Author Archive

Taxability of fuel expense reimbursement to employees -Part I

Organizations use “Fuel Expense Reimbursement” as a pay component for tax saving, particularly for members of middle and senior management. The typical payroll treatment for the head of pay is as follows: Pay a certain sum of money as remuneration under the head each month. Seek petrol/diesel purchase receipts from employees. Provide full tax exemption […]

Continue Reading →

Posted in: Blog

Leave a Comment (82) →

An incentive scheme from the PF Department

If you thought that regulatory authorities are all about coercing us into submission by instilling the fear of punishment, you may have to think again. The Employee Provident Fund Organization, commonly referred to as the Provident Fund Department, has announced an incentive scheme in order to motivate employers to complete Universal Account Number (UAN) related […]

Continue Reading →

Posted in: Blog

Leave a Comment (1) →

The Payment of Bonus (Amendment) Act, 2015

The Government of India has notified the Payment of Bonus (Amendment) Act, 2015, by way of a notification dated 01-Jan-2016. The notification impacts the Payment of Bonus Act, 1965, and mandates the following changes with regard to statutory bonus calculation. 1. Bonus eligibility: Until now, employees who are employed on a salary exceeding Rs 10,000 per […]

Continue Reading →

Posted in: Blog

Leave a Comment (0) →

Tax Benefit is Available on Home Loan Interest, Even if Unpaid

As a payroll service provider, we verify the supporting documents submitted by employees when they seek tax benefit. If an employee seeks deduction under Section 24 of the Income Tax Act, for the housing loan interest, we typically seek a certificate from the bank/financial institution which presents the loan principal and interest schedule for the year, […]

Continue Reading →

Posted in: Blog

Leave a Comment (21) →

7 Traits of Great Payroll Professionals

Let us face it: payroll management is a thankless job. When was the last time you thanked payroll folks in your organization for crediting your salary on time or calculating your income tax or provident fund deduction accurately? Running a payroll organization is like running an electric utility. No consumer thanks the power company when […]

Continue Reading →

Posted in: Blog

Leave a Comment (2) →
Page 5 of 9 «...34567...»