Q1. What Is Payroll Management?
Payroll management consists of maintain records for, and controlling of basic pay, increments, eligible allowances , gross emoluments and deductions for Provident fund, ESI, Income tax, other recoveries to be made from each employee, including maintenance of attendance and leave records. It also ensures proper compliance of applicable legal requirements under P.F Act, ESI Act, Income tax Act, etc., to avoid facing penal consequences. In that the management of pay roll ensures correct deductions made in pay bills of employees and timely remittance to Government and other authorities.
Q2.How does payroll system work?
The payroll system includes everything related to the payment of employees and filing employment taxes. The various functions performed under the payroll system are tracking the work hours of employees; calculating their wages, gratuity, bonus etc.; deducting taxes and employees’ statutory deductions such as ESI, EPF and WWF.
Q3. Is EPF mandatory for employer?
Yes. Any organization with an employee-strength of more than 20 people, and in some cases 10 people, must register under the Employment Provident Fund (EPF) Scheme. All the employees who earn basic wages of upto Rs 15,000 must contribute towards the EPF. Even if the basic wages of the employee crosses 15000, EPF contributions must continue. Further, the employee must keep contributing towards EPF even after they move to another company, if that company’s employee strength is more than 20.
Q4. What is an HR audit?
In a business organization, HR audit assesses recruitment, selection, layoff, termination and retention of employees. The audit also ensures quality and effectiveness of safety measures adopted at the workplace. GREAT LEAP undertakes comprehensive HR audit of business organizations in terms of labour-related statutory compliance that include statutory payments, record keeping, return fillings, registrations and renewals. GREAT LEAP's HR Audit covers more than 10 Acts and 50+ check points. The recommendations and inputs enable organizations to take corrective action for ensuring better performance in the future.
Q5. What is the ESI limit in salary?
Employees whose monthly wages are Rs 21,000 or below are covered under the ESI Act. The wage limit for coverage under the Act had been increased from Rs 15,000 per month to Rs 21,000 in December 2016.
Q1. What does a business analyst do?
A business analyst defines the problems and needs of a business organization through interactions with stakeholders and experts. They collect comprehensive data on various requirements of the business organizations, record them and analyze them to find effective solutions to problems.
Q2. What is a profitable business model?
A plan that aims to make a company's business profitable is called a profitable business model. It lays out how the company is planning to manufacture, generate sales and manage expenses. It also defines how the company is planning to add value to its products/services in order to stand out from its competitors.
Q1. What is Labour Welfare Fund?
The Labour Welfare Fund, which is a statutory contribution managed by the respective state government authorities, aims to ensure better living standards for employees. It provides monetary aid to employees when in need, besides ensuring good working conditions and social security for them.
Leagal Services & Returns
Q1. What is POSH Act
The Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act 2013, commonly called POSH Act, is a law that deals with the workplace sexual harassment of women. It requires all employers to ensure a safe working environment for women employees by preventing and redressing sexual harassment. In order to comply with the law, an employer needs to form an Internal Complaints Committee, submit annual report to the District Labour Office and fulfill other requirements.
Q2. How is professional tax calculated?
Professional Tax calculation is based on predetermined slabs and on the basis of the salary or monthly income levels. It is usually around Rs 200 a month, with the maximum payable in a year being Rs 2,500. Any employer with a 'Certificate of Registration' can be penalised by the government if this tax is not paid.
Q3. What is PT in salary slip?
When you look at your pay slip or salary slip, along with the deduction column, you will notice a deduction marked as “PT”. PT or Professional Tax, as it is called, is a tax paid to the state government. Each state will have separate PT rates. Also, not all states collect or impose Professional Tax.