Statutory Compliance in India- It's Everyone’s Business - Paysquare

Statutory Compliance in India- It’s Everyone’s Business

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Statutory Compliance in India- It’s Everyone’s Business

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Statutory and regulatory compliance have long played a part in the business. Each business is specifically governed by laws that they need to adhere to. Failure to comply with these laws can lead to the confiscation of the business, huge fines and penalties, loss of credibility and future sale, legal prosecution and the worst scenario can be closure of the business. No matter, whatever may be the scale of the failure to comply with the compliance, the company needs to spend subsequent amount of resources to get it rectified in order to avoid getting the actual business interrupted. In extreme cases, it may not be even possible to get the things back on track as the issue of incompliance may be so major to get out of it.

“A stitch in time saves nine”

Therefore it becomes very important to start adhering to the laws that govern your business. It is certainly, obvious that since there are so many laws that govern your business, it becomes very difficult to take care for all of them, however, the bitter fact is that there is no place for ignorance in the eyes of laws. Therefore it is always better to take help of professionals like Paysquare who are experts in providing statutory compliance services in India.

Service providers like these, help you by offering a range of services that help the company deal with various statutory compliance challenges:-

  • Helps your company get registered with Employee State Insurance, professional tax, Labor Welfare Fund Authorities, Provident Fund etc. to make sure that the company is in compliance with the labor laws of India.
  • Helps in the preparation of challan and its timely remittance in the bank.
  • Proactive involvement in the calculation and the deduction of the various statutory dues in concern to your business.
  • Preparation as well as filing of monthly, quarterly, half yearly, annual as well as random returns to make sure that there are no dues left that would have to be cleared as a penalty, later on.
  • Statutory compliance in India makes it mandatory for the business to be in liaison with the statutory bodies and the dedicated companies like Paysquare take the onus of making your companies compliant with it
  • Helps the client by updating their UAN
  • Keep a record of the statutory reports in the form of reports or registers

Apart from the above mentioned services, companies like Paysquare can help in preparing various reports like ESIC reports, Income tax report, LWF report, Professional tax report, provident fund report.

The above mentioned services are not the end of the world. Since the employees in such companies are always monitoring the latest updates in the laws, in regards to the various businesses, therefore, there is no need to worry about being incompliant with the statutory compliance parameters.

It is always better to get in touch with one such service organization and call them for a demo, to know as to how their expertise and product can help your organization in being compliant with the statutory requirements as laid down by the Government of India.

 

To know how Paysquare can help to manage your Payroll process, please contact us today! Free consultation

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