14Feb
ESS Features

Empower Your Employees with ESS Features

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Employees are an organization’s most valuable asset. Organizations work hard to keep their employees happy and morale high. Today, every organization takes many initiatives to increase employee engagement.

It is critical to have people feel good about working for the organization in 2023 and beyond. The human resource management department is crucial in ensuring that the organization’s employees are happy and fulfilled.

HRMS With Employee Self Service Capabilities

The next generation of HR software was created with the employees in mind. ESS features make it easier for employees to complete simple jobs with a few clicks. ConfluxHR is an example of HR software that prioritizes employees.

The employee self-service portal attests to the platform’s goal of making jobs easier for employees. It also tries to improve transparency in human resource management practices.

The requirement for paperwork for straightforward actions like applying for business cards or vouchers is decreased thanks to the employee self-service site.

The employee logs into the platform to submit a request and enters the necessary information. The following are the primary advantages of the employee self-service portal:

All Personnel Information is Up-to-date

Employee information is frequently updated. For instance, an employee may have relocated, married, or changed their phone number. The ESS features can assist managers in keeping everything under control in the shortest amount of time feasible.

The ESS is improving administrative responsibilities. It has a self-service system available online. As a result, personnel information can be updated digitally.

This cuts down on administrative time. It also aids in keeping all personnel information up to date regularly.

Requests for Time Off Take Less Time

It is relatively uncommon for pleas for holidays to go unnoticed. Employees may get dissatisfied as a result of this. It may also lead to employees abusing your uncontrolled system.

Employee self-service, thankfully, provides a solution. You will no longer have to track down holiday requests using a digital interface. This is because everything is recorded in the system.

Both you and your staff will be kept up to date on their vacation. Everything is automatically updated and visible to both parties at all times. It’s an excellent approach to reducing your workload, minimizing stress, and keeping your employees happy.

Employee Self-service Reduces Costs

Administrative chores, as previously noted, can consume a significant amount of company time. Not only that, but they require resources and people to assist in dealing with unexpected situations.

One of the primary reasons for creating ESS was to reduce the amount of time spent on administrative activities. Business owners and staff must concentrate on more crucial areas of their professions.

Employee self-service eliminates the need for a full-time administrative assistant by allowing numerous previously time-consuming duties to be handled online by the appropriate employees.

Human Error is Less Likely

There are numerous advantages to converting your company’s systems from paper to digital. It dramatically decreases the possibility of human error, allowing for better accuracy. This is significant since human mistakes are unavoidable in many parts of life, including business.

While there is no way to eliminate it, we can take steps to reduce its impact. One of these measures is employee self-service solutions.

It is critical to collect, monitor, and update personnel data. However, when done manually, it is a process prone to human mistakes. Because it keeps all of this information digitally, ESS is an excellent solution to lessen the possibility of such issues.

Employee self-service capabilities allow your staff to view their information and make changes as needed. If they change their phone number or move, they log into their profile and make the necessary modifications.

The Way Forward

That’s all there is to it. This method of operation relieves the business owner of accountability and places it on the employee. Employees are responsible for keeping their information up to date. By doing so – and doing so digitally – they reduce the possibility of human error by using these ESS features.

So that was the employee self-service platform, which provides numerous benefits to the human resource management department and the employees.

06Feb
Employee Tax Calculator

TDS & Taxes: The Smarter Way to Do Employee Taxes

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Taxes are tough to grasp due to continually changing tax regulations and words such as tax exemption, tax saving, tax deduction, tax refund, and so on. Most of the time, we are unaware of our tax liabilities and potential savings.

In this blog, we will show you how to do employee tax calculation and introduce the essential tax-saving choices – so that next time, you can do your arithmetic and take the necessary steps to save the most Tax.

Before we proceed, let us define income tax and the components used to calculate income tax.

What is Income Tax?

The Income Tax Act of 1961 states that the federal government charges taxpayers (individuals and organizations) an income tax depending on their earnings (commonly known as taxable income).

