| Payroll Processing Services |
| The Firm provides End-to-End Payroll Services and Solutions incorporating the following: |
- Monthly Payroll Processing
- Provident Fund and Tax deduction at source -advisory and regulatory support
- Provident Fund and Tax deduction at Source- Returns Filing, Annual Assessment, Liaison with authorities etc.
- Payroll Designing, Benefits Structuring, Stock options and Perks Valuation advisory
- Employee statements, employees tax declarations, computation of tax, TDS certificates and Individual e-Tax Returns.
- Expatriate Tax compliances.
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| We have a separate focused Payroll team headed by a senior partner of the firm for execution of Payroll services. |
| Generally the Monthly Payroll Processing includes the following activities: |
| Master Data Creation or Updation |
- Creation & Maintenance of database to capture the data related to Masters, Rules, Wage structures etc.
- Provision for investment declaration at start of the year to facilitate tax planning.
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| Payroll processing undertaken on a monthly basis includes the following: |
- Processing of salary and its credit to employee's bank account
- Updating of Masters and Employee data
- Incorporating any wage structure changes
- Reimbursements in the nature of expenses/ medical/LTA
- Incorporating any rule changes both internal and regulatory
- Incorporating any tax laws changes
- Ad-hoc payments - bonus, performance awards, ex-gratia etc.
- Exemptions under LTA, Medical allowances and Conveyance as per rules
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| Arrears computation for cases such as |
- Delayed wage revisions
- Retrospective adjustments
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| Full and Final Settlement covering |
- Appropriate tax deduction at source
- Adjustment of leaves/ loans/ other recoveries/ notice pays etc.
- Payment of gratuity/ leaves as per the provisions of law and company policy
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| Compliances of Statutory requirements as per various regulatory authorities covering the following: |
- Income Tax compliance- Quarterly TDS e-return filing
- Professional Tax compliance
- PF compliance- Filing of various monthly and annual returns and forms with RPFC
- Compliance with Employee Welfare Scheme such as Labour Welfare Board and others that may be applicable to the establishment
- Planning of loan recoveries and carry forward of any un-recovered amounts to next processing month. The Loans can broadly be classified as: Company loans (Soft, Home or Personal) and External loans – Home loans etc. from HDFC/ ICICI/LIC and PF refundable loans
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| Outputs- provided by us on monthly, quarterly or annual basis. |
| Pay-slips (printed, emailed or net based). It generally covers the following details. |
- Payments
- Deductions
- Loan balances
- Leave Balances
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| Salary Certification to employees annually (Presently in Form No.16/12B). |
| Statutory Reports needed for compliance with the various regulatory authorities |
- Form 24 (Income Tax)
- Form 12 BA (Perquisites)
- Section 217 (Companies Act - attachment to the directors report)
- PF Return
- Professional Tax Return
- Employee Welfare Scheme Reports
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| Other MIS reports as per specific requirements of the client. It may include the following: |
- Company loan reports, Department-wise/ grade-wise employee cost reports
- Consolidated Salary Summary, Pay Register, Net Pay Advice
- Journal Voucher for accounting purposes according to the format defined by the company (Cost center / Profit center wise).
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| Employee Support services |
- Employees may be provided with web-based solutions to facilitate viewing and printing of their salary slips and tax computations
- Tax and Payroll queries of the Employees are handled through dedicated email supports and telephones in a defined time frame
- Help desks at clients location is also organized at regular intervals to address any tax or payroll related matters
- Annual Tax filing of tax returns facility may also be provided at Nominal professional charges
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