There’s a whole lot of benefits under EPF and according to the latest update, the Interest rate on PF deposits has been increased for the fiscal year 2018-19 from 8.55% to 8.65%. It is well known that every employee covered under the PF Scheme is allocated with a unique Universal Accou...
Step 2 – Create Employee Details to Create Salary Payment Voucher Format Add the employee details such as name of the employee, ID, designation, department, joining date, total working days, LOPs (Loss of Paydays), and bank details. Read More: How to Make a Cash Payment Voucher Format in...
Partner or employee: How to decide. (cover story)The article reports on employment trends in the medical care profession. It states that doctors' decision whether to become a practice partner or remain employed is very difficult. It is noted that physicians are now scarce in most specialties, ...
The last step of the process is to share payslips with employees. This is mandated by legal laws in India. With payroll software, you don’t need to send payslips to individual employees over emails. They can access it for any month at any time from the employee self-service portal. Ch...
After this process is complete, it is best practice to reconcile the values and verify accuracy to avoid errors. Post-payroll Process Statutory compliance:At the time of processing all statutory deductions like EPF (Employee Provident Fund), TDS (Tax Deduction at Source), and ESI (Employee State...
Drag the cell downwards from Cell G2 to Cell G6 to apply the formula for other employees. Step #7: Subtract Deductions Mention all the deductions related to your employees apart from income tax in column H. It includes all deductions like Health/Life insurance, EMI on loans, Employee Provid...
was earlier mentioned that excess EPF contribution above Rs 2.5 lakh will be taxed in a manner similar to how fixed deposits are taxed. Now banks deduct TDS on FD interest. I am not sure if PF authorities will deduct any TDS themselves or the liability remains completely with the employee....
However, one can fill from 15G EPF if their total annual tax liability is zero. In such cases, you are allowed to submit form 15G EPF for the non-deduction of TDS on early employee’s provident fund withdrawal. TDS On Interest Receive From Post Office Deposits Just like the major ...
4. Steps to Check the KYC Status for EPF Take a look at the stepwise guide for checking the KYC status for your Employee Provident Fund account: Step 1: Visit the official portal of EPFO's member e-Sewa. Step 2: Sign in by typing your password and UAN or Universal Account Number. ...
I want to apply forandselect PF Advance (Form 31). (Depending on your EPF contributions not all advance options are visible. There are options like full construction of the house, non-receipt of wages, marriage, natural calamities etc) ...