Typically, income tax is calculated by multiplying the amount of taxable income by the tax rate. Tax rates may differ depending on the qualities of the taxpayer and the source of income.

A person’s income is divided into five categories under the Income Tax Act of 1961:

  • Earnings from Salary
  • Income from a home investment
  • Profit from Business Income
  • Investment and capital asset income
  • Revenue from unrelated sources

How Is Income Tax Calculated Under the Salary Head?

A straightforward procedure for figuring out income tax is as follows:

Basic Salary, in addition with HRA, Special Allowance, Transport Allowance, and Any Other Allowances is considered as a Gross Income from Salary.

The Gross income subtracted by the Deductions and Professional Tax (if any), equals the Net Income of an individual. To accurately calculate the Tax payable, all investments must be disclosed at the beginning of the assessment year.

To accurately calculate the Tax payable, all investments must be disclosed at the beginning of the assessment year. Understanding taxes, deductions, and returns is critical for establishing a sound financial foundation.

The Smarter Way to Do Taxes With an Income Tax Calculator

ConfluxHR’s Automatic Employee Tax Calculator is revolutionizing how businesses manage their taxes. Organizations used to rely on manual methods like spreadsheets, which were prone to errors and inefficiencies.

Organizations may now manage their taxes more efficiently and precisely thanks to the advent of ConfluxHR’s automatic tax calculator. Employee taxes are calculated using information such as pay, exemptions, and deductions from the SaaS-based program.

It computes employee taxes automatically based on the most current tax rules. The program also automatically updates as tax regulations change, so firms don’t have to worry about manual adjustments.

Automatic employee tax calculation also assists firms in remaining tax-compliant. Manual techniques make it simple to overlook essential tax rate modifications, resulting in noncompliance with tax rules.

This risk is eliminated by the automatic tax calculator, which allows HR to update the program with the most recent tax slabs and aids in seamless tax computations. This enables businesses to avoid costly penalties and fines for noncompliance.

Furthermore, the automatic employee tax calculator simplifies the tax computation process, saving businesses time and money.

Instead of having to calculate taxes for each employee manually, the software performs it for you. This assists organizations in becoming more productive and efficient.

Additionally, the automatic employee tax calculation gives complete results and insights. This enables businesses to quickly manage and analyze their tax bills, which can aid in budgeting and forecasting.

Conclusion

Finally, ConfluxHR‘s automatic employee tax calculator is a game changer for businesses wishing to manage their taxes swiftly and accurately.

Organizations may now handle their taxes simply because of its automatic calculations, compliance with tax rules, time-saving tools, and detailed reports.

03Feb
Digital TDS Calculator for Chartered Accountants

Digital TDS Calculators: A Miracle Software for Chartered Accountants

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Chartered Accountants are highly educated individuals who comprehend tax laws, regulations, and compliance requirements. They have the knowledge and skills to manage complex TDS Calculations while also ensuring that their clients comply with tax rules.

They have prior expertise handling tight deadlines and completing TDS computations and submissions on schedule. This allows firms to avoid penalties and fees connected with late filings while yet remaining in compliance with tax rules.

Automatic Employee Tax Calculator for Chartered Accountants

The primary goal of a chartered accountant is to provide their clients with speedy and accurate employee tax computation services. Technology is rapidly transforming the way organizations work in the modern world.

To keep ahead of the competition and better serve their clients, chartered accountants must adopt digital tools. ConfluxHR offers a digital TDS calculator as one such tool.

ConfluxHR‘s digital TDS calculator is intended to enable chartered accountants to serve a greater number of clients while also reaping financial benefits from the platform. It streamlines the TDS calculation procedure and shortens the time required to perform the employee tax calculation work.

This allows chartered accountants to cater to and serve more clients. Furthermore, the calculator is user-friendly, simple to use, and produces accurate results, making it a great solution for chartered accountants.

Benefits of Using a Digital TDS Calculator

One of the primary benefits of using an employee tax calculator is that it eliminates the need for manual calculations, which reduces the possibility of errors and ensures accuracy. It can also handle a huge number of calculations fast and accurately.

