Top HR Payroll Terms - You should Aware of

Confused about a specific term or acronym? Solve the mysteries of terminology with this informative resource.

Apprenticeship

Apprenticeship is the training of an individual under an experienced professional.

1

Challan

A challan or bank challan is defined as an official document, form, or piece of paper used to credit money from one account to another.

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Dearness Allowance

Dearness Allowance (DA) is an amount paid by the Govt. to employees as an impact of inflation.

3

EPFO

EPFO is the world’s largest social security organization with regard to clientele and the number of financial transactions undertaken.

4

Form 15g

Form 15G is a declaration form that can be filled by the FD holders to ensure that no tax is deducted from their interest income in a year.

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Gratuity

Gratuity is defined as the amount employees receive as a part of their gross compensation at their employee lifecycle from their employer.

6

ITR filing

ITR filing refers to filling up the appropriate form to declare the income tax you have paid in that particular year.

7

Offer Letter

An offer letter or a job offer letter is a formal document that indicates an agreement between employer and employee.

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Provident Fund (PF)

PF (Provident Fund) Or EPF (Employee Provident Fund) is a plan subsidized by the government of India as a retirement plan.

9

SWOT Analysis

SWOT Analysis is a framework that is used to evaluate the company’s competitive position and develop strategic planning.

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TRACES

TDS Reconciliation Analysis and Correction Enabling System are referred to as TRACES.

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The Hr & Payroll Glossaries provide easy-to-understand definitions of HR, Payroll and tax-related terms.

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