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CBIC is working on biometric authentication of risky entities under GST as it looks to crack down on fraudsters who are misusing the PAN and Aadhaar of other people to obtain GST registration. CBIC is working on biometric authentication of risky entities under GST as it looks to crack down on fraudsters who are misusing the PAN and Aadhaar of other people to obtain GST registration, CBIC chief Vivek Johri said.

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payroll
what is payroll ?

Payroll refers to the process of managing the financial aspects of employee compensation, including salary, wages, bonuses, and deductions. In India, payroll management is a critical task for every organization, whether large or small.

what is payroll services ?

the payroll process in India involves various steps, including calculating salaries, deducting taxes, and paying employee benefits, as under :

  1. Calculation of Gross Salary : The first step in the payroll process is calculating the gross salary of the employees. This includes the basic salary, allowances, bonuses, and any other benefits that the employee is entitled to. The gross salary is calculated based on the employee’s designation, experience, and company policies.

2. Deductions : After calculating the gross salary, various deductions are made from it. These deductions include taxes, provident fund contributions, and other deductions such as insurance premiums, loan repayments, etc. These deductions are mandatory and are deducted from the employee’s gross salary before the net salary is paid.

3. Taxes : In India, taxes are deducted at source (TDS) from an employee’s salary. The employer is responsible for deducting TDS and depositing it with the government on behalf of the employee. The amount of TDS depends on the employee’s salary, the tax slab they fall under, and their investments.

4. Provident Fund : Provident Fund (PF) is a social security scheme that is mandatory for all employees in India. Both the employer and employee contribute 12% of the employee’s basic salary to the PF account. The contributions are tax-free, and the accumulated amount can be withdrawn by the employee on retirement or resignation.

5. Other Deductions : Apart from taxes and provident fund contributions, other deductions can also be made from the employee’s salary. These deductions may include insurance premiums, loan repayments, and any other deductions as per the employee’s agreement with the employer.

 6. Net Salary : After all the deductions, the net salary is calculated, which is the amount that the employee receives in their bank account. The net salary is the difference between the gross salary and all the deductions.

 7. Payroll Processing : The payroll processing involves preparing the salary slips and transferring the salaries to the employees’ bank accounts.

 8. Statutory Compliance : Employers in India are required to comply with various statutory regulations related to payroll management. These include the Payment of Wages Act, the Minimum Wages Act, the Employees’ Provident Funds and Miscellaneous Provisions Act, and the Income Tax Act.

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