Why doing business in India necessitates statutory compliance

In the Human Resources definition (payroll and taxation), Statutory Compliance is the legal structure within which a company must conduct itself with regards to the treatment of its employees.

Statutory compliance relates to the various labour and taxation laws prevalent in India. These laws change on a State and National level, and it is mandatory for companies to obey them.

Non-compliance with these regulations can land a company into legal trouble such as penalties, fines, or worse. This is why companies spend a good deal of resources for ensuring statutory compliance.

The most important advantage of Statutory Compliance to Employees is that it ensures fair treatment of labour.

The advantage to organizations is the timely payment of taxes, which avoids a lot of legal trouble like penalties and fines.