The calculator is intended to give real-time updates, making it simple for chartered accountants to stay updated on TDS calculations.

Another advantage of using a computerized employee tax calculator is that it allows chartered accountants to expand their customer base. Chartered accountants can attract more clients and increase their revenue and profitability by providing precise and efficient TDS calculation services.
For chartered accountants, the calculator is also a cost-effective solution. It eliminates the need for expensive software as well as human calculations, lowering operating costs.

Conclusion

To summarize, ConfluxHR’s digital TDS calculator is a great tool for chartered accountants wishing to serve a larger number of clients while simultaneously reaping financial benefits from the platform.

The calculator streamlines the TDS calculation process, shortens the time necessary to perform the operation, and provides accurate and real-time updates. Such features make it the ideal choice for chartered accountants wishing to stay ahead of the competition and better serve their clients.

02Feb
Exit Management Process

Streamlining The Exit Process with A Promising Exit Management Process

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In the resentment of losing resources, we often forget that a great exit experience is a trump card for the organization. Why? It gives you immense valuable brand recognition through the mouth of words. Let us understand it better and dive into the approaches that can enhance the exit experiences of employees.

Why Should You Care About the Exit Experience at All?

Exit experiences shape the most vital part of your ex-employees perception of your work culture. Being genuinely good to employees while exiting is a great virtue and shines out finely. It shows a genuine respect of the organization towards the employees’ contributions and work.

It leaves an extraordinary impact on the minds of the ex-employees. Hence, these start passing on recommendations for you, and you also benefit from the mouth of a word.

How Can an Exit Management System Help?

Exit management systems in HR software contribute constructively to the process. It bridges the hassle of multiple follow-ups for the formalities to be completed. Moreover, it also drives away the awkwardness of curbing the work association. Hence, the awkward exchange of words is replaced with a neat and helpful feature.

Hence, HR software can redefine the fanatic exit experience at your workplace. It lubricates the process from all levels, making it easier to get off the exit formalities without much hassle.

An Insight Into The Ideal Exit Experience

A strategic EI approach can provide valuable insight into the mindset of the employees, and the challenges they face, reveal the problems at work and shed light on the areas of gaps. Most of the time, exit interviews fail the purpose of highlighting an action item for the organization. Let us run through a few tips that can help you make the exit experience much more valuable than ever.

  • Questions related to human resource management.
  • Questions to understand the employees’ perception of work.
  • Gain an insight into the leadership style of the reporting managers.
  • Learn about the HR benchmarks of other firms.
  • Fostering innovation by being open to ideas
  • Create a real marketer for the firm by enriching people’s exit experiences.

Tips for a Promising Exit Process

Being an HR, one would know about exit formalities. Hence, let us talk about the less-popular facts that can work in your favor. Run through the below pointers to find them out:

  1. Try being genuinely harmonious to employees during their last working days.
  2. Choose an HR Software that simplifies the exit formalities for HRs and employees.
  3. Try to learn from your exiting employees about the lacunae as per their opinion.
  4. Never discourage opinions; be ready to know the truth about your loopholes.
  5. Ensure a smooth exit experience on a good note.

Takeaways

Exit experiences have a personal impression on the overall experience at work. You might have a great experience while working in a company, but a horror exit experience might pollute your goodwill for the firm.

Likewise, great exit experiences take the business a long way.

01Feb
Digital TDS calculator

Digital TDS Calculator: The Way To Go for Startups and SMEs

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Owning a business has its own set of difficulties. One of the most significant is income tax calculation and reporting. In this blog, we will look at why a Digital TDS calculator is the way of the future for corporate tax calculations.

Calculating taxes on staff income is as simple as using ConfluxHR’s automated income tax calculator. However, it is critical to understand the fundamentals of how employees are taxed in India. Let’s start with the fundamentals of corporate taxation.

India’s Taxation Rules for Employees

The Indian tax system can be complex, but the following information will provide a general overview of the key aspects that are relevant to employees.

