Mar 022023
 

Appended below is the Pan India Compliance calendar for March 2023, employer is under obligation to contribute towards some of the above-mentioned compliances for the welfare of the employees. Each of these compliances is again governed by a set of rules and formulas. It is proven to be a deliberate attempt to violate the provisions of the law, there could be imprisonment of the employer. Please, comply with the same in time to avoid any future non-compliance so that hefty penalties and fines are not charged by the respective dept.

 

COMPLIANCE CALENDAR MARCH 2023 >>> DOWNLOAD 


Software Solutions Available on:

TDS | PAYROLL | WEB PAYROLL | WEB HRMS | XBRL | FIXED ASSET |INCOME TAX| SERVICE TAX | DIGITAL SIGNATURE | ATTENDANCE MACHINE & CCTV | DATA BACKUP SOFTWARE | PDF SIGNER

Sensys Technologies Pvt. Ltd.

HO: 904, 905 & 906, Corporate Annexe, Sonawala Road, Goregaon East, Mumbai- 400 063.
Tel.: 022-6820 6100| Call: 09769468105 / 09867307971
Email: sales@sensysindia.com | Website: http://www.sensysindia.com
Branches: Delhi & NCR | Pune | Bangalore | Hyderabad | Ahmedabad | Chennai | Kolkata


 

Mar 012023
 

07th

TDS TDS Payment for February 2023.

10th

GST Return for authorities deducting tax at source – GSTR 7 for February 2023.
Details of supplies effected through e-commerce operators and the amount of tax collected – GSTR 8 for February 2023.

11th

GST Details of outward supplies of taxable goods and/or services effected – GSTR 1 for February 2023.

13th

GST Invoice Furnishing Facility (IFF) for February 2023 in lieu of GSTR 1 for QRMP Filers.
Return for Input Service Distributor – GSTR 6 for February 2023.

15th

P.F. PF Payment for February 2023.
ESIC ESIC Payment for February 2023.
Income Tax Advance Tax Final Installment for F.Y. 2022-23.

20th

GST GSTR 3B for February 2023 if aggregate turnover exceeds Rs. 5 Crore.
Return for Non-Resident foreign taxable person – GSTR 5 for February 2023.

22nd

GST GSTR 3B for the month/quarter ended February 2023 if turnover is below Rs. 5 Crore for Gujrat, Madhya Pradesh, Chhattisgarh, Maharashtra, Telangana. Andhra Pradesh, Karnataka, Goa, Kerala, Tamil Nadu, Puducherry, Dadra & Nagar Haveli.

24th

GST GSTR 3B for the month/quarter ended February 2023 if turnover is below Rs. 5 Crore for the Rest of India.

25th

GST Monthly Payment for February 2023 through Challan PMT06 for QRMP filers.

31st

GST Furnishing of LUT in RFD-11 for export of goods/services for FY 2023-24.
Prof. Tax Monthly Return Tax Liability of Rs. 1,00,000/- & above for February 2023.
Prof. Tax Annual Return for March to February 2023.
Prof. Tax PTEC Payment for F.Y. 2022-23.

Software Solutions Available on:

TDS | PAYROLL | WEB PAYROLL | WEB HRMS | XBRL | FIXED ASSET |INCOME TAX| SERVICE TAX | DIGITAL SIGNATURE | ATTENDANCE MACHINE & CCTV | DATA BACKUP SOFTWARE | PDF SIGNER

Sensys Technologies Pvt. Ltd.

HO: 904, 905 & 906, Corporate Annexe, Sonawala Road, Goregaon East, Mumbai- 400 063.
Tel.: 022-6820 6100| Call: 09769468105 / 09867307971
Email: sales@sensysindia.com | Website: http://www.sensysindia.com
Branches: Delhi & NCR | Pune | Bangalore | Hyderabad | Ahmedabad | Chennai | Kolkata

Feb 142023
 

Every year an employer is obliged to deduct TDS from the salary payable by him to his employees. There are many practical difficulties faced by him in deducting TDS on estimated salary in determining the rate of TDS and estimated salary income on which such rate shall be applied. These difficulties are further increased due to amendments made by the authorities every year. Therefore an attempt is made to clarify all the practical difficulties faced by the employer.

1.      Method of Tax Calculation

A. Every person who is responsible for paying any income chargeable under the head “Salaries” shall deduct income tax on the estimated income of the assessee under the head “Salaries” for the financial year 2022-23.

