Statutory Compliance In Chennai

By letting Paysquare handle all the items on the statutory items checklist, a business entrepreneur or management team can focus entirely on managing the business and making it successful.








    Statutory Compliance Service in Chennai

    If you are not well versed with Indian labor laws, there is a huge chance to you will get into a lot of hassle in the future. Speaking of the laws in India, they are very complex in addition to being tricky and even the most minute slip up may cause a great deal of problems. In case of non-compliance, your company might need to incur heavy punitive damages along with a high magnitude of loss in goodwill. This puts every section of the company at stake and might cause you to lose customers.

    First, we must understand what the term statutory compliance means. The simplest meaning of this terminology is to be adhering to rules and regulations. To keep up with this era of changing legal demands, it is necessary for your firm to work according to these rules in order to avoid any penalties. If you wish to ensure a smooth flow of work within your organization, it is vital that legal frameworks are not causing any disruptions to your work. Paysqaure provides your business such a service at a very reasonable rate. If your firm is located in Chennai, reach out to us, and avail all the benefits of statutory compliance service.

    What are the benefits of choosing a statutory compliance service?

    As we mentioned earlier, there is an absolute need to work in accordance with the rules and regulations to avoid any lawsuits or penalties, but there are many other benefits that you can enjoy by outsourcing the work to a statutory compliance service provider. Some of the benefits include:

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    Avoiding any risks or penalties which may keep your firm’s reputation and rights at stake. 
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    Making your firm more reliable as addressing your customers and employees in the regulations keep their data more private and a sense of trust and loyalty is established. 
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    Maintaining your organization’s goodwill which looks handsome as compared to your competitors. After all, it is about how your services and presentation look that drives customers towards you.
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    With your statutory compliance load on Paysquare, you are able to give more time and focus to more important and core events in your business.
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    Closely observing and having absolute transparency over vendor’s tasks.

    What are the risks associated in cases of non-statutory compliance?

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    It can cause you a huge loss financially. Indian laws are not generous when it comes to charging lesser charges in absence of statutory compliance and therefore, your company would always be in a huge risk and monetary challenges.

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    Non-statutory compliance can cause a great deal of damage to your firm’s goodwill. Once the reputation of a firm goes down, it can lead to problems like losing clients, difficulty in maintaining trust and loyalty, etc.

    Why Paysqaure is the ideal statutory compliance provider

    Over the course of many years, Paysquare has been a reliable partner of many firms in providing statutory compliance service among many more. Our customers are proof that our work is the best in the market. Not only have our services helped our customers overcome challenges with utmost assurance but our best minds also steer your firm in an advancing market.

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    We keep ourselves up to date with the latest changes or additions to the legal framework while you can stay unbothered by them. If needed, we take appropriate action to curb risks.

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    Proper and rightful action is taken when necessary to avoid any charges or lawsuits coming your way.

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    Our services are like no other. We ensure quality delivery to our customers. Our methods ensure that there is no stone unturned, and all your needs are catered to.

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    We value your data security and offer comprehensive approach to keep details private.

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    While we ensure that your company is safe in terms of legality, you will still have complete transparency over our operations within your firm. With regular updates on our work proceedings, you have absolute control on overall functioning.

    With the best minds of Paysquare, you get an extensive solution to all your risk management service along with other fruitful ventures. In the hustle bustle of Chennai, our firm can assist you by taking care of your third-party services such as statutory compliance. Our results are extremely effective, and we leave no room for error. Moreover, to have complete transparency, over all the operations going on in your firm, Paysqaure gives you a comprehensive overview over all funds allocated, service being carried out as well as incorporating your inputs in our work.

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    Frequently Asked Questions

    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 Management 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 owner’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.

    What is Payroll Company?

    Every business, small, medium or large needs to process salary payments (payroll) to its employees. This process of doing the entire payroll calculations including tax deductions applicable and the end to end process of managing all the filing and compliances related to the payroll is called payroll processing. A company that offers payroll processing as a service is typically called payroll company. A payroll company make it easy for small, medium u0026 large businesses to streamline their business operations. Paysquare is a leading payroll company in India, which helps organizations in end to end payroll processing. From payroll calculations to tax deductions to finalizing bank files for depositing employees’ salary directly to their bank accounts, Paysquare does it all. Along with all this, Paysquare also provides web based access to employees and HR admins, where they can access their payslips and tax related information through secure logins.

    What are the features of Payroll Outsourcing company?

    Payroll outsourcing companies help you to improve productivity by saving time, efforts and costs incurred for carrying out payroll operations in-house. Payroll outsourcing companies have a wide range of payroll specialization for different industries, like for e.g. some organizations offer flexible savings accounts, or retirement account options, and some provide specific tax saving proposals, insurance payments helping the business owner to deliver efficient payroll through better productivity.

    Improved efficiency of employees

    Payroll outsourcing companies process the payroll day in and day out with the high availability of expert pool and better awareness of technical and legal norms. Efficiency is achieved by outsourcing to specialized payroll experts ensuring timely and accurate payroll processing.

    Accurate tax returns filing

    Tax returns are filed accurately and on time to ensure that there are no compliance related issues. Cost savings is one of the major benefits delivered by payroll outsourcing companies. High penalties can be avoided by making sure that tax returns are filed on time and accurately.

    Using best of technology

    Payroll outsourcing firms use latest and advanced software programs for payroll processing, tax computation for minimizing errors and delays. This ensures high degree of automation in the entire payroll processing process and ensures that manual errors are minimized or eliminated.

    Kick-Start Your Payroll Outsourcing Journey With Us.

    Let us sit together for a quick walk through of the payroll and HR solutions, we have on offer for you.

    Kick-Start Your Payroll Outsourcing Journey With Us.

    Let us sit together for a quick walk through of the payroll and HR solutions, we have on offer for you.