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...
Statutory deductions like EPF, ESI, and TDS are automatically deducted at the time of processing payroll. The organization then has to remit the withdrawn amounts to the respective government agencies. The due date for each deduction is different. After the dues are recorded with the government,...
As we know, finances play a crucial role in building a new venture; being money savvy is required as funds can make or break the business at these initial stages. An entrepreneur has to be resilient and focused as the new venture is bound to face troubles, and remaining headstrong is requ...
That’s why it is necessary to consider all such deductions while computing salaries. Income tax is one such deduction. At the beginning of the year, employees are asked to declare their taxes and choose one tax regime from below. Based on the above tax slabs, you calculate the monthly tax...
Export EPF summaries in XLS format XLS format is now supported for this report. 5 November 2019 Edit or opt out of post-tax recurring deductions You can now skip or change the post-tax recurring salary deduction amount for employees by editing it in the Pay Runs module. ...
After EPF deduction if you earn a minimum of RM 34,000 annually, then you must file a tax return, unless you are exempted from doing so under the conditions set out below. If you meet the following conditions you have an option not to file a tax return as the PCB/MTD paid will be...
Salary, Net Salary, Gross Salary, Cost to Company: What is the difference Variable Pay It’s not what you earn that makes your financial position! Understanding Form 16: Part I Basics of Employee Provident Fund: EPF, EPS, EDLIS If you liked the article share it with your friends, colleag...
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The Universal Account Number, or UAN, is a 12-digit identification number issued to both you and your employer and allows you to contribute to the EPF. TheEmployees' Provident FundOrganization generates and assigns this number given by the Ministry of Labour and Employment (EPFO). The EPFO all...
Effect of EPF contribution / Home loan EMI (Int. + Principal) paid from 01/04/2020 to 30/06/2020. Will, it combined with a current year or eligible for next year? Ans: Only voluntary savings for rebates and exemptions(80C,80D) made in Apr-June 20 can be used for FY 1920. All el...