Course Content
Statutory Deductions under the Payment of Wages
Provident Fund (PF) and Employees’ State Insuranc e (ESI)
- Deep dive into PF eligibility, contribution rat es, employer vs. employee share.
- Calculating PF for various components (basic, DA, special allowances, etc.)
- Understanding ESI coverage, contribution thresholds, and calculation methods.
- PF and ESI compliance timelines, reporting, and remittance processes.
Professional Tax: State-Specific Regulations
- Breakdown of Professional Tax (PT) slabs
- Registration requirements, calculation methods, and payment timelines.
- Strategies for handling multi-state PT compliance for employees.
- Best practices for PT record-keeping and audits.
Incom e Tax Considerations and TDS
- Incom e Tax slabs and their applicability to payroll.
- Tax benefits and exemptions impacting net taxable incom e (HRA, LTA, Section 80 deductions)
- Accurate TDS calculations, deduction processes, and reporting standards.
- Year-end adjustments, For m-16 preparation, and tax-saving strategies.
Special Allowances, Bonuses, Incentives, and Stock Options
- Taxability of various categories of allowances (e.g., transport allowanc e, meal allowanc e, uniform allowanc e)
- Calculating payroll impact of performanc e bonuses, festival bonuses, sal es incentives, and other incentive programs (considering achievement thresholds and payout structures).
- Tax implications of employee stock ownership plans (ESOPs) and valuations, including stock options granted, exercised, and vested.
- Compliance requirements for reporting and taxation of complex compensation components, including fringe benefits and reimbursements.
Payroll Data Analytics and Reporting
- Identifying trends and anomalies through data visualization tools
- Custom reports for payroll performanc e and compliance audits