Income Tax

In India, income tax is levied on an individual’s total income, which includes salaries, pensions, rent, and any other taxable income. The income tax rates beyond the financial year 2023 are as follows:

  • Rs 0 to Rs 3 lakh – 0% tax rate.
  • Rs 3 lakh to 6 lakh – 5%
  • Rs 6 lakh to 9 lakh – 10%
  • Rs 9 lakh to Rs 12 lakh – 15%
  • Rs 12 lakh to Rs 15 lakh – 20%
  • Above Rs 15 lakh – 30%

It is important to note that these rates are for individual taxpayers and may differ for different types of tax payers such as senior citizens and women taxpayers.

TDS (Tax Deducted at Source)

TDS is a tax that is deducted at the source of income, meaning it is deducted from an individual’s salary before it is credited to their bank account. Employers are required to deduct TDS from their employees’ salaries if their annual income exceeds the tax-free limit of INR 2,50,000.

Other Taxes

In addition to income tax, employees in India may also have to pay other taxes, such as:

Professional Tax: This is a state-level tax that is deducted from an employee’s salary and is payable by all individuals who are engaged in a profession or trade.

Provident Fund Tax: This is a tax on the contribution made to an employee’s provident fund account. The current tax rate is 12% of the contribution made.

With the ever-changing environment of tax laws and regulations, ensuring a fool-proof method of computing taxes is becoming increasingly important. Digital TDS calculator will be the future of employee tax calculation in 2023, offering various advantages over old techniques.

The Benefits of Using Digital TDS Calculators

Gone are the days when you had to submit your employee taxes separately each time. It was a complicated and time-consuming process that required documentation every time. On top of that, you had to work extra hard to keep your tax returns accurate.

ConfluxHR’s automated TDS calculator can help businesses simplify and expedite their TDS management processes while ensuring compliance with TDS requirements.

With the Digital TDS calculator becoming more popular, here are some important advantages of a income tax calculator to consider:

  • Accurate and up-to-date calculations
  • Time-saving
  • Ease of use and accessibility
  • Integration with other financial software

Experience The Future With Digital TDS Calculator By ConfluxHR

Traditional techniques of tax calculation are becoming obsolete as the world gets more computerized. Because of their ease of use, precision, and speed, digital calculators are currently the favored method for many enterprises.

These Digital TDS calculators are also gaining popularity and integration with existing accounting software, such as employee tax planning and compliance management. Finally, computerized calculators are the way of the future for corporate tax calculation.

They provide a variety of advantages, including precision, speed, ease of use, efficiency, adaptability, and cost savings.

The Way Forward

Once you start utilizing ConfluxHR’s Digital TDS Calculator, you will never go back to traditional tax computation and advanced tax calculation methods. You can calculate error-free taxes for each individual in the organization, remotely or in person.

 

30Jan
Human Resource Management System

8 Ways Human Resource Management System can Revolutionize Your HR Department

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Cloud technology has forced companies to look for software to boost efficiency and improve the accuracy of human resources operations.

The technology has made it possible to automate a company’s HR operations.

The advantages of a Human Resource Management System have led to improved performance across several areas, including hiring, interviews, paperwork, onboarding, payroll, attendance control, learning and development, compliance, workflow streaming, and relieving tasks.

Many free HR software programs are available, and the help of analytics and cloud-based HR software has raised staff performance transparency and boosted employee happiness.

Let’s examine how human resource management has changed because of HR software.

1. Hiring

The first step in the HR process is to decide how to hire the ideal candidate who fits the culture and environment of the company.

According to a report, online recruiting may shorten the hiring process by 25%. Consequently, 95% of the costs are saved. (1)

The efficient tracking of each candidate’s development has been made possible via cloud-based HR management software.

2. Process For Onboarding And Documenting

Many businesses have adopted cloud-based HR software to collect and retain data while onboarding personnel methodically and securely.

In addition to lowering the danger of information loss, this has enabled businesses to accumulate vital data that will help them learn and develop and offer information on their employees’ progress.

