This module will help the candidate with the knowledge of Payroll Management. Learn about HR planning, Employee transfer, and the Increment process. Know about the Income under the Head Salaries u/s 17(1) of Income Tax Act 1961. Gain a comprehensive understanding of Reimbursement management, attendance management, and Salary components.
Income Under The Head Salaries u/s 17(1) of Income Tax Act, 1961
- Meaning of Salary, Wages, Annuity and Retirement benefits
- Allowances and type of Allowances
- Valuation of Perquisites and Taxability of Perquisites
- Retirement benefits
- Salary Components in terms of Fixed and Variable:
- Setup Payroll Administration and Functions
- Structure of cost to the company – CTC Annexure
- Bonus Payment and Treatment of Bonus
- Fee and Commission and Overtime Payment
- Taxable and Non-Taxable Payments (Exempted)
Allowances
- Fully taxable allowances
- Partially taxable allowances upto bills produced
- Partially taxable allowances upto limits
- Fully tax exempted allowances
Perquisites
- House to stay
- Car by employer under different conditions
- Driver by employer
- Medical Insurance
- Superannuation
- Furnishings
- NPS
Employee Provident Fund – PF
- What is a covered establishment?
- PF Wages, Contribution accounts & Rates
- PF Deposit Date
Employee State Insurance – ESI
- What is a covered establishment?
- Existing Wage Limit, ESI contribution rates, Contribution Periods
Professional Tax – PTAX (PT)
- Professional tax applicability
- Professional tax slab state-wise
- Professional tax calculator
- Professional tax payment & registration
Labor Welfare Fund – LWF
- Labor welfare fund applicability
- Labor welfare fund rate(slabs) state-wise
- Where to deposit Labour Welfare Fund
Professional Tax – PTAX (PT)
- PT applicability
- PT slabs statewise
- PT exemptions and calculation
Statutory bonus and Gratuity
- Labor welfare fund applicability
- Labor welfare fund rate(slabs) state-wise
Tax Deduction at Source – TDS
- What is Income-tax?
- Income tax slabs and Income tax Computation
Deduction (u/s 80C – u/s 80U) of Chapter VI-A of Income Tax Act, 1961
- Deductions under section 80C.
- Deductions under section 80D, 80E, 80U.
- Deductions under section 80DD, 80DDB, 80CD2
- Deductions under section 80G, 80GG, 80GGA,
- Deductions under
- Validation or Examination of Investment Proofs and Reimbursement Claims
- Investment Proofs examination Under section 80C
- Investment proofs examination others
- Expense Bill examination of Reimbursements
- Limit of Deductions and max eligibility up to Pro Rata, Previous Employer Income.
- LTA, HRA, Leave Encashment, and Gratuity Exemption Calculations
Leave Travel Exemption - House Rent allowance – HRA Exemption
- Leave Encashment Exemption
- Gratuity Exemption, Exemptions others.
- Deduction of Interest on Housing Loan u/s 24(b) of Income Tax Act, 1961
Meaning of House Property - Essential conditions for taxing income under this head
- Interest on borrowed capital, Standard deductions
- Deductions from income from house Property [Sec.24]
- Calculation format, and Examples
Calculating tax payable from employee salary after all exemptions and deductions
Claim and Reimbursement Management
- Claim Management Module.
- Expense bills Submission.
- Medical Reimbursement, and Travel Reimbursement.
- Type of Reimbursements.
- Disbursement of Claim Reimbursement.
Attendance Management System and Resignation (Full and Final) of Exits
- Time Management System.
- Leave Management System.
- Type of leaves, and Leave without Pay Calculation.
- Full and Final Settlement Input and Calculation.
Gather Payroll Inputs, Setup Employees Information in Payroll System -Razorpay
- The Features of Payroll Processing.
- Employee Profile setup.
- Update Payroll Changes.
Verification and Payroll Checking Step by Step
- Prepaying variance reports of Monthly Payroll Payout.
- Transformation of Payroll inputs.
- Attribution of head-count and cost payout.
- Income Tax deduction and Variance of Income Tax deduction – TDS.
- To give maximum benefit to Employee on investment declaration.
- Ensure Calculation of variance Compliances, PF, ESI, P.TAX, LWF, etc.
Salary Register, Slips, Bank Transfer and Management Information System – MIS
- Overview on salary Slip and Salary Register.
- Management Information Reports – MIS, Variance of Payroll and Cost Center Reports.
- Bank Transfer to the Employee, Cost to Company Reports.