The Union Budget 2019 was a pre-election budget, hence a highly anticipated one. Although the interim budget was pro-poor, the current government did not disappoint the business community since it gave a boost to the consumer economy. It has brought in changes in the tax slabs and introduced many new schemes for many sections of the society. Let’s take a quick look at the major tax reforms in the budget tabled on February 1, 2019.
Employee compensation management, which is usually referred to as payroll management, is a comprehensive process. It includes salary calculation, disbursal, payslip generation, deduction taxes, record keeping, etc. For small and mid-sized business owners, framing the salary components is often a challenge especially if they are less proficient in administering the payroll process. However, it is an inevitable task that needs to be performed periodically, and an error in the process may lead to critical legal implications.