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Q&A: Your Questions are answered by KwikPayLite Experts, below.
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Question 1:
What are the new General features are included in KwikPayLite Ver 2.0?
Answer:
In KwikPayLite 2.0 the New General features are Module based profile list, Custom Settings, Computer Performance and
you can get all the reports of KwikPayLite in the Report Module.
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Question 2:
How to calculate Loss of Pay in KwikPayLite?
Answer:
Loss of Pay is applied only to the Basic & Dearness Allowances and all other Earnings are paid in full.
If you want 'Loss of Pay' to be applied to all Earnings then set the 'Salary Calculation Type'
in the 'Employee PayScale' to 'Part'.
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Question 3:
How TDS calculate takes place in KwikPayLite?
Answer:
The TDS profile has all the components required for the computation of Taxable income under the head Salaries.
KwikPayLite works out the detailed calculations as per Income Tax rules for Salary Class, including that of Exemption Levels for different Allowances and Investments.
Tax payable as per the current Income Tax rules (2009-10 Assessment Year) is also calculated.
However, actual TDS deduction is kept as a manual entry, to enable tax planning at a later stage by employees.
Form 16 as per the format prescribed by Income Tax authority, can be generated
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Question 4:
What are the Custom Reports are there in Salary Abstract Profile.?
Answer:
Salary Abstract profile has got the following custom reports:
Sales Journal Voucher, TDS Challan Details, Form 24Q Header & Form 24Q Annexure II.
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Question 5:
How to Calculate Voluntary PF% in KwikPayLite.?
Answer:
Voluntary PF% - If an Employee wants to contribute additional amount to Provident Fund, you can enter the rate
in Voluntary PF%. Voluntary PF is based on this rate and Basic + DA + VDA.
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