Selecting the right Human Resource Management System (HRMS) for your workforce helps in streamlining the different HR tasks and the company’s overall development. The first process in choosing the right HRMS software is determining your organization’s requirements and goals. These considerations include the number of employees, the level of sophistication of the company, and what specific...
Introduction
In the GST regime, Input Tax Credit (ITC) plays a crucial role in avoiding the cascading effect of taxes. ITC refers to the credit of the GST paid on purchases of goods and services which can be used to offset the GST payable on sales. Understanding the eligibility, conditions, and restrictions for availing ITC is essential for businesses to optimize their tax liability....
This is appropriately done when the current system in a company’s human resource management is inadequate for the organization. As organizations expand it gets challenging to handle data, the employee’s payment, compensation, and ensure that they meet regulatory requirements. Inadequate and old HR software causes several challenges and hiccups in the organization especially among the human...
Employee self service portals (ESS) are a crucial component for small and medium-sized enterprises (SMEs) due to their significant impact on operational efficiency and employee satisfaction. These portals also enable the employees to be self-sufficient as they are able to directly arrange their own personal details and other employment related details including changing contact information,...
Capital gains tax in India is a significant aspect of the income tax system, affecting both individuals and businesses. This comprehensive guide will delve into the nuances of capital gains tax, including its types, tax rates, calculation methods, exemptions, tax-saving strategies, and planning tips. We will also use real-life examples to illustrate these concepts.
Introduction to Capital...
Deferred Tax Liabilities and Assets (AS 22):
Deferred Tax Liability (DTL): Arises when taxable income is lower than accounting income due to temporary differences. These differences will reverse in future periods, leading to higher tax payments.
Taxable Income <Accounting Income.
The above difference will reverse in tax years yet to come.
Deferred Tax Asset (DTA): Occurs when...
Navigating the complexities of tax deduction at source (TDS) regulations can be challenging for autonomous bodies and their employees. The recent case involving an autonomous body (EPFO) highlights significant considerations for similar organizations. This blog post explores the implications of the decision, emphasizing the necessity of a cautious approach before applying the ratio of this...
07th
TDS
Payment for June 2024.
10th
GST
Return for authorities deducting tax at source – GSTR 7 for June 2024.
Details of supplies affected through the e-commerce operator and the amount of tax collected-GSTR 8 for June 2024.
11th
GST
Details of outward supplies of taxable goods and/or services effected – GSTR 1 for June 2024.
13th
GST
Quarterly Return GSTR 1...
Introduction: As we step into July 2024, businesses across India are gearing up to ensure compliance with various labour laws. Understanding and adhering to these regulations are vital not only to avoid legal repercussions but also to foster a healthy work environment. In this article, we’ll delve into the Labour Law Compliance Calendar for July 2024, highlighting key dates and...
