Switching Jobs

Switching Jobs in the middle of the Financial Year? Here’s How to Deal with Multiple Form 16s

These days’ professionals often tend to switch their jobs as if they get better paymasters.  Form 16s is one of the most critical documents for filing income tax return at the end of a financial year. This form contains a summary of taxes deducted by your employer and deposited against your PAN with the government. This form also includes a summary of the total amount that is actually paid by the employer to the employee. Managed payroll services are an important part and parcel of handling form 16s if an...

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Payroll Statutory Compliance – The Factors that Drive It

Payroll Statutory Compliance – The Factors that Drive It

Payroll is a process central to any organization. It directly affects how an organization does business, how it treats its employees, its growth, and several other ways. Payroll may refer to not just the list of employees and their records but the task of managing them as well. Payroll processing is indeed a grueling task, one that has no margin for error. The consequences would be detrimental to the organization’s growth. In this regard, most HR managers choose to outsource...

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The Compliance Calendar: A Guide to Crucial Dates for HR Managers

The new year is fast approaching, and with it come afresh set of tasks and challenges. Below are some important dates to be taken note. These dates are as per Labour Compliance in India and are consistent across all companies. TDS is tax deducted at the source; This means that employees whoa repaid a certain amount of money will have a small percentage of deducted as per managers can quickly finish this task by using the ITNS 281 challan. The ITNS 281 challan is a tax payment challan...

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What is the penalty for not paying payroll taxes?

What is the penalty for not paying payroll taxes?

TAX bills are bad enough, but worse are the penalties involved with the non-payment of the same. There may be many reasons for the penalty to be levied, but the chief reason is either failure to pay the amount or not adhering to income tax return processing and filing. It can be also due to several retirement account inactions or non-possession of health insurance and not paying the full tax money. There are many different ways in which the IRS...

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SEZs and Labour Law Compliance: Protecting Worker Interests

SEZs and Labour Law Compliance: Protecting Worker Interests

Special economic zone (SEZs) are a direct consequence of the phenomenon of foreign direct investment (FDI). In simpler terms, SEZs are geographical areas within a country that have different laws and systems than other geographic regions. These zones are designated for trade and business and the overall economic development of surrounding areas. Some of the earliest, most successful SEZs are in China, with the most successful one in Shenzhen province. They have been operational since the 1980s. SEZs in India India set up an export processing zone (EPZ), one...

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Payroll Structures in India: All you need to know

Payroll structure is the details of the salary that have been offered in terms of the breakup of different components constituting the compensation. Knowledge of the components is very crucial to the employee as he gets an idea about how much goes into forced savings and what kind of tax exemptions to claim. Components of Pay Structure in India Basic Salary It is the base income of an employee, comprising of 35% - 50% of the total salary. This is determined by the designation of the employee and the industry...

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Why Strategic Talent Sourcing is Key to High-Quality Hires?

Why Strategic Talent Sourcing is Key to High-Quality Hires?

Talent sourcing strategies are the first step in getting the best talents on board. It is both time-efficient and cost-effective. Let us see the entire process in a bit of detail. What is talent sourcing? Talent sourcing is a structured method of identifying, engaging, and networking with relevant talent pools of best fit. It is also defined as to finding prospective candidates to generate a steady flow for current and future positions. Talent sourcing strategies are very important for high-quality hires due to the following reasons: High quality hires need analysis based...

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Special Compliance Requirements for Government Contractors

Special Compliance Requirements for Government Contractors

Government contracts, as the name suggests, are those undertaken or signed by state or central governments. They are initiatives signed for various purposes such as construction and maintenance, manpower and staffing, IT-related projects, and so on. Government contract compliance is a constantly evolving challenge While one of the parties in the contract is the government, the other part is typically an organization that carries out the activities in the contract. They are called contractors. Types Contracts in India are of 4 major types: Fixed...

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Payroll Fraud: Prevention is Better Than the Cure

Payroll Fraud: Prevention is Better Than the Cure

Payroll processing services play a significant role in the running of any organization. The overseeing of processes that are involved in the payment of wages to employees is one of the HR department or manager’s chief objectives. Of course, when it comes to payroll, it encompasses various elements. Some of these include: Tax computation and deduction Benefit awards Gross wage estimate and award Employee record upkeep. In most cases, organizations outsource most or all these processes to payroll outsourcing services. These third-party concerns take...

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Is your Payroll Statutory Compliant?

Is your Payroll Statutory Compliant?

This Blog deals with the subject matter, whether the payroll system that you are using is statutory compliant or not? It is very must for the companies to use a statutory compliant payroll system. What is Statutory Compliance in HR means? Statutory compliance in HR, refers to the legal framework within which the organizations must operate. Every country has many laws to which the companies must adhere to. A lot of company’s efforts and resources often go into ensuring compliance with...

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