Although they now spend less time manually entering data, HR managers still devote up to 50% of their time to these responsibilities.

By accurately calculating salaries and PF amounts against employee designations, new HR systems can consolidate and automate the payroll system through e-payroll.

To avoid fines and maintain the efficient operation of the company, the payroll team can update HR systems with new policies, tax regulations, and deadlines regularly.

3. Management Of Attendance And Leaves

Thanks to a cloud-based e-attendance system, HR can compute employees’ overtime, additional days, and required working hours. It also helps in maintaining a record of employees’ attendance.

Employees who are paid by the hour or frequently put in extra work for the company outside of regular business hours may benefit from these solutions.

4. Data Management For Employees

Additionally, many web-based Human Resource Management System have brought together HR operations in one location to see personnel information, top skills, employee assessments and successes, and comments from peers.

5. Performance Monitoring

Replacing the outdated practice of assigning generic key performance indicators (KPIs) to everyone in a similar job. The performance appraisal team now has all records data linked into one location and machine learning at their disposal, making their work easier.

6. Reporting And Analysis

Companies can obtain real-time updates and analyses of employees’ performance, all thanks to HR software. When an organization’s culture changes, this would be incredibly beneficial for businesses to adapt accordingly.

Real-time updates will enable the HR manager to monitor the effect on people and notify the board of any benefits, difficulties, and the degree of success of new approaches.

7. Forming A Team

The HR division can plan and create exercises to strengthen teams using the available data. Additionally, it can identify the underlying causes of poor performance and improve teamwork abilities or employee morale.

Predictive analysis is one way that artificial intelligence will likely be used effectively. 32% of businesses claim to be prepared to start employing predictive analytics.

Regarding team development, AI may assess data from most people, teams, or organizations to forecast performance and suggest ways to improve individual contributors’ abilities.

8. Managing the Workforce

Integrating HR with the business’s goal will enable managers to enhance their planning and adopt a strategic approach to the organization’s future requirements.

Additionally, it would enable companies to spend money on staff training and development to build stronger teams and future leaders.

Consequently, decisions connected to human capital management should be strengthened. HR software assists in matching the right team with the appropriate project that fits their skill sets.

Furthermore, the program aids in streamlining all of their activities so that they may concentrate on essential jobs, boosting productivity.

Without an effective HRMS, no organization’s human resource management can compete in today’s market.

27Jan
Human Resources Management System

How does Human Resources Management System Help Your Business Save Money?

confluxhrHRMS

Businesses must work with remote teams and deal with high employee turnover (especially after the pandemic). A need for an HRMS, or human resource management system, has arisen due to how much easier HR operations are made and how much money the company can save.

Time is eventually spent on HR conducting manual tasks and entering data.

Due to the team’s focus on manually entering data, they may miss opportunities to do something more advantageous to the company and more productive.

It also results in higher costs, which are hidden and tied to labour-intensive administration (HR), which frequently generates a wide range of issues and steadily depletes the company’s resources over time.

Applying a solid HR and Payroll Management System in India enables smooth business management and operation by making things efficient, rapid, and accurate.

The Human Resources Management System Enables Firms to Quickly Manage and Carry out Several Daily Tasks.

In particular, when done manually, managing HR administrative tasks requires a committed, knowledgeable, professional workforce. The HRMS automates time-consuming and manual operations to ensure business success. It is powered by technology and information.

The business can reduce costs clearly and measurably by choosing a quality SAAS-based solution.

How Can an HRMS Reduce Operating Expenses?

Good HR management software gives the HR team of a particular company more leverage. Its multitasking capabilities make it a brilliant HR team solution for all sizes of businesses—large, medium, and trim.

Here are some ways that an HR solution can drastically reduce operational costs for any business:

Protect Employee Data to Prevent Expensive Security Breaches.

One of the laws and guidelines a company must follow is protecting customer data. Data about employees is abundant in businesses and must be protected.

Businesses should take steps to secure their customers’ data because it is illegal to violate their privacy. An HR management solution system ensures that this data is safe and secure so businesses can avoid expensive lawsuits and penalties they could have to pay for a data breach.

