Payslip Transparency – The Benefits of Income Documentation
What are Payslip: The word 'payslip' is a combination of two words: Pay: This refers to the amount of money an individual worker earns by contributing their services to their…
What is Form 12B?
Submitting Form 12B is a requirement for every individual taxpayer who joins an organization or company in the middle of the fiscal year, It gives the new employers information about…
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 and deductions provided by the employer Payments: Any amount disbursed to an employee by the employer falls under underpayments. They include the following: Basic…
What is TDS, why it is deducted and to whom?
tax deducted at source
When a person pays certain types of income, such as salary, commission, rent, professional fees, interest, etc., they deduct a specific amount known as Tax Deducted at Source (TDS). The…
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 Form 16/16A 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…
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…
How is ESI Calculated?
What is ESI? Employees' State Insurance Act, 1948 (ESI Act) is social security legislation aimed at providing benefits to employees in case of sickness, maternity, employment injury, and certain other…
Explained : Different ways to withdraw the provident fund.
What is Provident Fund (PF)? The Employees' Provident Fund Organization introduced PF, a retirement savings scheme, in 1952. All organizations having more than 20 employees are eligible under this scheme.…
A brief summary of Employee provident fund?
What is an Employee Provident Fund? EPF or Employee provident fund was introduced under the Employee provident fund and miscellaneous act in the year 1952. It is a mandatory government-managed…
