WHY PAYROLL COMPLIANCE?
Payroll Compliance refers to the process of ensuring that an organization’s payroll practices adhere to all relevant legal and regulatory requirements. This includes:
1. Accurate Calculation of Wages:
Ensuring that employees are paid correctly based on their hours worked, overtime, and applicable wage rates.
2. Tax Deductions and Filings::
Properly deducting and remitting income taxes, Social Security, Medicare, and other payroll taxes to government authorities.
3. Benefits Contributions:
Ensuring accurate contributions to employee benefits like retirement plans, health insurance, and other mandated benefits.
4. Record Keeping:
Maintaining accurate payroll records, including timekeeping, salary details, and tax filings, as required by law.
5. Compliance with Labour Laws:
Adhering to minimum wage laws, overtime pay requirements, and other labour regulations related to employee compensation.
Our Services Include:
Tax Compliance:
Deducting TDS (Tax Deducted at Source) from employees' salaries.
Ensuring timely submission of taxes to government authorities.
Employee Benefits Compliance:
Provident Fund (PF): Deduction and contribution toward employee provident fund.
Gratuity: Ensuring payment of gratuity as per the Payment of Gratuity Act.
Statutory Compliance:
Labour Laws: Ensuring that payroll calculations adhere to the Payment of Wages Act, Industrial Disputes Act, and other applicable labor regulations.
Minimum Wages Act: Ensuring employees are paid in compliance with the applicable minimum wage rates.
Earnings & Deductions Compliance:
Complying with laws regarding allowances, reimbursements, and deductions like insurance, loan repayments, and other non-taxable/non-deductible items.
Documents Required for Payroll Compliance
Aadhar Card (or equivalent government-issued ID).
PAN Card (for TDS compliance).
Bank Account Details (for salary credit).
Form 16 (for income tax returns and compliance).
Appointment Letter and Salary Structure.
Benefits of Payroll Compliance:
Legal Compliance and Risk Mitigation: Ensures adherence to labor laws, tax regulations, and government mandates.
Timely and Accurate Tax Deductions: Timely submission of tax filings avoids late fees or penalties for both the business and employees.
Employee Satisfaction and Retention: Employees are paid on time, ensuring satisfaction and minimizing disputes.
Comprehensive Benefits Administration: Ensures employees have a secure retirement fund with contributions made regularly.
Reduction in Administrative Burden: Outsourcing payroll compliance allows businesses to focus on core functions while payroll experts handle tax filings, statutory compliance, and employee benefits.
Audit Readiness: With accurate records and documentation, businesses can easily present payroll-related documents during audits, avoiding delays or non-compliance issues.
Scalability and Flexibility: As your business grows, TrustEase Solutions ensures your payroll system scales accordingly, including the addition of new employees, new branches, or changing laws.