HR management software uses different degrees of protection, encrypts data, and restricts access to only authorized people, assuring data protection.

Cuts Down on Paper Costs

The cost to the company of maintaining paper employee records manually can be high. However, Doing electronic record-keeping will cut expenses.

An HR Management software can save money by eliminating the need to buy office supplies, including paper, cabinets, ink, and printer paper.

Decreases the Cost of Hiring Staff

A human resources department must complete some duties. There are many responsibilities to be managed, calling for a large workforce, from onboarding the candidates to handling their exit formalities and capturing personal data to employee engagement.

Any business that hires competent workers incurs expenses, particularly new startups and small/medium businesses. The majority of tasks done by HR Management Solution are automated and efficient.

The company can only reduce the cost of recruiting many employees by implementing an effective HR management Solution.

Cloud-Based Alternative

Maintaining redundant software can be expensive and necessitates costly upgrades. An easy-to-upgrade cloud-based solution, HRMS, allows for secure data storage.

By outsourcing HR Management Solution, a company can be guaranteed to always have access to the newest versions and features of the program without having to worry about the cost of upgrades.

Greater Productivity

Even though it may not directly connect to cost-cutting, this helps increase overall productivity for the company and slow down its expansion.

The automatic multitasking capabilities of HR management solutions allow the HR personnel to focus on other crucial duties with greater vigour and excitement.

In Conclusion

An HR solution with extensive features can help your company’s HR department run more efficiently.

Adopting an HR management software that is comprehensive, cutting-edge, and delivers services that fit your needs and budget is crucial.

A performing organization that saves time, money, and resources have a lean and effective human resources department.

23Jan
TDS Calculation

All You Need to Know About TDS Calculation

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Businesses are working hard to complete their income tax filing as the fiscal year ends.

At the beginning of each fiscal year, most firms request investment declarations from their salaried personnel. These investment statements are necessary so that tax deductions can be applied appropriately. The employer will estimate the taxable income based on the investment declaration statement and begin withholding tax in the form of tax deducted at source (TDS) before paying the employee’s monthly salary using TDS management software.

What Exactly is TDS?

In India, the Indian Income Tax Act of 1961 specifies TDS as a method of income tax collection. TDS applies to salaries, commissions, royalties, brokerage fees, contract payments, interest received on various financial investments, lotteries, rental income, professional fees, etc. A component of the Department of Revenue, which is run by the Indian Revenue Service, the TDS is overseen by the Central Board for Direct Taxes (CBDT) (I.R.S.). This sum is collected to ensure the government’s consistent annual income stream. Because of this, tax evasion is prevented.

What Factors are Used for TDS Calculation?

If you’ve ever observed, the C.T.C. (cost to the business) estimate given to you at the time of joining includes items like the base salary, travel expenses, medical expenses, housing rent expenses, and other allowances. Additionally, there are two main categories for salary, namely perquisites. Benefits include services that the employer offers to the employee, such as paying for their travel and fuel costs.

Organizations now use the best TDS software to calculate employee TDS and do many other payroll-related tasks.

How is TDS Determined?

Sections 80C and 80D of the Income Tax Act of 1961 permit deductions for government taxes. This enables a person to search for various investments for a specific fiscal year.
By deducting the exemption from the total annual earnings stated by the Income Tax department, one can compute TDS on salary rate. If an employee requests a tax exemption, the employer must get a declaration and supporting documentation before approving the request.

The following are some possible tax exemption categories.

House Rent Allowance: H.R.A. is a benefit that an employee may claim from their employer if they pay rent for housing.

Conveyance or Travel Payment: If your company gives you this type of allowance, they can declare it for tax purposes.

Medical Allowance: If your employer offers you a medical allowance, they may report it and furnish medical records to qualify for a tax exemption.

The amount excused from taxes up to a certain threshold is constrained.

TDS Deduction

A claim for a refund of the excess amount can be made if a person has paid more in taxes than required. Additionally, TDS deductions for people in different income brackets are computed based on various variables.

