Tuesday, 17 July 2018

Partnership with Triocodes Smart HRMS


Partnership with Triocodes Smart HRMS


Trio Smart HRMS is a state-of-the-art Human Capital Management System by Triocodes Technologies Pvt Ltd. It is an enterprise solution that helps HR to improve on the existing processes, unify different HR systems, thereby creating tremendous impact on organization’s bottom line.

We can also define it as a fully web based HRMS solution that covers the whole process from beginning recruitment to final settlement. It can be easily integrated with other existing systems within the organization or the extended enterprise software. It incorporates Leave Management, Payroll Management, Training Management, Attendance Management, Employee Self Service (ESS), Recruitment Management, Performance Management, Grievance Management,  Task & Time sheet Management.

Trio Smart HRMS solution provides an interface for HR department, management & employees. It empowers HR to manage talent and its retention processes more effectively, thereby enabling HR to focus on increasing the talent pool. It is customizable, web-based, easily deployable, mobile responsive and have mobile app for employee self-service. You can experience the best, secure and user-friendly HRMS with Trio HRMS.

 


Features of Trio Smart HRMS


  • Manage employees effectively
  • Automation of tasks
  • Fast payroll processing
  • Accurate statutory reports
  • Helps in Appraisal
  • Time and cost savings
  • Improved ability to reach large candidate pools
  • Travel and loan management
  • Improved training capabilities
  • Employee leave tracking
  • Time sheet management of all progressing tasks
  • Grievances can be identified and resolved soon as it arises
  • Improved and accurate time attendance tracking abilities


Benefits of Trio Smart HR Partner Program


1.  Partner-friendly organization and team
2. Demo and closure support provided by Trio Smart HR
3. Training and support handled by Trio Smart HR
4. Co-marketing activities to generate leads
5. Events participation and support
6. Email campaign support

We invite you to be part of this revolution to grow and sustain your businesses during this key turnaround in the software industry.


Ideal Partner Characteristics


Our ideal partners are anyone inclusive of:
  • Accounting software distributors
  • Biometric and other attendance hardware
  • Software vendors or resellers
  • Taxation and payroll consulting businesses
  • CAs or payroll outsourcers
  • HR consultants
  • Cloud application resellers or vendors
  • IT consultants


How to be a Partner?


If you have anything in common with the points mentioned before, then you are an ideal partner for Trio Smart HR. Send an email to shreyanair@triocodes.in or you can call us at 8943338666  and we will get in touch with you shortly.



Tuesday, 22 May 2018

Why field staff management is important ?

WHY FIELD STAFF MANAGEMENT IS IMPORTANT ?


Smart-Force

Field staff management is an important thing for an organization especially for those having sales department. To know the real time status of their employees, they have to call them and get details about their work location. There are more chances to provide wrong location information by employees. To assist companies in this situation, a good field staff tracking mobile app is the best solution. It will help companies to make their employees work more responsibly by tracking the location and daily activities of marketing team the marketing team.  

A smart phone based real time data capturing application which pin points the location address using phone's GPS will make this process easier. By installing app on the phone you want to track, your admin can use a web application to allocate work tasks and locate the current position easily. The employee has to login into the application and have to mark their ‘on duty’ when they start their work. If the employee wants to travel as a part of his work, journey starting location wants to be entered.  Thus their location can be tracked by the admin and remain updated about the respective employee. Employee attendance with their current location, details of their client meetings (geographical location and time) can be monitored easily. After completing the work, employee marks ‘off duty’. Now the admin will have a record of total locations travelled by each employee.

