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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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HRMS vs. Personnel Management

HRMS vs. Personnel Management – An Overview

Human Resource Management system is the most comprehensive and involved HR solution. It includes all the features of HRIS and HCM systems. This is used widely in all corporate sectors.Let us have a look at some of the critical features of both HRMS and Personnel Management.HRMS – In simple terms, it is a combination of systems and processes that usually connect human resource management and information technology through HR software.Personnel Management: It is the traditional approach of managing people in an organization. It focuses on personnel administration, employee welfare,...

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CSR Compliance – What you should know about CSR Rules & Non-Compliance?

What is CSR (Corporate Social Responsibility)? Any industry or business changes environments, societies, or communities. They provide livelihoods, raise living standards, and contribute to the GDP of a nation. Corporate Social Responsibility (CSR) is an initiative or a model where organizations become socially accountable. These are initiatives focused on improving the state of society. CSR benefits businesses by building their brand. It also projects the message that they engage in worthy causes and make a difference in society. Most of these...

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An Outsourcing Guide for Startups

Why outsourcing is Important? HR is the backbone of any organization. It lends structure and support and manages an organization’s most valuable asset: the people. But there are instances where specific vital processes can be and are outsourced. For instance, startups may look to outsource certain key processes due to cost-cutting and the time and effort needed to complete them. In scenarios like these, organizations may choose to outsource key processes. HR outsourcing is the act of delegating certain key HR...

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10 Important Compliance Issues that an HR Must be Aware Of

HR is a very strategic department in any organization. Legal compliance has a considerable role to play in the functioning of HR. Every HR professional must be aware of the legal modules under which he has to function. Violating Legal compliance may attract punishment for the organization from the government. As one goes up the ladder in the HR profession, knowledge about legal compliance becomes very necessary. Let’s say that you are drafting a leave policy for a company, but fail...

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