The payroll process passes on to the means required to pay employees each pay period and includes employees’ hours worked, their pay rate, and conclusions. Processing payroll guarantees employees are paid dependent on their business status and other Department of Labor (DOL) prerequisites. We’ll cover the fundamentals of payroll processing…

Which Audits does my company require to undergo? What is an audit? Audit is an appraisal of the area under audit. It’s an independent assessment throwing light on the compliant nature of the company and also states the non compliances. The various types of audits are as below – Statutory…

Changes made in Income Tax Returns for financial year 2018-19 (assessment year 2019-20) The due date to file the income tax returns for financial year 2018-19 is approaching (31 July 2019, 30 September 2019 and 30 November 2019).  The tax return forms have been released with some major changes. The…

We have provided the Direct Tax Concessions laid down in the Budget 2019 by the Union Minister acting Finance Minister Shri Piyush Goyal.  The Budget aims at providing relief to small taxpayers particularly the salaried class who are recognized to be the most honest class of taxpayers.  The current Government’s…

Does my company make foreign remittances/payments? What are the important documents for me to be aware of? When is it required to withhold tax on foreign remittance? The sum payable to a non resident or a foreign company is income in the hands of the non resident / foreign company.…

Looking for employee benefit schemes? This is relevant to you. What is New Pension Scheme (NPS)? NPS is a retirement benefit scheme, the fundamental objective of which is to offer social security to the country men based on the scheme that one ought to save a certain amount for his…

Corporate tax Tax Rate reduced from 30% to 25% – for micro, small and medium enterprises having turnover between 50 crore to Rs 250 crores (turnover to be considered is for financial year 2016-17). Education cess increased – The “education cess on income tax” and “secondary and higher education cess…