Deductions made on the hard-earned salary is the most painful part for any employee. These deductions can be for the betterment of employees or for the betterment of the country and sometimes a disciplinary action is taken too, but always hard to be digested by the employees.
Irrespective of the reasons, the deductions accounted often prove to be fruitful for the employee, be it contributing his share through TDS to make a better country or for a better future through PF. The statutory as well as non-statutory deductions often end up being beneficial for the employees.
That being the case, for a company with a huge staff, changes in CTC keeps on happening every now and then, so much that making appropriate payrolls, with right deductions can be a troublesome task. Furthermore, maintaining the forms and tax declarations can add up to the chores for the HR making payroll more prone to errors.
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On the other hand, a payroll app can easily automate the entire process, generating precise payrolls with the help of formula based deductions.
Highlights of Pocket HRMS’s Deduction Management System:
- TDS and Professional Tax deductions
Precise government tax deduction made on CTC gets calculated and automatically deducted with its formula based modules.
- PF deductions
Many companies provide PF options for its employees, wherein a deduction is made to be saved for future use, and the same gets deducted as per company rules.
- Disciplinary deductions
The deductions made on account of unapproved leaves and late remarks that are generated with the help of Time and Attendance management Module of Pocket HRMS, which helps to inculcate respect for the time of the employee as well as of the company.
Tax declaration documents and other forms can be easily updated and made available to the employees through employee self-service portal.
- Employee Self-Service
It lets the employee keep a track of his TDS, PF and other deductions, as well as upload, scanned documents for the tax declaration.
To conclude, taxes deducted add up for a better country while other deductions result in a better future for the employees. Thus, use Pocket HRMS for seamless and error-free payroll processing with accurate deductions.