Statutory Compliance In Chennai
What are the benefits of choosing a statutory compliance service?
What are the risks associated in cases of non-statutory compliance?
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.
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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Based on our experience, we try to answer some of your questions
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
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.
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.
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