PAYROLL MANAGEMENT SYSTEM

 

Here's a short and clear explanation of Payroll and all related terms in English:

What is Payroll?

Payroll is the process by which a company pays its employees. It includes calculating salaries, making deductions (like PF, ESI, tax), and keeping financial records.

Why is Payroll Important?

  1. To ensure timely and accurate salary payments
  2. To comply with government rules and regulations
  3. To deduct and deposit PF, ESI, Income Tax correctly
  4. To track leaves, bonuses, and incentives

What are Basic, DA, and HRA?

  1. Basic Salary – Core part of salary, usually 40–50% of gross
  2. DA (Dearness Allowance) – Allowance to offset inflation, mostly for govt employees
  3. HRA (House Rent Allowance) – Rent allowance; 40% of basic (non-metro), 50% (metro cities)

PF (Provident Fund)

  • Employee contribution: 12% of Basic + DA
  • Employer contribution:
    • Total 12%, split as:
      • 8.33% to EPS (Pension)
      • 3.67% to PF
    • Plus 0.5% PF Admin charges by employer

ESI (Employee State Insurance)

  • Applicable when employee’s gross salary is ₹21,000 or less
  • Employee contribution: 0.75%
  • Employer contribution: 3.25%

Income Tax (as per New Regime 2024–25)

  • ₹0 – ₹3 lakh: 0%
  • ₹3 – ₹6 lakh: 5%
  • ₹6 – ₹9 lakh: 10%
  • ₹9 – ₹12 lakh: 15%
  • ₹12 – ₹15 lakh: 20%
  • ₹15 lakh and above: 30%

(Deductions & exemptions may apply as per regime chosen)


PAYROLL FULL FILE 

payroll full file link here

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