TDS Deduction Methods

Salary, lotteries, bank interest, rent, commission payments, and payments to independent contractors are examples of income and expenses that fall under the scope of TDS. As a result, the source deducts a portion of the total payment whenever one of these segments receives payment. The “Deductor” is the source, which can be either a person or an organization. The Deductee is the person from whose payment the deduction is made.

Income Tax Deductions List FY 2022-23 (AY 2023-24):

Section 80C Deduction & Section 80CCD:

The following investments and expenses are eligible for deduction under sections 80C, 80CCC, and 80CCD of the income tax act:

Section Eligible Investments/expenses
80C Contributions made towards- EPF/VPF, PPF, ELSS mutual funds, Sukanya Samriddhi, senior citizens savings scheme, NSC. A 5-year term deposit, life insurance or ULIP premium, home loan principal repayment, stamp duty paid towards house purchase, children’s school tuition fee (maximum two children).
80CCC Contributions made to any annuity or pension plan of a life insurance company.
80CCD (1) Both salaried employees and self-employed can claim this deduction on their contribution towards NPS, not more than- 10% of Basic Salary+DA (in case of an employee), 20% of total gross income (for self-employed).
80CCD(1B) Additional deduction of Rs. 50,000 for the investment done in NPS. Atal Pension Yojana is also eligible.
80CCD (2) It is available to employees for the employer’s contribution to NPS. The limit for the deduction is lower than- the amount of contribution or 14% of salary (for central government employees)/10% of salary (for other employees). It is available under both old and new income tax regimes.

The aggregate income tax deduction limit under sections 80C, 80CCC and 80CCD(1) are Rs.1.50 Lakh, and an additional Rs.50,000 is available under section 80CCD(1B).

Why is Filing the Correct Tax Return Necessary?

When calculating your tax liability, you must be truthful about your income and outgoings. When transitioning to a new job, you could overlook some aspects, such as income from the prior position or additional revenue from a contractual opportunity. However, one should refrain because doing so will subject one to severe fines from the relevant tax authorities, who will also take legal action. To prevent issues with the taxman, you must guarantee that your data is accurate and can withstand future cross-verification.

Employee TDS software makes it simple to cross-check and verify their tax returns.

A person must be expected to pay taxes if they receive a salary. However, if the employee deposits the tax, the employer will be responsible for paying interest and a penalty for neglecting to withhold the tax.

20Jan
Performance Management System

What Creates an Effective and Inspiring Performance Management System?

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It’s challenging to navigate the world of performance management. It is continuously changing. As a result, it is critical to have an efficient performance management system. Every year, there are new trends in performance management system, but unfortunately, too frequently, human resource departments need to correct them.

Employees are consequently left feeling defeated, uninspired, and disengaged. The weak performance of both teams and individual employees frustrates managers. Thankfully, businesses are starting to recognize the value of solid review systems and their associated advantages. An excellent performance management system is the first step in revitalizing and upgrading your current performance procedures.

The Essential Components of Effective Performance Management

Building an efficient framework for performance management involves a few fundamental components, such as:

Establishing objectives

You must correctly set goals. They must have significance and be transparent. The significance of these personal goals and how they advance organizational goals should be explained to employees in detail and timely by the leaders. When workers understand why their jobs matter, they will care far more about their roles and be more engaged.

Integrity in Conversation and Cooperation

The managers and leaders that employees work for should always be honest and upfront with them. They also want to develop positive relationships with their superiors and co-workers while maintaining real-time contact. An effective performance management system requires conversation and regular feedback, even when challenging or awkward, are required.

Employee Appreciation

Managers should prioritize employee recognition and reward in an employee management software. Employees should feel valued and appreciated for the task they complete and the effort they make. If rewarding employees is not a principal focus, this will negatively affect your voluntary turnover rate.
Honest feedback and regular reviews are required; the more frequently and precisely the feedback, the better the individual performance. That much is obvious. Employees desire regular feedback on their job, and the more knowledgeable they are about their performance, the better equipped they are to thrive and progress.

