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Income Tax Liability
If the declarations provided during the financial year and employee not provding the proof during the financial year ending- how should the tax liability be calculated. is it employer's duty to pay the enitre tax or the employer can issue the Form16 stating that tax is due?
chintamani
- Jun 2nd, 2008
If employee miss to submit the proofs to employer for his tax computation, employer will compute employees tax as per actual proofs.Employer will issue Form 16 to employee. This form 16 shows detailed...
chintamani
- Jun 2nd, 2008
Declarations would be considered to compute projected tax liability for the financial year. If the employee does not submit the hard copy's of proofs @ the year end tax would be computed on actual...
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Variance Report in Payroll
What do you understand by Variance Report in payroll?
Vaibhav
- Jun 21st, 2012
Hi,
Variance Report is to know what is the difference between last month salary and the current month salary you can also check in that report all input which you have considered its captured or not? -
Provision for 13th salary
What is the journal entry at the end of the year for the 13th salary provision
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Preparing Salary Sheet
Explain about salary sheet preparation process using MS Excel file as the base source of employee daily attendance record.
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How higher management in an organization gets benefited by payroll reports?
sathya.guru
- May 20th, 2009
It helps the management to find whether the human resources working in particular department is profit or loss to the organization based on the total salary paid for particular department.
sathya.guru
- May 27th, 2008
It gives information about Cost to compay employee wise, Head count of the Company, Amout paid to Government (PF, ESI, PT, Income tax, etc..), Average Salary paid to the candidate, Projection for next month payroll, New joinee details, Resignee details.
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Who is contingent worker? can we run payroll for a contingent worker?
Harshini
- Nov 13th, 2014
In that situation, we can take them as daily wage basis.
kashiffakih
- Nov 15th, 2010
Contingent or temporary workers have little or no job security as their employment is based on a temporary Contingent workers are not committed to the organization for a long run, as they know that they will be out of there in very short period of time
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What is the job description of a payroll officer?
sathya.guru
- May 20th, 2009
It differs from company to company, If you are in In-house payroll, then a) Maintaining the attendance, b) CTC calculation for new joining, c) Investment details of employee All three things y...
yesvijay2004
- May 27th, 2008
1. Collection of attendance / collation of attendance 2. Scrutunizing the received attendance 3. Calculating the salary as per the attendance, based on LOP received 4. Once the Payroll Processing is o...
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Wage Revision
What is the minimum period to revise the Basic Salary of Employees?
Harshini
- Nov 13th, 2014
Changes in Basic salary depends on designation and According to the Minimum wages ACT.
sresresrek
- Jun 7th, 2010
Wage Revisions as per wage policy every finanical year means April of the every year will revised.at the same time Basic is revised as per appointment order like we are given probation period to every...
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How payroll works?
stellalauren
- Jan 3rd, 2015
Payroll, at its most basic, is the process by which an employer pays an employee for work performed. If you own your own business, but don't have any employees, then you don't have to worry about payr...
Harshini
- Nov 13th, 2014
While calculating salary, we should consider the following
1. upload attendance
2. LOP of employees
3.Increment
4.Deductions like TDS,PT,PF,ESI,etc -
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What are the benefits achieved by computerized payroll system?
stellalauren
- Jan 3rd, 2015
Every business needs a payroll computation or an expert. No doubt in that, but when the business expands into numerous workforce paperwork calculation does not help and computerized payroll become one...
Harshini
- Nov 13th, 2014
Benefits
1 Accuracy
2.Speed
3.Time save
Disadvantages
1. Unemployment problem(This system is reduce the manpower, so it cause to unemployment.
2.Risky(sometimes difficult to find out errors) -
What is salary tds?
cabarani
- Jan 1st, 2010
Tax is deducted on Taxable salary?income paid?to employee. Meaning of salary vary depends on position occupied. Salary?excludes?Reimbursement of Expenses claim for? salary TDS. Eligiblility is determined after considering Basic Exemption Limit specified under?the Income tax Act.?
Shrigayathri
- Dec 16th, 2009
TDS means ' Tax deducted at source" therefore salary TDS is Income tax deducted at source.
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What report are provided to accounting dept. from payroll every month? What reports are generate at end month, qtr & year end in payroll dept?
Harshini
- Nov 13th, 2014
Every month the following are the details given to Accounts Dept regarding payroll
1. Total amount of salary credited to Employees
2. total PT
3.Total PF amount(Employees & Employers)
4.ESI amount (Employees & Employers)
5. salary payable through cheque, cashShrigayathri
- Dec 16th, 2009
For making accounting entries the accounting dept will need the total transactions of the particular payroll run grouped into various expenditure/liability/Income items like salary,loans,ees pension,e...
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Gratutity Calculation
If Gratuity Calculation :Gratuity=Last Basic Pay*15 Days* Number of Year ServiceA person works for 41 year & 6 months in a company.Calculate the Number of the service year
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Provident Fund Payment
What are the rates (Percentages) paid as Employer's Share of PF in A/C No.1, A/C No.10 & A/C NO.21
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Editorial / Best Answer
Dinu Raj- Member Since Jan-2010 | Jan 23rd, 2010
PF Employer contribution
12% of Basic+DA+1.61%
Out of this 12%
3.67% will go to Povident Fund (Ac No: 1)
8.33% will go to Pension Fund ( Ac No: 10)
And
1.61% on PF contribution is Bifurcated into 3 parts
1.1% Admin charges
0.01% Admin on EDLI
0.5% EDLI
PF Employee Contribution
12% of Basic+DA
Entair amount will deposited to PF (Ac NO: 1)
Employee can make higher contribution but he can't contribute less than employers contribution.
Harshini
- Nov 13th, 2014
There is no splits in Employee contribution, but there is a split up in Employees contribution. that is Employer contribution splits into: EPF(Employees Provident Fund )(Basic ACT 1) is 3.67%, ...
Arvapally K
- Sep 10th, 2011
Provident Fund Payment from employ 2.5 and employer 2.5 on basic salary totally 5%
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Payroll Interview Questions
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