Hi All,
I have recently joined a start up firm in Bangalore as HR. Currently, we have total 10 employees and I have the responsibility of hiring, training, employee relations , preparing offer letters , payslips etc. Since I used to work in a big company previously, I never prepared payslips as it used to come automatically from the Payroll team. Now , my biggest challenge is to prepare payslips as I do not know how to calculate income tax, TDS, professional tax etc. I can show the earnings on the left side of the payslip but how to calculate tax etc which come on the right side of the payslip.
It is a bit urgent. Any help would be highly appreciated. thanks in advance
Regards,
Kavita
From India, Bangalore
I have recently joined a start up firm in Bangalore as HR. Currently, we have total 10 employees and I have the responsibility of hiring, training, employee relations , preparing offer letters , payslips etc. Since I used to work in a big company previously, I never prepared payslips as it used to come automatically from the Payroll team. Now , my biggest challenge is to prepare payslips as I do not know how to calculate income tax, TDS, professional tax etc. I can show the earnings on the left side of the payslip but how to calculate tax etc which come on the right side of the payslip.
It is a bit urgent. Any help would be highly appreciated. thanks in advance
Regards,
Kavita
From India, Bangalore
Hi Kavita,
You can use the format for Payslip.
Make the changes as required.
For calculation of PT you have the break up below.
Monthly salaries or wages Tax Rate
(a) less than Rs.10,000 Nil
(b) not less than Rs.10,000 but less than Rs.15,000 Rs.150 Per month
(c) Rs. 15,000 and above Rs.200 Per month
70You can use the format for Payslip.
Make the changes as required.
For calculation of PT you have the break up below.
Monthly salaries or wages Tax Rate
(a) less than Rs.10,000 Nil
(b) not less than Rs.10,000 but less than Rs.15,000 Rs.150 Per month
(c) Rs. 15,000 and above Rs.200 Per month
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Salary-Note.doc
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