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Payroll Management Services in India

Payroll process refers to the maintenance of employee financial records with respect to their salaries, wages, net pay, tax deductions, incentives and other statutory requirements like PF (Provident Fund) and ESI (Employees' State Insurance). An effective payroll management system ensures timely payment of salaries to employees, which reflects positively on the company's financial stability, thereby leaving no room for legal implications. Thus maintaining a high morale within the company! A payroll management system is essential for every organization alike - startup, medium-sized or large-scale.
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How to Create a Payroll Management System

At smithtax , our chartered accountants and accounting & taxation experts will take care of your end-to-end payroll process and compliances in the most efficient way

Designing CTC Structure
  • CTC or Cost to the Company is the total salary package the company pays to an employee directly or indirectly. CTC is inclusive of basic pay, allowances, reimbursements, gratuity, annual bonus, annual variable pay, etc. It may be defined as
CTC = Gross Salary + PF+ Gratuity
  • Some of the components of CTC are base salary (fixed based on the employee’s designation, years of experience and the industry of employment); gross salary which is the amount without inclusion of deductions like PF, medical insurance, income tax, etc; fixed pay; variables; TDS, etc.
    • Labour Compliance
    • Labour law in India governs employers, employees, and trade unions, with a primary focus on the protection of employee rights. All organizations in India are required to adhere to various statutory compliances as set by different acts of the Labour law

    (How can we help) with Payroll Management

    Our team of accounting professionals and payroll specialists work closely to calculate and manage your organization’s payroll. We ensure to provide your employees compensation, including bonuses, reimbursements, provident funds and other benefits on time, every month as per your company’s payroll cycle. We also process taxes, keep tabs on your new joinees’ information, as well as prepare and execute pay orders through an electronic system.
    Our legal professionals ensure that labour compliances such as EPF registration, TDS returns, IT returns and others are filed on time.