A good application will incorporate functionalities such as Attendance, Customer Data Collection, Travelling Expenses, Client Meetings and Lead estimations to track the sales force. Now let’s have a look at the features and benefits of a good field staff tracking app:  

FEATURES

  • User-friendly interface
  • View to daily assignments
  • Both  online and offline working
  •  Location display on  google map
  • Attendance  punch  from mobile 
  • Customizable according to client  

BENEFITS

  • Increased sales & productivity
  • Locate employees as per defined time frequency
  • Keeps record of employee’s work for further use
  • Tracks daily attendance with the current location  
  • Records travel/conveyance as per assigned clients  
  • Generation  of TA/DA report as per visited client details
  • Can collect feedbacks/suggestions about client meetings  
  • Pre-planned meetings & assignments can be assigned to field staffs
  • Can track the whole journey of  employee for the estimation of TA 
  • By integrating real-time inventory, orders can be created and stock status can be viewed. It help companies to plan better product inventory, pricing & delivery
For more details, visit Smart Force



Monday, 14 May 2018

SMART FORCE

SMART FORCE - FIELD STAFF TRACKING APP


We Triocodes Technologies Private Limited, well known for software and mobile application development launched our new mobile application for marketing team. The app is mainly aimed for helping companies to observe their salesmen working outdoors.

We have introduced HRMS and Payroll software package for helping companies to make their employees work more responsibly and Smart Force app developed, tracks the daily analysis of marketing team. Aji Joseph, CEO of Triocodes remarked that the ‘Smart Force’ mobile app will be very useful for companies working in different sectors.

Huge relief for employers


The app has incorporated to check the travels of sales professionals, the estimation of their leads etc. Along with the HR applications, we also provide Readymade Billing software, Inventory Management software, ERP system for Automobile industry, CRM for Builders etc. to our customers.
Triocodes - News letter

Triocodes Private Limited which concentrates on the development of mobile applications and websites, works under the idea of coding customer thoughts into software codes. (Codes your thoughts).Triocodes CTO Resmi Reghunath has informed that besides mobile apps and websites, our company can provide websites including E-commerce platforms at affordable rates for those who are willing to enter the field of online marketing.

Aji Joseph was quoted as saying “To become strategic partners of Log IT and UYG companies in Dubai and Muscat has been the company’s greatest achievement of last year”. Apart from different customized services, Triocodes developed websites such as www.krishikkaran.comwww.jobspaddy.com etc. for the public welfare. 

For more details, visit www.triocodes.com.       

Wednesday, 9 May 2018

Recruitment Management System (RMS)


Recruitment Management System (RMS)
  

Recruitment-Management-System

A recruitment management system (RMS) is a set of tools designed to manage the recruiting process. It is built with the purpose of assisting and managing the whole process of recruitment from job order to final placement of a candidate. Processes such as finding, assessing, interviewing and hiring new personnel etc. can be automated with this system. Recruitment is a core function of human resource management which is the first step of appointment.
TRIO HRMS’s recruitment management system automates entire recruitment activity of a company. When you promote from the company itself, there is a positive effect on staff morale and work productivity. The main benefits of this system are, employees can apply for job openings which is posted publicly, employee referral, HR can send calendar invites to both interviewer and interviewee, builds large searchable talent pools, time saving, no manual records etc.
Our recruitment management system is simple and user friendly. When candidates apply for job openings and attach their resumes, their details automatically gets parsed and stored in a candidate information pool. After filtering these resumes, we can schedule interview for selected candidates. An email about interview schedule can be send to both interviewer and interviewee. This helps interviewer to keep their information up-to-date. After the interview, interviewer can mark remarks about each candidate. The system also helps to send offer letters to selected candidates. Candidate can confirm or reject this letter. Only after confirming offer letter, appointment letter will be issued. By receiving this appointment letter, candidate can join the respective company.
In most companies, recruitment is done by HR Manager. But in some cases, public-sector employment agencies or commercial recruitment agencies may help to undertake the recruitment process. Our recruitment management system lets you reach the most talented candidates by enhancing visibility for all your job openings. 