B. The income tax is required to be calculated on the basis of the rates given in the image attached to this blog.

C. Person deducted tax as above shall ensure that the provisions related to the requirement to furnish PAN or Aadhaar number, as the case may be, as per sec 206AA of the Act,

D. TDS u/s 192 shall be deducted at the time of each payment.

E. The tax paid by the employer shall be deemed to be TDS made from the salary of the It may be noted that tax liability may not be the same in case the employee opts for a concessional tax regime under section 115BAC of the Act. Thus, it is not always open to an employee to deduct the tax of an employee under the new tax regime as this option is open to employees at the time of filing income tax returns for the relevant assessment year.

F. Any employee intending to opt for the concessional rates of tax under section 115BAC of the Act may intimate the deductor, being his employer, of such intention for each previous year and upon such intimation, the deductor shall compute his total income, and make TDS thereon in accordance with the provisions of section 115BAC. The intimation made to the deductor shall be only for TDS during the previous year and cannot be modified during that year.

G. If such intimation is not made by the employee, the employer shall make TDS without considering the provision of section 115BAC of the Act.

H. No tax, however, will be required to be deducted at source in a case unless the estimated salary income including the value of perquisites is taxable after giving effect to the exemptions, deductions, and relief as applicable.

2. Salary payable in foreign currency:

I. For the purposes of deduction of tax on salary payable in foreign currency, the value in rupees of such salary shall be calculated at the “Telegraphic transfer buying rate” of such currency as on the date on which tax is required to be deducted at source (see Rule 26 and Rule 115).

3. Adjustment for Excess or Shortfall of Deduction

J. The provisions of Section 192(3) allow the deductor to make adjustments for any excess or shortfall in Tax deduction arising out of any previous deduction or failure to deduct during the financial year.

4. Case

The income chargeable under the head “salaries” of an employee below sixty years of age during the Financial Year 2021-22, is Rs. 6,00,000/- (inclusive of all perquisites), out of which, Rs. 50,000/- is an account of non-monetary perquisites and the employer opts to pay the tax on such perquisites as per the provisions discussed in para 3.2 above.

Income Chargeable under the head ―” Salaries” inclusive of all perquisites Rs. 6,00,000/-
Tax as per normal rates on Total Salary (including Cess) Rs. 33,800/-
Average Rate of Tax [(33, 800/6,00,000) X100] 5.63%
Tax payable on Rs.50,000/= (5.63% of 50,000) Rs. 2815
The amount required to be deposited each month

(subject to adjustments in tax payable on account of change in salary structure)

Rs. 235= 2815/12

Software Solutions Available on:

TDS | PAYROLL | WEB PAYROLL | WEB HRMS | XBRL | FIXED ASSET |INCOME TAX| SERVICE TAX | DIGITAL SIGNATURE | ATTENDANCE MACHINE & CCTV | DATA BACKUP SOFTWARE | PDF SIGNER

Sensys Technologies Pvt. Ltd.

HO: 904, 905 & 906, Corporate Annexe, Sonawala Road, Goregaon East, Mumbai- 400 063.
Tel.: 022-6820 6100| Call: 09769468105 / 09867307971
Email: sales@sensysindia.com | Website: http://www.sensysindia.com
Branches: Delhi & NCR | Pune | Bangalore | Hyderabad | Ahmedabad | Chennai | Kolkata



 

Feb 012023
 

07th

TDS TDS Payment for January 2023.

10th

GST Return for authorities deducting tax at source – GSTR 7 for January 2023.
Details of supplies effected through e-commerce operators and the amount of tax collected – GSTR 8 for January 2023.

11th

GST Details of outward supplies of taxable goods and/or services effected – GSTR 1 for January 2023.

13th

GST Invoice Furnishing Facility (IFF) for January 2023 in lieu of GSTR 1 for QRMP Filers.
Return for Input Service Distributor – GSTR 6 for January 2023.

15th

P.F. & ESIC Payment for January 2023.

20th

GST GSTR 3B for January 2023 if aggregate turnover exceeds Rs. 5 Crore.
Return for Non-Resident foreign taxable person – GSTR 5 for January 2023.

22nd

GST GSTR 3B for January 2023 if aggregate turnover exceeds Rs. 5 crores (Note 1).

24th

GST GSTR 3B for January 2023 if turnover exceeds Rs. 5 crores (Note 2).

25th

GST Monthly Payment for January 2023 through Challan PMT 06 for QRMP filers.

28th

Prof. Tax Monthly Return Tax Liability of Rs. 1,00,000/- & above for January 2023.

Software Solutions Available on:

TDS | PAYROLL | WEB PAYROLL | WEB HRMS | XBRL | FIXED ASSET |INCOME TAX| SERVICE TAX | DIGITAL SIGNATURE | ATTENDANCE MACHINE & CCTV | DATA BACKUP SOFTWARE | PDF SIGNER

Sensys Technologies Pvt. Ltd.

