Payroll and Tax Compliances
An employer-employee relationship is that of utmost faith and conviction. While an employee promises to deliver his best and impartial services to the employer, the employer in return promises to reward and recognise their efforts. However, an employer has an additional responsibility to comply with various statutory and wage laws, as a part of the Indian law system. Managing such compliances requires a lot of time and efforts and a careful consideration of dynamic laws.
Aplite helps you achieve 100% compliance to plethora of statutory requirements that businesses need to adhere to in relation to their employees. Let us look into detail what compliances are required in India:
1. Labour Law Compliances: This is particularly applicable for a factory setup. The government has enacted various labour laws to ensure a fair working environment for both skilled and unskilled workforce. While the laws are quite general, they bring about a need upon employers to adhere to certain compliances like ensuring a minimum wage rate, maintaining certain documentations, filing additional returns, obtaining certificates etc. To give a glimpse, here is a list of certain Acts that every business has to comply with:
- The Factories Act, 1948
- The Minimum Wages Act, 1948
- The Payment of Bonus Act, 1965
- The Maternity Benefits Act, 1961
- The Workers Compensation Act, 1923
- The Equal Remuneration Act, 1976
- The Contract Labour (Regulation & Abolition) Act, 1970
Aplite helps you achieve 100% compliance with these Acts. We have a separate Compliance team who works closely with you to identify the laws applicable and achieve compliance with them.
2. PF/ESI Compliance: All the establishments having number of employees over a certain threshold limit fall liable under the Employees Provident Fund and Employees State Insurance Act. The employers are required to provide for PF and insurance of the employees while complying with the requirements under the Act like filing returns, registration, withdrawals etc.
Aplite helps you in being compliant under these Acts. We help you calculate provident fund liability, monthly deposition and return filing. Our team undertakes to fulfil these compliances on your behalf.
3. Income Tax Compliances: Under Income Tax Act 1961, every employer is liable to deduct tax at source for all the employees working on its payroll. This deduction has to be made and deposited every month by the employer while the return has to be filed quarterly. In addition to this, every employer is required to collect and verify tax proofs at year end to deduce final income tax liability for his employees. Since the tax laws keep evolving, it is difficult for every employer to keep a track and update their workings accordingly.
Now, Aplite has simplified this for you. We offer payroll management services wherein we handle every nook and corner of payroll compliances and also offer you suggestions upon cost saving and process optimization.
4. Gratuity Compliance: Gratuity is a retirement benefit provided by employer to his employees who have been associated with them for more than 5 years. However, the employers are required adhere to a number of compliances like obtain registration under approved gratuity fund or form their own fund, prepare and file returns and comply with other clauses.
Aplite helps you in fulfilling all compliances under this Act like estimating gratuity money, formation of gratuity fund, registration under the Act, day to day consultancy, representation in front of inspectors etc.