Payroll Management

You Can Now Register Your Company At Just 6,999 (All Inclusive)* Offer valid for a limited time period only.

Payroll management is the complete end to end services. In Payroll maintenance, all types & sizes of the business are economical. An e-payroll system will assist you to maintain the financial records with respect to the wages, salaries, tax deduction, net pay, etc.

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Payroll management system in India - An Overview

Payroll process is defined as the employee's financial record maintenance depends upon their wages, salaries, tax deductions, net pay, incentives & other legal needs such as Provident Fund (PF), Employee's State Insurance (ESI). Payroll management system provides the timely payment of salaries to employees effectively, it results positively on the financial stability of the company. so there are no legal implications. It is maintaining a high morale in the company. An e-payroll system is a necessary one for all the organizations such as start-up, Medium-sized, large scale.

How to Register

  • Step 1: Payroll structure: We will guide you for the employees' salaries structure & prepare an employment agreement.
  • Step 2: Maintain record: We will maintain the payroll records of absenteeism, availed leaves, bonus, increment, file income tax returns.
  • Step 3: Receipt of Payroll: We will provide the salary slip of all employees every month.

Checklist of an effective e-payroll system

Company Documents:

Registration Certificate, Electronic Challan cum Return (ECR) document, GST & TIN of the company and other company documents are needed to set up an effective payroll management system.

Payment schedule selection

A fixed & flexible schedule such as weekly, bi-weekly, semi-monthly and monthly payroll schedules.

Classification of Employees

The employees are classified on the basis of contractors, permanent employees, freelancers, interns, and schedule payments accordingly.

Compensation terms

To keep note the employee hours, office timings, overtime, etc of the company terms of compensation have to be updated in the e-payroll system.

Required Documents

  • Certificate of Registration (COR)
  • Electronic Challan cum Return (ECR) document
  • GST (Goods & Services) certificate
  • TIN (Taxpayer Identification Number) certificate

Planning Increments & appraisals for employees

Performance assessments/appraisals & salary hikes inspires your employees to work &give the best of their abilities. Appraisals provide them with expansion, honest feedback on their strengths & scope of improvement. We will help you with the planning about, how to assign increments and appraisals to employees.

WHAT INCLUDES IN THIS PACKAGE?

  • Verification of Documents
  • DSC and DIN for 2 Directors
  • Name approval and ROC fees
  • Drafting MOA & AOA
  • Following until Certificate is allotted
  • Applying PAN & TAN

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Creation of the Payroll management system

Our Next Level Audit charted Accountants & accounting and taxation experts will manage your end to end payroll process & compliance in the most effective way. The Next Level Audit covers the payroll management services are given below.

Designing structure of CTC

Cost to the Company or CTC is defined as the company's total salary package to an employee directly or indirectly. Cost to the Company (CTC) is inclusive of basic pay, reimbursements, allowances, annual bonus, gratuity, annual variable pay, etc. It means CTC= Gross salary + PF + Gratuity CTC of some components are, 1. Base salary (It was fixed depends upon the employee's designation, experience & industry of employment). 2. Gross salary (It is the cost not including deductions like PF, Medical Insurance, Income Tax, etc). 3. Fixed pay 4. Variables, etc.

Labour Compliance

In India, Labour law governs employees, employers, trade unions, with a primary focus on the protection of employee's rights. All organizations in India are needed to adhesion various legal compliance according to the set by different Act of the labour laws. Labour compliance isn't limited in the filing PF returns, ESI return, etc, also include maintaining employee registers & other important records. Number of laws are applicable to employers & employees, based on the organization type Example: • Factories Act 1948 is the latest one for labourers employed in factories. It comes under the standards for the health, welfare, and safety of the people employed. • Employees Provident Funds (EPF) & Miscellaneous Provisions Act, 1952 is suitable to companies, it has 20 or above employees. According to the EPF social security scheme, in that employers & employees, both have to make a particular amount & upon the employee's retirement, then the retired worker will get a large sum of amount. Which amount derived from the contribution of the self & employers along with interest on both. All employers should need to file the EPF returns on the 25th of every month. If in the labour non-compliance, a company may be to pay the penalty or imprisoned for a time of up to 3 years. Our Next Level Audit of the legal experts can choose the labour compliance, which is suitable for your business & offer you the guidance. We also provide the labour compliance in a little span of time.

