What Impact Does Leave Management Software Have on HR Efficiency?
Leave management software revolutionizes HR efficiency by automating and centralizing the entire leave management process. This innovative tool simplifies the leave request and approval process for employees and HR personnel, resulting in significant time savings and increased productivity. Through a user-friendly interface, employees can effortlessly submit leave requests,...
Tax Treatment of Lump Sum Settlement Payments Following Employment Termination, Without Further Obligation from Employer.
Case Study: Rahul’s Tax Troubles After Termination:
Introduction:
Mr. Rahul, a dedicated employee at INX Media, faced unexpected challenges after being terminated from his position. His subsequent receipt of a lump sum amount and a new car led to legal complexities with the Income Tax Department.
Rahul worked diligently at INX Media for several years before...
Practical Case Studies on Old vs. New Income Tax Regime.
Introduction:
In the bustling city of Mumbai, India, resides Priya, a middle-class working professional. She finds herself grappling with a challenging decision: whether to opt for the New Tax Regime introduced by the Government or stick with the familiar Old Regime. This decision holds immense significance for Priya and millions of other Indian taxpayers, impacting their...
Is the New Tax Regime appealing enough? : Practical difficulty of New Tax Regime.
Background: Utilization Trends of the New Tax Regime
The dual objectives outlined in the budget speech for the new tax regime are recognized, yet there is a noticeable reluctance to fully embrace it. This hesitation seems to originate from the elimination of numerous exemptions and deductions linked to choosing the new regime. Considering that Indian society tends to...
Comparative analysis of Old Tax Regime and New Tax Regime.
The Hon’ble Finance Minister in her speech mentioned five major announcements impacting personal income tax rates and once of major announcement is tax rebate for income upto ₹ 7 lacs in new tax regime. Thus, comparing it with old tax regime individual having income (taxable income) up to ₹ 5 lacs will not have to pay any tax the new tax regime looks favourable for...
Due Dates for the month of June 2024.
07th
TDS
Payment for May 2024.
10th
GST
Return for authorities deducting tax at source – GSTR 7 for May 2024.
Details of supplies effected through the e-commerce operator and the amount of tax collected-GSTR 8 for May 2024.
11th
GST
Details of outward supplies of taxable goods and/or services effected – GSTR 1 for May 2024.
13th
GST...