Monthly Archives - September 2019

Common Payroll Errors – What You Need to Know

Common Payroll Errors – What You Need to Know

Payroll can either refer to a list of employees that are currently employed in an organization or the amount of money that are paid to the employees. It includes aspects such as attendance, tax returns, HRA, and LTA. However, no system is perfect. Payroll Errors and the Importance of Focus: Payroll Errors happen despite the best of efforts. They are inaccuracies or errors that happen in the payroll process. Payroll errors and mistakes happen mostly due to human error. Therefore, it...

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POSH Compliance – Creating Safer Workspaces

POSH Compliance – Creating Safer Workspaces

POSH: POSH is an acronym for the prevention of sexual harassment. This act was passed in 2013 thanks to the efforts of the Vishakha group who battled for the cause of safer workplaces. Now organizations have systems in place that exist for grievance redressal regarding workplace sexual harassment. The POSH act was published in the Gazette of India as Act No. 14 on December 09, 2013. The Indian Ministry of Women and Child Development declared December 09, 2013 as the effective...

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HR Outsourcing - An Essential Business Strategy

HR Outsourcing – An Essential Business Strategy

HR outsourcing is one of the essential business strategies of the day. Most business owners agree that their employees are their most valuable assets. Hence most businesses are outsourcing their HR functions. Let us have a look at some of the significant benefits of outsourcing HR functions. Cost Savings Cost savings is one of the major benefits of HR outsourcing. A fully operational HR department requires office space and highly trained and experienced staff. The small businesses can’t simply afford this expense,...

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Consequences of GST Non Compliance

Consequences of GST Non Compliance

Usually, GST returns comprise of two types of returns – periodic and annual returns. The periodic returns comprise of monthly and quarterly returns, and these are for transactions during the month or the quarter. The annual return is for reporting the summary of the periodic returns filed during a financial year. Annual GST return has a special significance as it is supposed to be the last return of the year. Who is required to file an annual return? It generally covers all...

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Importance of Filing your Business Tax Returns

Importance of Filing your Business Tax Returns

ITR filing is perhaps one of the most fundamental activities in one’s life now, especially if he/she is a well-placed professional or a businessman. Let’s look at the benefits of filing returns. Saves from prosecution The most significant advantage of income tax return filing is that it helps you to avoid some severe punishment. Late filings can cut into your profits. Filing returns on time saves you from a lot of physical and mental hassle. You can eventually focus on your...

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