Taxes Archives

Rising Bharat – Budget Highlights for FY 2023-24

The 2023 Union Budget of India was presented by the Minister of Finance of India on February 01, 2023. This was the fourth budget of the Narendra Modi-led NDA government's…

Why is a Payroll application essential for an SMB?

Payroll essential for small & medium business

Any Small & Medium Business would like to focus on its fast & steady growth by automating the other important business processes, where administration is a huge task, the best…

What are TRACES?

what are traces

Traces Expanded abbreviation - TDS reconciliation analysis and correction enabling system It is a utility provided by the Income Tax Department for a Taxpayer and the deductor/collector to check online…

What are payments and deductions required for running a payroll?

payments and deductions required to run a payroll

Let’s first understand what the payments & deductions provided by the employer Payments: Any amount that is paid to an employee falls under underpayments. They include: Basic pay Special Allowances…

What is TDS, why it is deducted and to whom?

tax deducted at source

TDS or Tax Deducted at Source is a specific amount that is reduced when a certain payment like salary, commission, rent, professional fees, interest, etc. is paid by the person.…

It is almost the end of the Fiscal year – Did you provide Form 16 to your employees

employer should provide form 16 to employees

Form 16/16A It is a mandatory TDS certificate issued by the employer to the employees. This certificate of deduction of tax at source and issued on deduction of tax by…

Gross Pay Vs Net Pay – A small guide

gross pay vs net pay. What is the difference b/w them?

It's not easy to dive into the salary structure pool, especially if you're an employee who isn't aware of the latest changes on salary and tax. The payroll process can…

Budget Highlights for the FY 2022-2023

budget 2022-23| sumopayroll

Highlights of Union Budget for the FY 2022-2023 We have a promise from the government for a steady & predictable tax system Demystified old & new tax regimes - benefit…

What are Form 16, 16A, 16B, 26AS, 27A, 27B & how are they different?

Form 16 sumopayroll

Basically, these forms are TDS certificates, with the following differences Form 16 Form 16 is issued by the Employer to Employee. Issued annually before 15th June Want to check how…