How To Get Rid of Payroll Stress From Your Business ?

Here are some ways you can help take the stress out of payroll:

Reduce payroll-related cost

As a small business owner, you’re constantly on the look-out for avenues to maximize your investments. But unwanted costs in the form of non-compliance can affect the health of your business for  outsourcing payroll services. Apart from these there are other costs of running payroll and HR systems in-house such as labour costs of staff working to keep payroll systems running on time and ongoing IT maintenance fees.

This increases the risk of a probable misuse of data or a software crash could mean your employees not getting paid on time. Also, if the resource handling the complex spreadsheet system leaves the organization, it would be a payroll nightmare on your hands. Mistakes caused by using manual methods of payroll management services cost companies almost 1% to 8% of their total payroll.

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Key Highlights of Budget 2017

This is the first time in Indian history that Union Budget has been announced one month in advance. This decision is made to complete the legislative process for approval of annual spending plans and tax proposals in chartered accountant firms in mumbai before beginning of the new financial year on April 1.

	-Govt. proposes levy of surcharge of 10% for income between Rs. 50 lakhs and Rs. 1 crores
	-FM proposed no change in Exemption limit but reduces tax rate to 5% for income between 2.5 lac to 5 lacs
	-Threshold limit for audit of entities opting for presumptive indirect taxation in India under Section 44AD is increased to 2 crores For more information visit at: http://bit.ly/2oDQOqi

Budget 2017 - Push or Pull To Digital Economy

There are not many changes in current indirect taxation in India regime as GST is proposed to be rollout on 1stJuly, 2017. Hon’ble Finance Minister in today’s speech, said that IT system is on schedule for GST implementation and several teams of tax officers are also working tirelessly to give finishing touch to the Model GST law and rules and other details.

This budget has been welcomed by the whole industry. The Sensex jumped immediately after the speech was over. Digital economy budget will be a right move for the future growth of the economy. With more & more digitalization, India would have new taxpayers & better transparency in system. Every stakeholder from a small shop to a big corporate is pushed towards the digital economy. Government has pushed the digital theme in every area of the budget which is a nice effort.
Therefore, this Budget of 2017 is not a pull, but a push to Digital economy. Our government is determined to lay a beautiful foundation of digital economy in chartered accountant firms in Mumbai.

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How GST Will Impact The Wallet of the Common Man.

Since the passing of the GST Constitutional Bill by the Rajya Sabha in August last year, the country has been preparing itself for the new tax regime. The new GST law is India?s biggest tax reform initiative which is expected to improve compliance levels, increase government revenue in company registration in India and create a common playing field for businesses by amalgamating a host of central and local taxes.

The present rate of service tax is 15 percent and is applicable to most of the services, excluding essential ones like cultural activities, ambulance services, and certain pilgrimages and sports events. Under Goods and Service Tax, this rate would increase to 18 percent making the services more costly. For some goods like edible oil, textiles, etc. the excise duty is nil and the VAT in several states is 5 percent. Hence, the total cost of such goods is close to 8%-9%. With GST, the cost of such goods is likely to increase and this might put a hole in the budget of a common man to wholly owned subsidiary in India.

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Startup Brace For Legal War With I-T

With startup fever having waned over the past year or so amid concerns over profitability and competition, valuations have declined sharply. Last month, the tax consultancy firms in Delhi department challenged such reductions at about 100 startups and issued orders seeking 33% tax at the elevated levels that prevailed earlier.
Some startups have moved the income-tax tribunal against the notices while others have approached their advisers and could seek legal recourse in the coming days.
Lets Recycle, an Ahmedabad based and Aavishkaar Ventures-backed waste management startup, was among those to get the tax demand and has challenged it at the Income-Tax Appellate Tribunal. “Entrepreneurs don’t understand I-T notices as they have to struggle daily to improvise business processes,“ said Lets Recycle founder Sandeep Patel. “When I-T (income tax) acts this way, investors will be sceptical to invest, entrepreneurship will never be born and startups will never become (large) enterprises.“ He said his startup directly or indirectly employs 1,650 waste pickers, among them 200 from the weaker sections of the society in chartered accountant firms in mumbai.

