1. Professional tax is a direct tax that is deducted from your gross salary by your employer. Because it is imposed by the state government, the tax you pay will differ according on the state you reside in. There is a maximum amount of Rs. 2500 that you might be charged.
  2. To enter information about the stock or inventory that your company handles, you must create a stock item in TallyPrime. After creating a stock item, you can record business transactions and monitor the stock item's specifics. To create a stock item, just type its name in and save it. Additionally, give the opening balance information (quantity, rate, value, applicable tax rates) so that you can record transactions faster and avoid having to enter all of this information into each transaction.
  3. In TallyPrime, a company is a book that contains all of a firm's financial transactions. To put it simply, in order to record business transactions in TallyPrime, you must first create a company, just like you would when creating a book. After installing and activating your TallyPrime licence, the first step if you recently moved to or brought TallyPrime is to create a firm. Here's a quick suggestion to help you navigate to the various fields on the page before you begin the company creation process. Use the "Enter" key to move ahead or down. Use the "Backspace" key to move forward or backward.
  4. The Labour Welfare Fund (LWF) is an Indian statutory contributing fund that is managed by the respective state government agencies. The frequency and amount of the LWF contribution are set by the state Labour Welfare Board. States vary in this regard.  Employers and employees both make contributions to the LWF on behalf of their employees. The LWF receives an annual contribution from some states and a half-yearly contribution from others.
  5. The four primary components of payroll computations are typically basic pay, allowances, deductions, and IT declarations. This procedure can be streamlined by using a payroll calculator, which guarantees accurate computations for each employee's wages, taxes, and net pay.
  6. The process of paying employees of a corporation is known as payroll. It entails gathering the list of workers who need to be paid, keeping track of hours worked, figuring out each worker's compensation, delivering salaries on schedule, and documenting payroll costs.
  7. On the homepage, you can view the respective tab to find out how to check the refund, deductions, applicable forms, and the process to file the ITR. The tabs can be found at the top of the page. You can scroll down to view services such as ITR status, refund status, linking of Aadhaar, and e-verification.
  8. In India, in order to maintain tax compliance, anyone making more than Rs 2,50,000 annually is required to register their income taxes. A person should still file their taxes and indicate that they have no taxable income, even if they have no income at all. Taxpayers are required to declare all of their income when submitting their taxes. It could come from a job, the sale of capital assets like stocks and real estate, or from other sources.