yes, then move your HR on cloud and manage remote teams efficiently while maintaining business continuity. Rapid spread of Coronavirus has urged companies to implement a work-from-home model. The urgent need to manage remote teams has come alive […]
Income tax e-filing of Income from other sources is vital. This may be tax free and include investments, selling of property etc. Learn how to declare such income in ITR-1 For the latest income tax rules on new tax regime, visit New Income Tax Regime 2020 and Its Effect on Payroll Processing Indian Income Tax […]
Do you have questions on how, when and where 24Q form filing is done? Here is a quick guide on TDS return filing. CBDT had extended the due date of 24Q form filing for FY 2018-19 from 31st of May, 2019 to 30th of June, 2019. What is Form 24Q? At the time of paying […]
For the latest income tax rules on new tax regime, visit New Income Tax Regime 2020 and Its Effect on Payroll Processing In the Interim Budget presented on 1st February 2019, the Indian government has announced changes in the income tax rules for the financial year 2019-2020. These tax deduction rules are effective from April’19 […]
Payroll is a complex process that becomes more challenging with a company’s unique processes, compliance issues, varying allowance and deductions and with constantly changing legislation. This, often puts businesses at a risk as there is so much at stake in terms of penalties, additional scrutiny and reputation of the company. Many organizations manage this process […]
How do companies manage their employee data? I often have discussions with senior management of small and mid-sized companies on the HR software they use to manage their employees. In many cases – the only HR software that companies use is a payroll software. Their employee data is typically spread between their payroll software, spreadsheets, […]
A lot has changed in payroll management over the past few years. Earlier, payroll processing meant manual calculations that was time consuming and lead to data entry errors. Today, organizations use automated system to process payroll accurately and meet statutory compliance. With the access to latest technologies, small to medium-sized businesses can now successfully meet […]
Get latest updates on income tax rules and 24Q form filing for FY 2018-19. In India, 2016 ended with the news of Demonetisation surfacing all over the country and impacting rich and poor alike. The prolonged cash shortage created a lot of confusion and chaos for the common people, and it hugely impacted disposable income […]
Payroll management is complex, time-consuming and requires full business confidentiality. Managing employee data, answering queries, preparing reports and processing payroll, all at the same time, becomes overwhelming and stressful for the HR department. What are some common issues in payroll processing? Calculating taxes, Provident Fund (PF) and ESI deductions, travel/ medical/ education allowances and taking […]
Today, business travel has become a common thing. Global expansion of a business significantly increases travel expenses for the company. Increase in Travel and Expense Spending As stated in a PayStream Advisors report on travel and expense management, 38% of companies spend more than $500,000 on travel and expenses, and 18% spend more than $5 […]
Company Khanna Paper Mills Private Limited, manufactures quality paper and board by recycling of waste paper as the feedstock for domestic consumption. They are one of the largest manufacturer of packaging and graphic boards in asia. Khanna Paper is the third largest manufacturing unit housed within one humongous single location premise with turnover of 1200 […]
Transitioning paper-based payroll processing to an online payroll system has always been a debatable topic for the leadership in many organizations. Despite having payroll software and resources, organizations consistently face payroll management challenges. A payroll management administrator encounters many payroll issues on day-to-day basis, each with varying degree of success in resolving them. Many organizations […]
What does a payroll administrator do? He ensures that people are paid on the right date and their salary accounts are credited with right figures. That means his job is to pay salaries correctly and on time… Oh, I see! But ..Is that all? No. There is a lot more to it. If you’ll ever […]
Payroll is not only about cutting pay cheques or just clearing bills. It is a deep world inside. A survey was conducted by The National Small Business Associations to understand their approach to handle payroll processes in small business organizations. After analyzing responses from approximately 1,500 small business owners, the research stated that 60% businesses […]
As an HR technology solution provider, we often experience ever-increasing demand for an online payroll software, that requires fewer resources and increases productivity as well as return on investment (ROI). An online payroll software not only saves time while processing payroll, but also reduces mathematical errors (less risk of being hit with IRS penalties). It […]
This blog explains the steps involved in Payroll calculations to minimize challenges and develop a satisfied workforce. 6% – 13% employees have payroll related challenges every pay period. Most of these lead to queries for the payroll processing department (HR or accounts) and create significant dissatisfaction, re-work, stress and disruptions. It is believed that a […]
This document describes the rules for ESI and PF Deduction where ESI is Employee State Insurance (ESI) and PF is Provident Fund (PF). These are two social security schemes available to employees working in India. We have often found that Payroll administrators face challenges in identifying the most updated standards in these 2 areas – […]
What is Statutory Compliance? Statutory compliance in HR refers to the legal framework within which organizations must operate while dealing with their employees. Every country has several hundreds of federal and state labour laws that companies need to align with. This list is forever being added to. A lot of your company’s effort and money […]
Payroll system is one of the most important employee related system in any organization howsoever small it may be. Calculating accurate payroll and disbursing employee salaries in a timely manner determines the image of a company and is strongly linked to employee satisfaction. However, calculating salaries accurately and paying it as per policy is not […]