Growth of Personnel

An ambitious top performer will only commit to a long tenure at a company if they continue to learn and grow in their field. Employees value growth and development, and businesses also stand to gain when their staff members have higher levels of ability and competence.

Tragically, fewer than 14% of organisations (1) say they are satisfied with their current performance management approaches. Performance management practices frequently degenerate into ineffective and counterproductive activities if you are not careful.

The following are some of the possible scenarios:

Your System Is Not Just or Reliable

It frequently happens when more ongoing performance management is preferred over annual reviews. Given that an employee’s entire year of performance is summarized in one sitting, how can they be evaluated and treated fairly and accurately? Can managers recall every critical detail from even a year ago, and how will the employee receive the right amount of feedback, encouragement, support, and recognition? For instance, how can the annual evaluation be objective if there isn’t a previously established, reliable relationship between the employee and manager?

Managers who view employee performance evaluations as a “box-ticking” exercise

Often when managers undertake reviews and provide comments as a matter of course but only give the procedure lip regard. These managers might use an effective tool, like personal development targets, but only give employees the bare minimum of attention without examining and updating them. It is a major red flag of a dysfunctional performance management system. Your staff members will eventually check out if your supervisors do.

Still Using Paper and Pencil Systems

Nowadays, a business can expand so quickly that paper and pen procedures are no longer necessary. Technology is more accessible, less expensive, and easier to use than ever before. Companies must spend more on user-friendly, efficient technology to be genuinely productive.

Your system puts more emphasis on evaluation than coaching; one method to make employees fear performance conversations is to make them feel as though their manager at every interaction will evaluate them. Managers ought to encourage workers rather than criticize them. Instead of being authoritarian and impatient, they should be supportive and motivating.

The corporate world is becoming more agile, and quick-moving, so many organizations are adjusting their processes to define “near-term” targets every three months. To ensure that individual performance is in line with the organization’s overall strategy, the organisation’s goals and values should be incorporated into the performance management system.

 

12Jan
Incorporating Flexibility at Work

Incorporating Flexibility at Work

confluxhrHRMS

The fact that there is a discussion on topics like workplace flexibility indicates the very shift of the corporate environment from one kind to the other. The discussion has got all the worth because businesses seem succumbing to issues like burn-out employees, mass attritions etc. What is the way forward? Let’s dig that out!

On closely observing the nature of the corporate environment, you will note the shift of the power from the employer to the employee. Observing the employee psychology can bring you to another fact that today’s generation prioritizes the quality of the life more than money.

Since work flexibility contributes tremendously to the overall quality of life, it has a momentous importance in today’s world. Work-life balance being the keyword for the generation today, businesses are looking for the right way to incorporate flexibility without any compromises on productivity.

Tips to Implement Work Flexibility Keeping the Productivity Intact

Work flexibility is quite a wholesome that indicates several factors like work timings, engagement activities etc. However, every business must figure out their own areas of flexibility which ultimately has no impact on the nature of the business and the overall workflow.

Flexi Timings

Allow your employees to chalk out their best feasible productive time for the work. Utilizing the best productive time, each team member gets a chance to give the best productivity at work.

Telecommunication

Choose telecommunication to the best to make the internal communication smooth. A smooth communication system can bridge all the gaps for you.

Compressed Workweek:

Allow your employees to choose 5 working days of their feasibility from a week. Hence, it empowers them to prioritize work as well as cater to other important areas of their life.

Permanent Part-time Positions:

You can start permanent part time positions for positions that do not need a full-time engagement. Hence, you can recruit employees who are great fit to fulfill the roles.

Adequate Training on Ethics

Adequate training on ethic for the employees can prepare them for a better approach towards, communication, update sharing and several other important aspects.

The Bottom Line

The modern corporate landscape gets way better with great decisions like leveraging the latest technology for resource management. A human resource software solution can make all the difference at workplace. It allows flexibility to your employees wherein they can work from anywhere and anytime but are still intact to the office policies.

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