HO: 904, 905 & 906, Corporate Annexe, Sonawala Road, Goregaon East, Mumbai- 400 063.
Tel.: 022-6820 6100| Call: 09769468105 / 09867307971
Email: sales@sensysindia.com | Website: http://www.sensysindia.com
Branches: Delhi & NCR | Pune | Bangalore | Hyderabad | Ahmedabad | Chennai | Kolkata

Jan 312023
 

 

Appended below is the Pan India Compliance calendar for February 2023, employer is under obligation to contribute towards some of the above-mentioned compliances for the welfare of the employees. Each of these compliances is again governed by a set of rules and formulas. It is proven to be a deliberate attempt to violate the provisions of the law, there could be imprisonment of the employer. Please, comply with the same in time to avoid any future non-compliance so that hefty penalties and fines are not charged by the respective dept.

 

COMPLIANCE CALENDAR FEBRUARY 2023 >>> DOWNLOAD 


Software Solutions Available on:

TDS | PAYROLL | WEB PAYROLL | WEB HRMS | XBRL | FIXED ASSET |INCOME TAX| SERVICE TAX | DIGITAL SIGNATURE | ATTENDANCE MACHINE & CCTV | DATA BACKUP SOFTWARE | PDF SIGNER

Sensys Technologies Pvt. Ltd.

HO: 904, 905 & 906, Corporate Annexe, Sonawala Road, Goregaon East, Mumbai- 400 063.
Tel.: 022-6820 6100| Call: 09769468105 / 09867307971
Email: sales@sensysindia.com | Website: http://www.sensysindia.com
Branches: Delhi & NCR | Pune | Bangalore | Hyderabad | Ahmedabad | Chennai | Kolkata


 

Jan 102023
 

Performance management is an essential aspect of employee life. It can assess and improve performance, give feedback, identify training needs, and reward outstanding performance. Performance management helps employees achieve their goals by providing feedback on how they are performing in their job. It also gives employees a chance to review the company’s expectations for them and decide if they are meeting those expectations. It can help employees make improvements or changes in how they do things that will increase productivity or improve the quality of work.

Managers need to understand what they should look for when evaluating an employee’s performance and what kind of feedback should be given at each level. Managers should also know what type of rewards they can give out based on the level of performance that has been achieved.

How does the performance management system work?

Performance management systems are used to measure employees’ performance to reward or sanction them. The system is usually based on a set of objectives that both the employer and the employee have already agreed on. Performance management systems help organizations in many ways: they help with the recruitment process, they help with staff retention, they help with developing better leaders, etc. These objectives are typically grouped into categories such as ‘quality,’ ‘efficiency,’ and ‘customer focus.’ 

Performance management software is a system that helps HR teams and managers manage their employees’ performance. The system is based on various metrics used to measure employee performance. The metrics can vary from one organization to another, and the company’s strategy usually determines them.

An attendance management software helps to track employee attendance. This software has many benefits, such as increased productivity, reduced absenteeism, and improved quality of service.

What are the five stages of performance management?

Performance management is a process that every company should have in place. It helps managers and employees understand how they are doing and what they need to do to improve their jobs. 

There are five stages of performance management:

Setting goals-: Think about the results you want to see. Before you set a goal, take a closer look at what you’re trying to achieve. 

Monitoring progress-: Continuously measuring performance and providing feedback on progress toward the goals.

Providing feedback-: Note opportunities for improvement.

Taking corrective action-: Interacting with the employee to improve performance or behavior.

Reaching the goal-: To provide a clean and consistent working environment for both managers and staff, which will ultimately result in higher productivity.

How to evaluate employee performance

To evaluate an employee’s performance, Having a system in place is essential. One way to do this is by assigning specific tasks or goals and evaluating them regularly. Performance management software is a solution that helps companies to evaluate their employees’ performance. It provides a detailed overview of the employees’ work, what they do best and what they need to improve. It also allows managers to provide feedback and coaching.

Evaluating the performance of employees is a crucial component of the success of any company. It is essential to know how each employee performs on different tasks and how their performance changes over time. Leave management software lets you know how much time your employees have left for their leaves.

Frequently Asked Questions:- 

Q. What is a performance management implementation plan?

A. A performance management plan can help guarantee that individuals achieve their performance objectives and that those goals are consistent with those of the company.

Q. Why do you need to implement a performance management system?

A. Businesses need effective performance management. They are able to integrate their systems, resources, and personnel with their strategic goals through both official and informal approaches.

Q. What is a performance management process?

A. An employee’s job objectives and general contribution to the company are planned, monitored, and reviewed by managers and employees through the performance management process.