  • Automate your hiring routine and make recruiting fast and easy
  • Effective hiring of right talent
  • Can easily manage applicant data, organize, categorise and shortlist candidates
  • Provide the best candidate experience by interacting through integrated email, text option
  • Keeps a record of sent mails
  • Saves time & quickly process a no. of resumes at once
  • Can create a careers page for posting job openings
  • Applications for multiple job openings can be accepted at once
  • Can extend your reach using popular job boards, direct sourcing and existing social medias
  • Candidate login to apply for multiple job openings and profile update
  • Can customize your own formatted resume template to bring uniformity in resumes
  • Can customize as per your requirements, automate workflows and create rules for all your manual entry tasks 
  • Increased efficiency of  HR departments

To know more, visit Trio HRMS




Tuesday, 20 March 2018

What are the Benefits of HRMS ?

BENEFITS OF HRMS



“Human Resources Isn’t A Thing We Do. It’s The Thing That Runs Our Business.”                 
                                                     -Steve Wynn, Wynn Las Vegas


Human resources department within any organization is considered as the critical element of the organization. Its many functions serve as a supportive background for the company to run productively and effectively. 

We are living in a century where time equals the value of money and companies seek to reduce cost effectively by increasing their productivity. A Human Resource (HR) software is a software which is designed to help employees and organization to perform at their full potential. It manages employee information as well as organizational data. It also blends a number of HR functions such as automation of  time-consuming manual tasks, storing and accessing  data and information, data processing etc. 



Scope Of HRMS


üPersonal Aspect
üWelfare Aspect
üIndustrial Relations Aspect




Main Benefits Of HRMS




·         Automation of time-consuming tasks
·         Reduce wastage of paper and storage
·         Increased productivity of organization 
·         Helps in performance appraisal
·         Accurate statutory reports
·         Employee welfare management
·         Better grievance management
·         Employee self-service options
·         Reduction of errors in payroll calculation
·         Improved participation even there are multiple  locations
·         Ease in providing updates about policies  &  procedures
·         Improved training capabilities by integrating LMS  


Improving HR Productivity

   Using HR software, the amount of paperwork and time used to create, edit documents by HR people is reduced. This automation of tasks will benefit them to increase HR productivity.


Reducing Errors & Maintaining Compliance

   
The ability to reduce manual errors and redundant data entry is an important benefit of HRMS. Even a minor error on the part of a HR employee could result in considerable legal issues and even financial loss for the company. A HRMS can provide guidance to avoid these types of issues before they arise.
   Furthermore, HRMS benefits relate to compliance issues. HR software programs are designed to review compliance with specific rules and regulations which makes it easier to ensure that your company is in compliance with these laws and regulations. 

Performing Analyses 


 HR software programs are designed to create professional reports on metrics and analysis that can help HR professionals to spot issues at a glance. These analysis which are related with various aspects of organization will help in important business decision makings. It will also help to develop strategies for moving the organization along a successful path. 



Function Of  HRIS


  To compete in the market place, an effective and successful human resource management is necessary for a business. It is very difficult for HR mangers to coordinate and manage all datas and activities of an organization. A human resources information system provides efficient data management with accurate and timely information for better decision makings.  


Operational

  A HRIS functions as an efficient tool for HR operational processes. With software, HR transactions can be performed with increased speed and can obtain accurate results. Also routine transactions such as employee headcount, payroll tracking, time and attendance reporting automation are more cost-effective. This helps HR representatives to use their time more productively.

  

Managerial


    An HRMS can function as a managerial information system to collect and provide data about staffing, turnover, benefits and regulatory compliance issues. HR personnel can easily give reports on total number of employees, cost to hire, vacant positions, benefits costs, bonuses etc. They can easily present analysis on different datas related with the organization.

Executive

  HRIS functions as an executive information system of a company which aggregate high-level data for long-range planning such as succession planning. HRIS system provides executive planning information for strategic needs such as forecasting, staffing needs assessment and employee skills evaluation. These are very helpful for an organization’s growth and development.  

Office Automation

   HRMS helps in the automation of office tasks by managing employee documents such as applications and job requisitions, tracking employee training, leave and attendance tracking etc. HR reports can be generated and distributed right from the system to the respective people in real time. An HRMS helps to reduce manual works which takes more time. This saved time of employees can be used for more productive works.


