Software is often used for payroll and requires minimum input from employers. Employers are required to input wages and hours worked and then the software uses this information to automatically perform calculations and deduct withholdings. Most payroll system software is automatically updated when tax la...
Provident fund contribution or EPF has two sides – the employer’s contribution and employee’s contribution.This is usually12 per centof the basic salary. However, this contribution is not paid out . It is directly deposited in Provident Fund(PF) account and paid to employee when he retires...
The gratuity received by an employee is NOT taxable if it is received on his retirement, his becoming incapacitated prior to retirementor if such gratuity is received by his widow, children or dependants on his death.So if one doesn’t retire and is below the retirement age then Gratuity is...