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PAYROLL PROCESSING

Payroll is a list of employees who get paid by the company. Payroll also refers to the total amount of money employer pays to the employees. As a business function, it involves:

  1. Developing organization pay policy including flexible benefits, leave encashment policy, etc.
  2. Defining payslip components like basic, variable pay, HRA, and LTA
  3. Gathering other payroll inputs (e.g., organization’s food vendor may supply information about the amount to be recovered from the employees for meals consumed)
  4. The actual calculation of gross salary, statutory as well as non-statutory deductions, and arriving at the net pay
  5. Releasing employee salary
  6. Depositing dues likeTDS,PF, etc. with appropriate authorities and filing returns

In short, we can say that payroll process involves arriving at what is due to the employees also called as ‘net pay’ after adjusting necessary taxes and other deductions.


PF Registration In India

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PF Registration In India
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Service Details:
Type of Service ProviderConsulting Firm
Type of Service ContractRetainer Based
Requirement TypeCorporate

PF registration is mandatory for all establishments with 20 or more persons. Some establishments having less than 20 employees would also be required to obtain PF registration. All employee become eligible for a PF right from the commencement of employment and the onus of deduction & payment of PF is with the employer. The 12% rate of PF contribution should be equally divided between the employee and employer. If the establishment houses less than 20 employees, the rate for PF deduction is 10%.
Documents Required or PF RegistrationBased on the type of entity seeking PF registration, the list of documents required for PF registration would vary as under:For Proprietorships

Name of the applicant

Pan card of proprietor

Id proof of the proprietor like Driving license/Passport/Election Card

Address proof of proprietor.

Address proof for the premises.

Complete details of the applicant with their residential address and telephone number

For Partnership Firms / LLP / Company

Name of the partnership firm or LLP or Company

Certificate of Registration Firms in case of Partnership firm. Incorporation Certificate in case of LLP or Company.

Partnership deed in case of partnership firms or LLP.

Id proof of Partners –Pan card /Election Card / Passport/Driving license in case of Partnership Firm or LLP. ID proof of Directors in case of company.

List of all partners with telephone number and address proof of all partners in case of Partnership Firm or LLP. List of all Directors with contact details in case of Company.

Society/Trust

In case of Society, Trust etc, Registration of the organization needs to be done with concerned authority.

Certificate of incorporation of society/trust.

Moa and Bye Laws of society and trust.

Id proof of president and all members of society

Complete details of president and all members with their complete address and telephone number.

Pan card of society/trust

Common Documents Required for All Entities
 

First sale bill.

First purchase bill of raw material and machinery.

GST Registration Certificate, if registered under GST.

Name of the bankers, address of the bank.

Record of a monthly strength of the number of employees.

Register of salary and wages, all vouchers, all balance sheets from day one to current date of provisional coverage.

Date of joining of employees, fathers name and date of birth.

Salary and PF Statement.

Cross cancelled cheque.

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Payroll Processing

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Payroll Processing
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Service Details:
Service IncludeSalary Processing
Service ModeOnline
Mode Of ServiceOnline

We are a renowned organization engaged in providing End-to-End Payroll Service to our clients at reasonable prices in the market. These services are acknowledged by the clients for their accurate solutions and reliability. Rendered by a team of highly qualified experts, these services are demanded extensively by our clients for their user-friendliness and cost-effectiveness.
Following are the issues for which we provide solutions:

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 and others

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 compliance

 

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

Provision for investment declaration at start of the year to facilitate tax planning

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 and others

Exemptions under LTA, medical allowances and conveyance as per rules

 
Arrears computation for the following cases:

Delayed wage revisions

Retrospective adjustments

 
Full and final settlement covering:

Appropriate tax deduction at source

Adjustment of leaves / loans / other recoveries / notice pays and others

Payment of gratuity / leaves as per the provisions of law and company policy


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 non-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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Anuj Mittal & Co.
Anuj Kumar Mittal (Proprietor)
C-46, 2nd Floor, Sector 10 ,
Noida - 201301, Uttar Pradesh, India
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