The legal framework under which organizations must function with regard to the treatment of their employees can be termed Statutory Compliance in HR. Maintaining these customary laws and frameworks take a toll on companies. Statutory Compliance in India comprises of payment of minimum wages to provident fund (PF) or maternity benefits, professional tax (PT), tax deduction at source (TDS), etc. Companies need to implement Statutory Compliance Management systems to deal with these complex legal frameworks, laws, and regulations. In today’s fiercely competitive business scenarios it is challenging for companies to manage statutory compliances without good Payroll Management Software.
Provident Fund – PF
Provident Fund or PF is a compulsory contributory fund for the future of employees. It works as a corpus fund generated through regular and monthly contributions made by an employee and employer. A minimum of 12% is calculated from the basic component of the employee’s salary and contributed as PF is deducted from the CTC. The cumulative contribution of employer and employee will be added to the PF account of the employee, which can be en-cashed for future purposes. Companies will have to stay in EPFO complaint once they have 20 or more employees.
Employee State Insurance - ESI
ESI fund, maintained by ESIC is a social security scheme that is applicable to employees earning Rs 21,000 or less per month to provide cash and medical benefits to them and their families. ESI is calculated at 4.75% from the employer side and 1.75% from the employee’s side. These amounts will be calculated on monthly gross salary and a limit is a setup. If the gross amount is less than the setup limit amount then those employees will be eligible for ESI. The cumulative contribution from employer and employee will be deducted from the CTC every month. To ensure the hassle-free operation of Statutory Compliances for PF Deduction and ESI Fund a robust payroll service is much required.
Income Tax (TDS)
Tax Deducted at Source or TDS is deducted as a means of indirect tax collection as per the Income Tax Act, 1961. TDS rule directs employers to deduct a certain amount of tax before full payment is made to the receiver. TDS is calculated on CTC slabs. It is mandatory to have TDS deductions before payroll is run. . User can check declaration forms multiple times in our payroll management software before the final one is submitted to the management towards the filing of Income Tax.
Profession tax (PT) For Most Indian States
Professional Tax is collected by the employers from the monthly salaries of the employees and penalties are charged if there is a failure in collecting or failing to pay professional taxes. Professional Tax amount varies from state to state; hence it set state-wise in our Statutory Compliance Management Systems.
If you want to go for ESI and PF registration in Bhopal, then, we at Rapport HR solutions provide you our best services with more reliability.
For ESI and PF Registration in Bhopal, we provide combo plans at a very affordable price.These plans are as follows:1.Rapport START @ Rs.3500In this plan you can avail the benefits of free consultation, document collection and submission, submitting an application to PF and ESIC, and establishing further for 30 employees.2.Rapport SELECT @ Rs.5000This plan includes all the services present in Rapport START.
Along with these, it also includes an establishment for 50 employees.3.Rapport SUPER @ Rs.6500This plan comprises all the services provided in Rapport SELECT.
This plan also allows the establishment of 100 employees.Once you successfully apply for any of the above plans for ESI and PF Registration in Bhopal, you need to fill the simple questionnaire and submit the documents.
This will be then verified.
Later on, we will fill different application forms and submit them based on the information provided by you.
The applicant is not a pure agent under GST Law.
Further, the deductions available under section 15 of the CGST Act, 2017 do not include the amounts pertaining to EPF, ESI, Salary, or Wages.
Therefore, the entire amount received from the hospital is liable for GST.Therefore, in view of the above understanding of the applicant, they sought clarification regarding the issue that whether the total amount received from the hospital is liable for GST or only the commission received by them is taxable.
A Associate has been officially recognized as one of the top accounting companies in UAE.
We follow best practices and Generally Accepted Accounting Principles or GAAP.
With us, you will be able to track expenditure and income down to the last penny.
We rely on our expertise to generate financial statements that accurately show the financial position of your company, so that investors and shareholders will have greater confidence in your organization.
We help improve decision-making at your company.Apart from being free zone auditors, A Associate LLC also offers payroll services in Dubai.
We take care of leave calculation and salary disbursal, so that your employees are paid on time.
PFhelpdesk helps individuals & private companies to manage pf advance claims, pf withdrawal, pf transfer, KYC update and also provide the best payroll outsourcing services.Most of the times troubles related to PF KYC or update gets stuck due to lack of knowledge of the pensioners.
People don't know that what all documents are required to update their PF data (PF KYC).
They fill PF forms but due to some reasons it gets rejected by the banks.
So this time, PF Helpdesk team is here for you so you need not worry about your PF form to be rejected.
We will act as your door door to resolved all your trouble related to change of name, change of date of birth, change of address in your PF account.
With the emphasis of corporate culture and engagement with businesses, the role of human resource management and remuneration for employees has become increasingly important.
It is not always easy for small businesses in a competitive market.
Most large enterprises often have specialized HR departments in finding and recruiting new personnel.
The story is entirely different when it comes to small and medium businesses or start-up businesses.
Moreover, sometimes, the issue of human resources can be challenging; experts need to be able to offer the best solution.
According to Deloitte's 2017 Global Outsourcing Survey:78% of businesses in the world have positive feedback in cooperating with HR outsourcing service providers • 59% of companies choose to outsource personnel to cut costs 57% said outsourcing helps them focus on developing core activities in businesses Here are 6 main reasons why you should outsource the payroll process in India It saves time for you In small companies, people who work in human resources are often non-professional.