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How to Manage Payroll Effectively Across Borders?

This is tricky for single site organisations, but it’s mind-achingly complex for global businesses. As companies expand across borders they inherit new HR tools and systems, efficiency slows and risk of error increases. Global firms manage that’s the corporate equivalent of spinning plates. And even if they manage to master that particular circus trick, or adapt their existing systems to accommodate all new employees, those systems would still have to take into account the different employment laws, rights and taxation for each new jurisdiction.

The costs of doing all this, per employee, are steadily rising year over year. Payroll management services is a equation to solve. In fact, according to Ernst & Young, 55% of global firms doubt they will ever find a payroll solution that satisfies their payroll processing services needs. On top of this comes the required technology infrastructure, which can become particularly expensive when a company operates in multiple locations across the world.

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Ways To Make Your payroll Process Complaint and Error Free

Many organizations handle the payroll process in-house. At the same time some businesses outsource their payroll service provider who handles all the aspects related to this. In both the cases it is very vital to understand the compliance related aspects and micro-manage them to prevent any issues in payroll, since this is related to the operational cost of the organization and any errors will directly impact on the ROI as well as, since these compliance related aspects are related to the government, it might even result in adverse effects in the reputation.

The first and foremost factor that tends to create an issue with regard to compliance and payroll processing company is that your HR leader must be an expert in the industry. He must be aware of all the changes that tend to happen in a frequent basis with regard to the government regulations, especially taxes.

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Threshold Limit on ESI Increases to Rs. 21,000

As per notification issued by Ministry of Labour and Employment dt. 22nd December, 2016, in exercise of the powers conferred by section 95 of the Employees’ State Insurance Act, 1948, the Central Government, after consultation with the Employees’ State Insurance Corporation, hereby makes the following rules further to amend the Employees’ State Insurance (Central) Rules, 1950, namely:- 1. (1) These rules may be called the Employees’ State Insurance (Central) Third Amendment Rules, 2016. (2) They shall come into force from 1st day of January, 2017. 2. In the Employees’ State Insurance (Central) Rules, 1950, in rule 50, for the words “fifteen thousand rupees” occurring at both the places, the words ‘twenty one thousand rupees” shall be substituted in chartered accountant firms in mumbai.
In simple words, lower rate of contributions (3% instead of 4.75% for employers and 1% instead of 1.75% for employees) will apply in areas where the Act is implemented for the first time in Indirect taxation in India.

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7 Effective Ways to Reward Your Employees.

In a perfect world, as an employer you would be able to give everyone wonderfully large raises and hold a lavish company dinner every month, but that’s not a realistic possibility for most companies. Finding ways to  doesn’t have to be extraordinarily expensive.
When people say “it’s the thought that counts”, there’s a lot of truth to that statement.
Simple, thoughtful gestures will go a long way to express your gratitude. Employees who feel appreciated will work harder and enjoy their job more, creating to everyone to IT recruitment firm in India.
Praise won’t cost you a dime. Using meaningful praise is the simplest way to show that you care, and everyone will appreciate that.

A handwritten thank you note or a private conversation detailing how much you appreciate an employee’s efforts will create a long lasting dialogue about performance while keeping your employees on the right track It recruitment firm in  Delhi.

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Understanding Incorporation Requrements

In order to incorporate a business, you must file a doing business in India documents with the state of the government. Unlike a sole ownership or general partnership certificate, both of which are form as soon as the owner or owners conducting business, a corporation law or LLC must be created with the state, and each state has its own incorporate requirements.


Regardless of whether you are forming a Corporation or a corporation company the company formation in India documentary is called the Articles of Incorporation or Certificate of Incorporation. This document provides the state with necessary information on your business. The information included of Incorporation is a matter of public record, meaning that anyone can access it.

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