 



Software Solutions Available on:

TDS | PAYROLL | WEB PAYROLL | WEB HRMS | XBRL | FIXED ASSET |INCOME TAX| SERVICE TAX | DIGITAL SIGNATURE | ATTENDANCE MACHINE & CCTV | DATA BACKUP SOFTWARE | PDF SIGNER

Sensys Technologies Pvt. Ltd.

HO: 904, 905 & 906, Corporate Annexe, Sonawala Road, Goregaon East, Mumbai- 400 063.
Tel.: 022-6820 6100| Call: 09769468105 / 09867307971
Email: sales@sensysindia.com | Website: http://www.sensysindia.com
Branches: Delhi & NCR | Pune | Bangalore | Hyderabad | Ahmedabad | Chennai | Kolkata



 

Jan 042023
 

 

Appended below is the Pan India Compliance calendar for January 2023, employer is under obligation to contribute towards some of the above-mentioned compliances for the welfare of the employees. Each of these compliances is again governed by a set of rules and formulas. It is proven to be a deliberate attempt to violate the provisions of the law, there could be imprisonment of the employer. Please, comply with the same in time to avoid any future non-compliance so that hefty penalties and fines are not charged by the respective dept.

 

COMPLIANCE CALENDAR JANUARY 2023 >>> DOWNLOAD 


Software Solutions Available on:

TDS | PAYROLL | WEB PAYROLL | WEB HRMS | XBRL | FIXED ASSET |INCOME TAX| SERVICE TAX | DIGITAL SIGNATURE | ATTENDANCE MACHINE & CCTV | DATA BACKUP SOFTWARE | PDF SIGNER

Sensys Technologies Pvt. Ltd.

HO: 904, 905 & 906, Corporate Annexe, Sonawala Road, Goregaon East, Mumbai- 400 063.
Tel.: 022-6820 6100| Call: 09769468105 / 09867307971
Email: sales@sensysindia.com | Website: http://www.sensysindia.com
Branches: Delhi & NCR | Pune | Bangalore | Hyderabad | Ahmedabad | Chennai | Kolkata


 

Dec 302022
 

07th

TDS TDS Payment for December 2022.

10th

GST Return for authorities deducting tax at source – GSTR 7 for December 2022.
Details of supplies effected through e-commerce operators and the amount of tax collected – GSTR 8 for December 2022.

11th

GST Details of outward supplies of taxable goods and/or services effected – GSTR 1 for December 2022.

13th

GST Invoice Furnishing Facility (IFF) for December 2022 in lieu of GSTR 1 for QRMP Filers.
Return for Input Service Distributor – GSTR 6 for December 2022.

15th

P.F. PF Payment for December 2022.
ESIC ESIC Payment for December 2022.
TDS TDS Quarterly Statement (Other than Government Deductor) for October to December 2022.
Income Tax Due Date for Filling Tax Audit Report for F.Y. 2021-22.

18th

GST Quarterly Statement for composition taxable person – CMP 08 for October to December 2022.

20th

GST GSTR 3B for December 2022 if aggregate turnover exceeds Rs. 5 Crore.
Return for Non-Resident foreign taxable person – GSTR 5 for December 2022.

22nd

GST GSTR 3B for the month/quarter ended December 2022 if turnover is below Rs. 5 Crore for Gujrat, Madhya Pradesh, Chhattisgarh, Maharashtra, Telangana. Andhra Pradesh, Karnataka, Goa, Kerala, Tamil Nadu, Puducherry, Dadra & Nagar Haveli.

24th

GST GSTR 3B for the month/quarter ended December 2022 if turnover is below Rs. 5 Crore for the Rest of India.

31st

GST To opt out or in from QRMP for the period January to March 2023
TDS TDS Quarterly Statements (Other than Government Deductor) for October to December 2022.
Prof. Tax Monthly Return Tax Liability of Rs. 1,00,000/- & above for December 2022.
Income Tax Due Date to furnish the Audit Report for transfer pricing regulations for F.Y. 2021-22.

Software Solutions Available on:

TDS | PAYROLL | WEB PAYROLL | WEB HRMS | XBRL | FIXED ASSET |INCOME TAX| SERVICE TAX | DIGITAL SIGNATURE | ATTENDANCE MACHINE & CCTV | DATA BACKUP SOFTWARE | PDF SIGNER

Sensys Technologies Pvt. Ltd.

HO: 904, 905 & 906, Corporate Annexe, Sonawala Road, Goregaon East, Mumbai- 400 063.
Tel.: 022-6820 6100| Call: 09769468105 / 09867307971
Email: sales@sensysindia.com | Website: http://www.sensysindia.com
Branches: Delhi & NCR | Pune | Bangalore | Hyderabad | Ahmedabad | Chennai | Kolkata