Gross Salary – Definition, Components and Calculation

Your salary might seem like a straightforward number, but there’s more to it than meets the eye. This blog post dives into the concept of gross salary, the foundation of your compensation package. We’ll explore what it is, the components that make it up, and how it’s calculated. By understanding your gross salary, you’ll gain […]

Accrued Payroll – What Is Definition, Components and Calculation

Have you ever wondered what happens to the money your employees earn between paychecks? That’s where accrued payroll comes in. It’s like a behind-the-scenes counter keeping track of all the salaries, wages, and bonuses your employees have accumulated during a pay period, even though they haven’t received the cash yet.  Understanding accrued payroll is crucial […]

Pay Periods – What Meaning, Types, and How It Works

Ever wonder why you get paid on a specific day each month, or maybe twice a month? The answer lies in pay periods. These are the predetermined intervals that dictate how often you receive your paycheck. They play a crucial role in how employers manage their cash flow and how employees budget and plan their […]

What Is After Tax Deduction – Meaning and Examples

What Is After Tax Deduction

  Ever wondered why your paycheck seems smaller than your gross salary? A portion of your earnings goes towards various deductions, some of which impact your taxable income and others that are subtracted after taxes are withheld. This article dives into the world of after-tax deductions, explaining what they are, common examples you might encounter, […]

What Is Statutory Bonus in Salary?

Statutory Bonus

What Is Statutory Bonus in Salary? Hold on, wait a minute! Your introduction paints the statutory bonus in India with the wrong brush. It’s not just a reward for stellar performance, nor is it a bargaining chip for a better job. Buckle up, because we’re about to embark on a journey to unwrap the true […]

What Is Input Tax Credit (ITC) Under GST?

Input Tax Credit

What Is Input Tax Credit (ITC) Under GST? The Goods and Services Tax (GST), introduced in 2017, transformed India’s indirect tax landscape. This single tax replaced a multitude of cascading taxes, simplifying compliance and boosting transparency. But did you know there’s a hidden gem within GST called the Input Tax Credit (ITC) that can significantly […]

What are Payroll taxes in India?

What Are Payroll Taxes in India

What Are Payroll Taxes in India? Ever wonder what gets deducted from your salary besides income tax? It’s called payroll tax, and it’s like a contribution towards various social benefits you and your fellow employees get in India. Think of it like a group investment you make through your salary for future security. Confused by […]

Which Is the Best Payroll Software in India

Best Payroll Software in India

Which Is the Best Payroll Software in India Welcome to the world of payroll management in India! If you’ve ever navigated the intricate web of salary calculations, tax deductions, and compliance requirements for your employees, you know the challenges it brings. That’s where payroll software steps in – your digital ally in streamlining these tasks. […]

What Is a Leave Management System? Benefits & Challenges

What Is a Leave Management System

What Is a Leave Management System? Benefits & Challenges A leave management system is a tool that helps organizations efficiently handle employee time off. When we, as employees, need to take a break from work for various reasons, such as personal or health-related matters, having a system in place makes the process smoother. Taking some […]

How Payroll Software Works

How Payroll Software Works​

How Payroll Software Works Wondering about payroll software and how it works? Does the thought of dealing with payroll stress you out, especially if you’re new to it? Well, you’re not alone, and many business owners can’t escape it. The IRS penalizes businesses billions for payroll errors, making it a significant expense. Mishandling it leads […]