TDS Deduction

TDS Deduction

Every employer who is paying salary to employees has to deduct TDS under section 192 of the Income tax Act, 1961, if the salary is more than maximum amount exempt from tax. The employers also need to generate Form 24Q and Form 16 in time. Some of the salary components that impact TDS deduction are: HRA, Special allowance, Leave travel allowance, Children education allowance, Medical allowance, Investments.

Statutory Compliances For ESI Fund And PF Deduction

ESI fund, maintained by ESIC is applicable to employees’ earning Rs 15,000 or less per month to provide the cash and medical benefits to them and their families.
PF is a compulsory contributory fund for the future of employees after their retirement or for their dependents in case of their early death.

Professional Taxes

Professional tax or employment tax is a state-based tax. It is one of the statutory deductions from the gross income before computing the tax.

Gratuity

Gratuity is the amount given to employees by employer when they leave the job after completing five years in service. Gratuity is calculated as Basic + DA divided by 26 * No of years of service *15.

EDLI

The EDLI (Employees’ Deposit Linked Insurance Scheme) provides assurance benefit (death insurance cover) to employees along with PF benefit. The employees do not contribute anything towards EDLI. The employers contribute 0.5% of the total wages of employees subject to a maximum of Rs 15000/-. EDLI applies to all the organizations where EPF Scheme applies.

Comments

Post a Comment

Popular posts from this blog

Career prospects and job opportunities in HR from i4best HR Training Institute

Image
It’s good to see you searching for career options that I4BEST in HR Practical Trianing offer you. Absolutely, Practical Training from I4BEST in HR opens up a career ladder for you, because it is well-known fact that HR plays a vital role in organizational growth. Often, every I4BEST HR pass out graduate looks for a return on investment. Moreover, jobs in HR literally give you the power of controlling hundreds of employees (sometimes even thousands of employees). Exciting, isn’t it? So, Practical Training in HR from I4BEST opens the doors of your dream job. But wait, it is worth asking some questions to yourself before picking up your discipline. Does it give a good fit for you? What is the future scope of HR specialization What are the job opportunities and skills required to perform those jobs? There are a huge number of jobs in India, and off-course there is a great opportunity to work in abroad for HR professionals. Let’s look into the same, HR Generalist: Fi
Read more

The Best HR Career Paths – for Freshers/Experience Who want to Make Career in HR

Image
With a one-person HR team, administrative duties often take priority over strategic initiatives, like employee experience, workforce planning, or company culture. However, as companies grow, so too do opportunities for HR professionals to take on new responsibilities and contribute in meaningful ways. Specialized HR careers ensure that every stage of the employee lifecycle has a clear owner and a process—so nothing gets left in a blind spot. Whatever HR job title you land on, you have a wide range of career paths to choose from. Where do you start? We’ve outlined five tracks to help you find your ideal future in HR. 1. The HR Generalist For the jack-of-all-trades and multi-tasker extraordinaire, HR Generalist roles may be the fit for you. The HR Generalist has a hand in all pieces of the HR machine, including benefits, onboarding,  performance management , talent acquisition, and compliance. The HR Generalist plays a vital role in ensuring that everything runs without a
Read more