  




Thursday, 8 March 2018

TDS Calculation On Salary


TDS Calculation On Salary



TDS

What is TDS?
Tax Deducted at Source (TDS) is applicable for individuals and businesses, the payee is required to collect tax at source before making certain types of payments for rendering specific services. The types of payments include salary, fees, interest, rent, commission, etc. The payee is directed to collect a certain percentage of TDS that is sent to the Central Government.

How do you define Salary?

Salary is defined as the remuneration that a person receives periodically for rendering services based on an implied or express contract. If you are in an employee-employer relationship, you belong to the salaried class of individuals.

However, not all income is termed as salary. If a professional is being paid for his/her expertise in a professional capacity, it is termed as 'Professional/Technical Fees'. Similarly, a partner earning salary from his/her company is charged taxes under 'Profits & Gains from Profession or Business'. Other examples include the salary paid to a Member of Parliament or a Member of Legislative Assembly. According to the Indian Income Tax Act (ITA), 1961, a salary includes pension or annuity, wages, commission or fees, gratuity, profits or perquisites on salary, salary advance etc.

What is TDS Calculated on?

The CTC quoted to you at the time of joining includes components such as basic salary, travel allowance, house rent allowance, medical allowance, dearness allowance, special allowances and other allowances. The CTC is divided into two major categories : salary and perquisites. Perquisites, or perks as they are popularly called, include facilities and benefits provided by the employer towards expenses such as travelling, canteen and fuel subside, hotel expenses and so on.


TDS Rate Chart :


Rates for Tax Deduction at Source for FY 2017-18

Particulars
TDS Rates (in %)

Section 192: Payment of salary

According to Income Slab as specified above

Section 192A: Payment of accumulated balance of provident fund which is taxable in the hands of an employee (with effect from 01.06.2015).

10

Section 193: Interest on securities


a)any debentures or securities for money issued by or on behalf of any local authority or a corporation established by a Central, State or Provincial Act;

10

b)any debentures issued by a company where such debentures are listed on a recognized stock exchange in accordance with the Securities Contracts (Regulation) Act, 1956 (42 of 1956) and any rules made there under;

10

c)any security of the Central or State Government;

10

d)interest on any other security

10

Section 194: Dividend other than the dividend as referred to in Section 115-O

10

Section 194A: Income by way of interest other than "Interest on securities"

10

Section 194B: Income by way of winnings from lotteries, crossword puzzles, card games and other games of any sort

30

Section 194BB: Income by way of winnings from horse races

30

Section 194C: Payment to contractor/sub-contractor

a)HUF/Individuals

1

b)Others

2

Section 194D: Insurance commission

5 (10% till Assessment year 2016-17)

Section 194DA: Payment in respect of life insurance policy

1 (2% till 31-5-2016)

Section 194EE: Payment in respect of deposit under National Savings scheme

10 (20% till 31-5-2016)

Section 194F: Payment on account of repurchase of unit by Mutual Fund or Unit Trust of India

20

Section 194G: Commission, etc., on sale of lottery tickets

5 (10% till 31-5-2016)

Section 194H: Commission or brokerage

5 (10% till 31-5-2016)

Section 194-I: Rent

a) Plant & Machinery

2

b) Land or building or furniture or fitting

10

Section 194-IA: Payment on transfer of certain immovable property other than agricultural land

1

Section 194J: Any sum paid by way of 
a)Fee for professional services, 
b)Fee for technical services 
c)Royalty, 
d)Remuneration/fee/commission to a director or 
e)For not carrying out any activity in relation to any business 
f)For not sharing any know-how, patent, copyright etc.

10

Section 194LA: Payment of compensation on acquisition of certain immovable property

10

Section 194LBA(1): Business trust shall deduct tax while distributing, any interest received or receivable by it from an SPV or any income received from renting or leasing or letting out any real estate asset owned directly by it, to its unit holders.

