Payroll Compliance or Statutory Compliance
Understanding payroll deductions is crucial for both employers and employees in India. Statutory compliance ensures legal security and supports employee welfare. This guide walks you through essential payroll deductions every organization must implement correctly.
Payroll deductions are mandatory contributions systematically withdrawn from an employee’s salary to meet various statutory obligations:
The Employees’ Provident Fund (EPF) is a social security scheme managed by the Employees’ Provident Fund Organization (EPFO).
Basic Salary: ₹50,000
Employee Contribution: ₹6,000
Employer Contribution: ₹6,000
Total Monthly PF Contribution: ₹12,000
ESIC is a health insurance scheme for workers. Learn more at ESIC Online Services.
Gross Salary: ₹20,000
Employee Contribution: ₹150
Employer Contribution: ₹650
Professional Tax is a state-level tax. Rates vary by state. Check details for Maharashtra here.
Professional Tax is a state-level tax. Rates vary by state. Check For All States here.
” target=”_blank”>here.State-specific contributions aimed at supporting worker welfare initiatives.
Solutions: Use advanced payroll software and consult tax professionals regularly.
Accurate payroll deduction calculation is essential for legal compliance, transparency, and employee welfare. Stay updated, invest in robust payroll systems, and maintain meticulous records to ensure smooth operations.
Need help with payroll compliance? Contact us for expert guidance.
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pls send all EPF,ESI,PT notes