Payroll Services and Payroll Compliance services
Payroll Services
Payroll services encompass the comprehensive management and processing of employee compensation, whether handled internally by an HR team or outsourced to a specialized provider. These services aim to streamline payroll operations, minimize administrative burden, and ensure accurate and timely salary payments while maintaining full legal compliance
Core Components of Payroll Services:
- Salary Processing - Accurate calculation and processing of employee salaries based on the organization’s compensation structure and verified attendance data.
- Salary Disbursement - Support Facilitating direct bank transfers and distribution of salaries, bonuses, and other compensation components.
- Legal and Statutory Compliance Ensuring full compliance - with applicable labour laws, income tax regulations, and other statutory obligations.
- Payroll Operations Include :
- Collecting and verifying employee payroll inputs (attendance, leave, benefits, etc.)
- Processing monthly salaries for new joiners and existing employees
- Managing statutory and one-time payments such as bonuses, incentives, and reimbursements
- Executing full and final settlements for exiting employees
- Generating payroll registers for current and separated employees
- Releasing digital payslips and income tax computation details via a secure online portal
- Addressing employee income tax-related queries.
- Issuing Form 16 to assist employees in filing their income tax returns
- By leveraging professional payroll services, organizations can enhance accuracy, ensure regulatory compliance, and deliver timely, transparent compensation to their employees.
Payroll Compliance Management Services
Payroll compliance services are typically offered by external specialists to ensure that companies meet all statutory payroll obligations. These services go beyond salary processing and focus on legal and regulatory compliance, including:
- Statutory Registrations & Payroll Setup
- Obtaining or amending registration codes for EPF (Employees' Provident Fund), ESI (Employees’ State Insurance), and Professional Tax (PT)
- Generation of UAN (Universal Account Number) and monthly statutory challans
- Returns & Remittances
- Preparation and filing of statutory returns for ESI, PF, PT, LWF (Labour Welfare Fund), and TDS (Tax Deducted at Source)
- Timely remittance of statutory payments to the respective government authorities
- Records & Inspections
- Maintenance of payroll records and required statutory registers
- Expert support in responding to government notices, audits, and labour inspections
- Employee Support
- Monthly generation and sharing of statutory challans
- KYC (Know Your Customer) updates for employees
- Online PF Helpdesk to resolve employee queries and provide guidance