Employees Tax planning

Tax Payment planning is mandatory for every salaried individuals as that assist to save on taxes. According to your Business Firm, employee's designations, salary components. Our taxation professionals can provide offer better guidance on tax savings in line with the exclusive amendments & rules.

TDS Deduction & Compliance

Depends upon the Income tax Act, each earning person or a company making payments as salary, interest, commission, etc, is need to deduct a percentage before paying the full amount. It is the Tax Deducted at Source (TDS). Income Tax Act are prescribed the TDS percentages.

Setting up of Reimbursement

Reimbursement is the amount paid for costs sustain. Some organizations pay the employees to return for business-related travel expenses, medical allowances, food & entertainment expenses, etc. Next Level Audit professionals assist include your companies reimbursement policies, from the reporting claims to reimbursements. In case, you want to define reimbursement as part of your employees' salaries, then we can design the structure of the salary in a method to ensure all tax compliances are fulfilled.

Employment Agreement Drafting

An Employment agreement comes under the conditions of employment, the rights, rules & responsibility, of both parties, while the tenure of employment. By knowing the agreement details, the employees are got a fair understanding of the job obligations & the expectations of the company. Additionally, it is acts as proof, while the misunderstanding among both parties. Next Level Audit's legal documentation specialists are expert at creating employment contracts for your consultants, freelancers & part-time, full time & contractual employee.

HR Policy drafting

Each & every company functions depends upon certain guidelines from the Act, which are set by the HR team & top management. The guidelines include the code of conduct for employees, their responsibilities & duties, The company's obligation towards the workers, discrimination policies, what activities are considered rude by the company, benefits of the employee, disciplinary actions, etc. The organization is free to draft its own HR policies & procedures, so, they require to be arranged with the company's goal, industry & law.

Leave Policy Drafting

Leave policies are governed by the State Legislations, Shop Establishment Act & Factories Act is suitable for that. Usually, every State Legislations have a common provision, for that they issue seven holidays for national days & festivals. Hence, it is at your choice to fix the number of leaves & our lawyers can help you frame it better.

Advantages of Payroll Management system

The Payroll process contains a powerful system, which compliance with payroll laws & also labour laws. An advantage of payroll management system is listed here.

Easy Tax Filing & Reports

According to the Income Tax Act, each & every individual, who got a salary is liable to pay the taxes depends upon the salary & exemption limit as ordered by the State & Central Government. The payroll system removes the mismanagement of taxes, which can leave the employees to pay the penalties. It is also caring for all the compliance & legal requirements, which results in the company filing the taxes easily.

Affordable & time saving

Normally payroll software was designed to accumulate the existing financial system. By using the payroll software, save the time & money on high amount of data in your organization. In that, also know the few advanced version has the provision to estimate & plan budgets for how much amount is spent by the companies for each employee.

Compensation determination

The Payroll system also including every person's compensation such as salary, incentives & bonuses. The company of the employees' evaluation performance is getting easily at the time of the assessment & determine compensation.

Maintain Reputation

A company should ensure to maintain adhesion to all the country's tax responsibility & labour compliances like ITR, TDS, ESI, PF, etc. It develops the reputation of an organization as a stable employer & also helps in increasing the brand proposition.

FAQs on Payroll Management

Statutory deductions are Income Tax (IT), Employee Provident Fund (EPF), Tax deducted at Source (TDS), Employee's State Insurance (ESI) it were deducted according to the individual's annual compensation & the state legislations.

An allowance is a fixed sum that to cover the additional expenses, a company may decide to pay its employees. For example travel allowance, overtime allowance, medical allowance, etc. All financial benefits, which the employer provides below the head salaries are taxable. Particular allowances are partially or fully exempted. Reimbursement is the amounts in which the company pays a return to its employees, who may incur business-related expenses. Now a days, the number of companies issue medical reimbursements where employees can raise the amount by presenting appropriate bills & expenditure proof.

Payroll management can be redistributed/outsourced, regulated on our own or through software. But it is best when outsourced as it is economical & saves time & money. The chance to closely work with the payroll specialists & financial experts who are experts on the latest tax rules & compliances.

Managing accounting, payroll, tax and other financial responsibilities is very hard, especially more, in case your business is a startup venture. So, outsourcing the payroll process can save time & money. And also the calculation & deductions is surely accurate. Get well-versed guidance from payroll specialists, and accounting & financial professionals.

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