How To Calculate TDS on Salary

During the time of paying a salary to an employee, the employer deducts TDS from the pay. The employer pays this amount to the government as specified in the Income Tax Act. What is the TDS on salary? Working professionals are required to pay income tax under the Income Tax Act, 1961, using TDS.  It applies to commissions, salary, brokerage, royalties, investment returns, contract payments, and other gains. CBDT is responsible for collecting and managing the TDS, which is a part of the Department of Revenue. The TDS amount received by the government is collected to prevent tax evasion.  An […]

Payroll Management System

There are more payroll mistakes than you think. Think about employees who are dependent upon their monthly salary. How about if the salary is not paid correctly or the salary is delayed? An irregularity may affect the morale of the employees and ultimately affect productivity. Aside from adhering to the various laws and regulations relating to employee payroll, PF, PT, and other statutory compliance, it is important to ensure accurate and timely payment of salaries. These laws carry serious legal and financial consequences for non-adherence. How do payrolls work? It is a list of employees that get paid by the […]