SURCHARGE: Surcharge is a tax on tax. It is levied on the tax payable, and not on the income generated. Surcharge is levied on the amount of income-tax at following rates if total income of an assessee exceeds specified limits: Range of Income Rate of Surcharge Rs. 50 Lakhs to [...]
Income Tax Rebate Under Section 87A An income tax rebate can simply be understood as a form of refund on taxes that you receive from the Income Tax Department under certain circumstances. An individual is liable to receive a tax rebate in the event that he or she pays more taxes in a financial year [...]
Budget 2018 introduced the provision of standard deduction for both salaried employees and pensioners. It refers to a flat deduction of Rs. 50,000 (previously Rs. 40,000 for FY 2018-19) on taxable income, providing tax relief to select group of individuals.Standard Deduction has been introduced to bring parity between salaried employees and self-employed individuals. While self-employed [...]
This help document describes how to configure the Clinic Attendance software to analyze Clinic usage Step 1: Add Clinic Devices Step 2: Analyze Clinic Usage Step 3: Zoom in to the details Step 4: Employee wise Clinic Usage Summary Step 5: [...]
This help document describes how to configure the Canteen Management software to analyse canteen usage and cost. Step 1: Add Canteen Devices How to add devices and how the devices work together with the software is explained in another video. I've three canteens in my company with each having [...]
The new Budget for the financial year 2020-21 introduced a new income tax regime for individual taxpayers. However, the new tax regime requires the individual taxpayer to renounce certain specified deductions. In the old tax regime, the taxpayers benefitted from several tax exemptions and deductions including tax deductions on health insurance and Equity linked savings [...]
Salary Card let's you assign an employee to a Salary Group, and define the individual values for the employee. Salary Card let's you assign an employee to a Salary Group, and define the individual values for the employee. You should have the Salary Groups ready before [...]
Before software was invented, payslips were prepared and calculated manually. And then with the invention of software spreadsheets eased the task of preparing payslips and related documents. Nowadays, majority of companies use payroll software regardless of their size. An efficient Payroll Software is necessary to make timely preparation of payslips, salary registers, statutory reports and related documents with at most accuracy.
Bonus is usually paid to employees yearly or half-yearly. Lenvica HRMS makes it extremely easy to calculate Bonus for all your employees in a few clicks. This help document describes how you can calculate bonus for your employees. My company pays out Bonus at the end of the year [...]
You should close a Salary Period before you can open a new one. Only one Salary period can be open at a time. Closing the Salary periods ensures that the data in the period is kept intact from accidental changes. When salary is processed for all employees, and payslips are [...]
