Gross Salary refers to the total amount of compensation an employee receives from their employer before any deductions, taxes, or contributions are applied. It represents the entire agreed-upon compensation package between the employer and the employee, often stated in an employment contract or offer letter. Key components of gross salary include: 1) Basic [...]
Gratuity is a statutory and voluntary benefit provided by an employer to an employee in recognition of their long and continuous service to the organization. It is essentially a monetary reward or financial assistance given to employees as a gesture of gratitude and appreciation for their commitment and tenure with the company. Here's [...]
Employee retention refers to an organization's ability to retain its employees over a certain period of time. It is the process of maintaining a stable workforce by minimizing employee turnover and retaining talented individuals within the organization. Here are some key points about employee retention: 1) Importance: Employee retention is crucial for organizations [...]
Back pay, often referred to as arrears, is a term in human resources that denotes the compensation owed to an employee for work performed in the past but not paid during the regular payroll cycles. This situation may arise due to various reasons, such as payroll errors, retroactive adjustments, contractual changes, or corrections in [...]
In the previous videos, we were automating the calculation of overtime. The automation is working well, but we have different overtime rates for weekdays, Saturdays, Sundays, and Holidays. In my company, we pay weekday overtime at 125% of the employee’s hourly rate. Saturday overtime is paid at 150%, Sunday Overtime is paid at 200% [...]
In the previous videos, we were automating the calculation of overtime. The automation is working well, but we need to add a new criterion to our overtime calculation; if an employee works for more than 2 hours of overtime in a day, we want to pay the first 2 hours of overtime at 1.5 [...]
Appraisee refers to the individual who undergoes an appraisal or evaluation process. They are the subject of assessment, and their performance, skills, or qualities are being evaluated by others, such as supervisors, managers, or evaluators. The appraisee is typically an employee or a person involved in a professional or organizational setting. During the [...]
What is Cess? A cess is a government-imposed tax on tax, levied to raise funds for specific reasons. Generally, cess is expected to be levied when there is a need to meet specific expenditure for public welfare and discontinued once the government gets enough funds for that purpose. Cess is not the [...]
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 the following rates if the total income of an assessee exceeds specified limits. From FY 2023-24, the calculation of surcharge is [...]
This help document describes how you can calculate Tax Liability from Income Tax using an online income tax calculator. Step 1: Open the income tax calculator Step 2: Fill in Basic Details Step 3: Key in your Salary Details Step 4: Declare your investments [...]
