Companies, big and small must adhere to statutory laws and regulations to keep the businesses out of any legal trouble and avoid penalties. Keeping a track of changing government norms and regulations always is not easy and is a challenge in most companies.
Paysquare offers a range of statutory compliance services to help companies deal with such challenges. This includes, but is not limited to, your â€“ Provident Fund, ESIC, Professional Tax, Labour Welfare Fund and other statutory deductions applicable for your particular organization.
Paysquareâ€™s dedicated legal compliance management team keeps track of changing laws and updates the clients of the same apart from managing all the regular monthly activities. Through our services, we minimize the risk associated with non-compliance.
- Registration of the company with Provident Fund, Professional Tax, Employee State Insurance, Labour Welfare Fund Authorities
- UAN Updation
- Calculation & Deduction of the respective statutory dues
- Preparation of Statutory Reports/Registers.
- Preparation of requisite challan
- Preparation and Filing of Monthly, Half Yearly, Annual and random returns
- Preparation of professional tax reports as per different states
- Collation and compilation of employees’ documents for Registration, Nomination, Transfer, Withdrawal and Pension
- Liaison with Statutory bodies
Tax Deducted at Source (TDS)
- In the month of April / at the time of joining, employees to declare their investments on Paysquare to “mypayroll”
- Paysquare to update the payroll system with the investment declarations received from employees
- Compute the Tax from April to Dec as per the investment declarations and for Jan to March based on actual investment proofs
- Verify the validity of investment proofs from the angles of
- Date of investment
- Type of investment
- Prepare quarterly and annual e-TDS returns and submit the necessary data to NSDL.
- Form 16 in digital manner will be issued by Paysquare at the end of financial year.
- Calculation and deduction of all statutory payments (TDS, PF, PT, ESIC, LWF)
- Upload of data on respective websites and generate the challans
- Filing of transfer & withdrawal forms for PF
- Filing of returns with Govt. agencies.
WHAT IS STATUTORY COMPLIANCE?
Statutory compliance is a legal framework that every organization needs to adhere to. Across most companies, it is observed that statutory compliance management in india has reached very important proportions Several times statutory compliance services are also called as legal compliance management.
In the area of statutory compliance management india is really taking notice and most companies are putting in place a comprehensive strategy to address their statutory compliance and legal compliance requirements. Statutory compliance management in India is not a choice but is mandatory for companies of all sizes.
There are usually statutory compliances with reference to both payroll and accounting. In terms of payroll, there are clear mandates as to PF deductions, EPF participation, Profession tax payments, TDS deductions to be made, Returns to be filed based on TDS deducted etc. Each process needs to be done within its respective deadlines and non-adherence to the same can result in penalties and fines. Every business wants to focus on their growth and does not want to get involved in managing litigations and disputes, especially when it comes to the regulatory bodies.
In several organizations, in-house staff keep track of several of these statutory compliance services, but they may not be well equipped to be doing this on a regular basis. There are several occasions where regulations change frequently and you need some expert advice to get a correct interpretation of what this change means to your company. When you work with capable companies offering statutory compliance services india, you do not need to worry about any of your compliances. All of them are taken care of and within the prescribed deadlines.
Here are some of the pertinent statutory compliances which need to take care basis on industry and segments
- Factories Act
- PF & Misc Provision Act
- ESI Act
- Minimum Wages Act
- Bonus Act
- Contract Labour Regulation and Abolition Act
- Professional Tax Act
- Shop and Establishment Act
- Labour Welfare Fund
- Maternity Benefit Act
- Payment of Wages Act
- Other Labour Regulations as applicable to the establishment
WHY STATUTORY COMPLIANCE IS IMPORTANT?
Statutory compliance management in India is not a choice for organizations. It is mandatory. Non-compliance can result in penalties and fines. As an organization, you do not want to get into the bad books with regulators. It is important to understand the clauses of different acts that you need to comply with and plan steps to implement that compliance across operations.
Planning to meet all the statutory compliances is not an easy task as regulations do change often and it is important to track the changes and also interpret what they mean for your business. Wrong interpretations often create even more confusion and leads to non-compliance.
As an organization focusing on business goals, it can be very disheartening to get pulled down by penalties, govt. notices and disputes. It is every business ownerâ€™s goals to stay away from all these complications and focus solely on their business growth. Having a capable partner like Paysquare, who can manage end to end statutory compliance services is very helpful. Business owners are then able to spend quality time on growing their business and engaging with customers.
Paysquare is one of compliance outsourcing companies in India which takes care of all statutory compliance activities required as per government norms. Paysquare also manages all statutory compliance in HR, manage TDS deductions through investment declarations and automatically calculate salaries after TDS deduction while processing payroll. In addition, it allows you to capture Challans and generate form 16 and form 24Q to manage all your statutory compliance with ease and efficiency.
WHAT ARE BENEFITS/FEATURES OF STATUTORY COMPLIANCE FROM PAYSQUARE?
Paysquare offers end to end payroll outsourcing and accounting outsourcing services. When you engage with Paysquare all of the elements involved in payroll processing are already getting addressed. Paysquare also offers statutory compliance services. If the same vendor is also managing end to end compliance services, it becomes all the more beneficial. The entire ownership of payroll and the related statutory compliances stays with one vendor.
Paysquare has been in business for over 17 years and they have a very good domain knowledge of payroll. Over the years, they have also built a lot of technology and automation to streamline payroll management and statutory compliances for its clients. When clients sign up with Paysquare, they can easily benefit from the immense domain knowledge they have in the field of payroll and statutory compliances.