What is Dearness Allowance (DA)? – Meaning, Types, and Calculation
Dearness Allowance (DA) serves as a crucial cost-of-living adjustment provided by the government to public sector employees and pensioners....
What is Loss of Pay in Salary? Meaning and how to Calculate
LOP arises when an employee opts for an approved leave of absence from their work duties but does not receive their usual salary or wages...
Gratuity – Calculation, Eligibility and Taxation Rules
In employment, compensation extends far beyond just monthly salaries or hourly wages. Among the multiple components of an employee’s...
Advance Tax – Calculation & How to Pay Advance Tax Online?
Advance tax payment is a system where taxpayers can spread their tax obligations by making payments in multiple instalments throughout the...
Conveyance Allowance – Meaning, Limit, and Calculation
Conveyance allowance, commonly provided by organisations globally, is a prevalent employee benefit in India. Often referred to as travel...
Payroll Tax – Definition, Objective
Payroll tax is akin to tax deducted at source (TDS), where employers withhold a portion of an employee’s salary and remit it to the...
Leave Travel Allowance (LTA) – Rules, Claims, and Eligibility
LTA is a financial benefit for all employees. It helps cover domestic travel expenses for two trips in four financial years. The LTA amount...
House Rent Allowance (HRA) – Exemption And Tax Deduction
House Rent Allowance (HRA) constitutes a vital element within the compensation structure of numerous professionals. Notably, HRA enjoys...
Professional Tax – Meaning, Slabs & Exemptions
If you go through all your payslips, you will notice the reduction with the name Professional Tax. The state you live in is responsible for...
Special Allowance – Taxation & Calculation
Special allowances emerge as pivotal components designed to cater to diverse needs within organizations. These designated sums of money...