10

Section 194LBB: Investment fund paying an income to a unit holder [other than income which is exempt under Section 10(23FBB)]

10

Section 194LBC: Income in respect of investment made in a securitization trust (specified in Explanation of Section 115TCA)

25% in case of Individual or HUF 30% in case of other person
Any Other Income
10

TDS Deduction Rate for Financial Year 2017-18


Tax applicable for individuals below 60 years

Annual Income
Tax Rates
Education Cess
Secondary and Higher Education Cess
Upto Rs.2,50,000
Nil
Nil
Nil
Rs.2,50,001-Rs.5,00,000
5%
2% of income tax
1% of income tax
Rs.5,00,001-Rs.10,00,000
Rs.12,500 + 20%
2% of income tax
1% of income tax
Above Rs.10,00,000
Rs.1,12,500 + 30%
2% of income tax
1% of income tax



Tax applicable for individuals over 60 years and under 80 years

Annual Income
Tax Rates
Education Cess
Secondary and Higher Education Cess
Up to Rs.3,00,000
Nil
Nil
Nil
Rs.3,00,001-Rs.5,00,000
5%
2% of income tax
1% of income tax
Rs.5,00,001-Rs.10,00,000
Rs.10,00 + 20%
2% of income tax
1% of income tax
Above Rs.10,00,000
Rs.1,10,000 + 30%
2% of income tax
1% of income tax


Tax applicable for individuals over 80 years and above

Annual Income
Tax Rates
Education Cess
Secondary and Higher Education Cess
Up to Rs.5,00,000
Nil
Nil
Nil
Rs.5,00,001-Rs.10,00,000
20%
2% of income tax
1% of income tax
Above Rs.10,00,000
Rs.1,00,000 + 30%
2% of income tax
1% of income tax

TDS should be deducted at applicable rates as above along with surcharge and Education Cess.


How is TDS calculated?

The government allows tax exemption under Section 80C and 80D. This allows an individual to seek for exemption on tax based on various types of investment he/she is making for that particular financial year. The TDS on salary can be calculated by reducing the exemption from total annual earning as specified by the Income Tax department. The employer is required to obtain a declaration and proof from individuals to approve tax exemption. The following categories are considered for exemption:

  • House Rent Allowance - If an employee is paying towards accommodation as rent and entitled for HRA from the employer, the employee can declare this amount for tax exemption.
  • Conveyance or Travel Allowance - If an employee is provided with conveyance allowance, the employee can declare them for tax exemption.
  • Medical Allowance - If an employee is entitled to a medical allowance, he/she can declare and produce medical bills for tax exemption.

There are limits to the maximum amount that can be considered for exemption.

TDS Deductions

The following process is involved in the deduction of TDS:
  • Calculating total earning - The employer is required to calculate the total earning of the employee.
  • Calculating total amount eligible for the exemption - The employer is accountable for calculating the total amount that is considered for tax exemption. The employee needs to declare the type of amount that is eligible for exemption.
  • Obtaining declaration and investment proof - The employer is required to collect investment and proofs from employees.
  • Depositing TDS deductions - The employer will require depositing the collected TDS to the central government.

Section 80C

An employee can declare for a maximum of Rs.1,50,000 for tax exemption. The following investments schemes are considering for exemption under 80C:
  • Investment in mutual funds and equity shares, such as ULIP, Linked Saving Scheme of a Mutual Fund/UTI.
  • Life insurance Premium paid.
  • Contribution to statutory PF, 15 years P.P.F., and superannuation funds.
  • Payments towards subscription for National Saving Certificates and Home Loan Account Scheme.
  • Interest earned through few of the National Savings Certificates are eligible for a certain amount of tax.
  • Fixed deposit scheme for a period of minimum 5 years.


Section 80CCG
An employee is eligible for a maximum of Rs.25,000 annual exemption if the employee has made an investment under certain equity saving schemes. The investment should be made for at least 3 years from the date of scheme acquisition.

Section 80D
The section 80D offer exemption for the premiums paid for a Medical Insurance. The exemption is also extended to the individual's dependants.

There are various other Sections that regulates many other types of exemptions.

How do I calculate TDS on my salary?

While the basic salary is fully taxable according to respective tax bracket, some exemptions are available for payments made as allowances and perks. You can calculate TDS on your income by following the below steps.

