How to create a Payroll Period?
A Payroll Period is a period for which Employees get paid for their occupation with the Company.
Payroll Period helps you define Salary Structures and Tax slabs applicable for the period, making it easier to manage changing laws.
In OneHash, you can configure the Payroll Period and define Tax Slabs.
In order to access Payroll Period, go to:
Home > Human Resources > Payroll > Payroll Period
1. How to create a Payroll Period
Go to: Payroll Period > New.
Select Start Date and End Date of Payroll Period.
Tax Salary Slabs
The most important feature in Payroll Period is Tax Salary Slabs under which you can create various tax slabs and tax rates for the employees. You can add multiple tax slabs for the Payroll Period depending on the tax regulations. Select the From Amount, To Amount and Percent Deduction for each slab.
Tax Slabs can also be applied based on certain properties of the employees such as date of birth or gender.
Additionally, Standard Tax Exemption Amount can be specified in the Payroll Period doctype.
Once the information is saved, you can also access Employee Tax Exemption Proof Submission and Employee Tax Exemption Declaration through the dashboard.
Note: Configuring Payroll Period is optional if you do not intend to use Flexible Benefits or Tax Slabs
2. Related Topics
Income Tax Slab
Employee Tax Exemption Proof Submission
Employee Tax Exemption Declaration
Updated on: 28/03/2023