  • Calculate gross monthly income as a sum of basic income, allowances and perquisites.
  • Calculate available exemptions under Section 10 of the Income Tax Act (ITA). Exemptions are applicable on allowances such as medical, HRA, travel.
  • Reduce exemptions according to step (2) for the gross monthly income calculated in step (1).
  • As TDS is calculated on yearly income, multiply the corresponding figure from above calculation by 12. This is your yearly taxable income from salary.
  • If you have any other income source such as income from house rent or have incurred losses from paying housing loan interests, add/subtract this amount from the figure in step (4).
  • Next, calculate your investments for the year which fall under Chapter VI-A of ITA, and deduct this amount from the gross income calculated in step (5). An example of this would be exemption of up to Rs.1.5 lakh under Section 80C, which includes investment avenues such as PPF, life insurance premiums, mutual funds, home loan repayment, ELSS, NSC, Sukanya Samriddhi account and so on.
  • Now, reduce the maximum allowable income tax exemptions on a salary. Currently, income up to Rs.2.5 lakhs is fully exempt from paying taxes, while income from Rs.2.5 lakhs to Rs.5 lakhs is taxed at 10%, and Rs.5 lakhs to Rs.10 lakhs income bracket is taxed at 20%. All income above this amount is taxed at 30%.
  • Do note that senior citizen have different tax slabs and receive higher exemptions than those discussed above.

EXAMPLE

As per the steps outlined above, let’s consider a numeric example for better understanding.

Steps (1) & (2)

Suppose your monthly gross income is Rs.80,000. This figure may contain divisions as - basic pay Rs.50,000, HRA of Rs.20,000, travel allowance of Rs.800, medical allowance of Rs.1,250, child education allowance (CEA) of Rs.200 and other allowances totalling 12,750.

Steps (3) & (4)

Assuming that you stay at your own property, your monthly exemption from allowances equals Rs.2,250 (medical + travel + CEA). Therefore, your yearly taxable amount comes to (Rs.80,000 - Rs.2,250)*12, which comes to Rs.9,33,000.

Step (5)

Let's say you just experienced a loss of Rs.1.5 lakhs on house loan interest repayments over the year. Reducing this exempted amount from the taxable income, your taxable income becomes Rs.7,83,000.

Step (6)

Suppose you have invested Rs.1.2 lakhs in various categories that fall under Section 80C exemptions, and made another Rs.30,000 investment in categories falling under Section 80D. So, the resulting Rs.1.5 lakhs is exempted from taxes according to Chapter VI-A. Deducting this amount from the gross taxable income calculated above, your taxable income becomes Rs.6,33,000.

Step (7)

Finding out your tax slab



Your final tax breakup according to income slabs listed by the IT department is as follows:


Income Tax Slab
TDS Deductions
Tax Payable
Upto Rs.2.5 lakhs
NIL
NIL
Rs.2.5 lakhs to Rs.5 lakhs
10%  of (Rs.5,00,000-Rs.2,50,000)
Rs.25,000
Rs.5 lakhs to Rs.6.33 lakhs
20%  of (Rs.6,33,000-Rs.5,00,000)
Rs.26,600

Therefore, the final TDS to be deducted on your yearly income is Rs.25,000 + Rs.26,600, which comes to Rs.51,600 for current year's income, or Rs.4,300 per month for the current fiscal.



Importance of filing correct Tax Returns:

It is imperative that you are honest about the details of all your income and expenses for a fiscal for tax calculation purposes. Sometimes, you may miss a few details such as income from previous job when switching to a new job, or additional income from a contractual opportunity. This should not happen as hiding or misrepresenting income sources will be heavily penalised by the respective tax authorities. You have to ensure that all your data is in order and will hold up to any cross verification at a later stage to avoid problems with the taxman.



Courtesy: bankbazaar




Partnership with Triocodes Smart HRMS

Partnership with Triocodes Smart HRMS Trio Smart HRMS is a state-of-the-art Human Capital Management System by Triocodes Technologie...