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Core Hr Payroll statutory Leave Employee Attendance

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The software.html)
legal frameworkmanagement-
under which organizations must
management.html) function with regard
leave- self- to the treatment of their
management-
employees can be termed at Statutory Compliance in HR. Maintaining these customary laws and
frameworks take a toll
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in India
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comprises software.html)
of payment of
minimum wages to provident fund (PF) or maternity benefits, professional tax (PT), tax deduction at
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deal with this complex legal frame works, laws and regulations. In today’s fiercely competitive
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Provident Fund – PF
Provident Fund or PF is a compulsory contributory fund for the future of
employees (http://www.winhrmpayroll.com/cloud-employee-self-service-software.html). It works
as a corpus fund generated through regular and monthly contributions made by an employee and
employer. A minimum of 12% is calculated from the basic component of employee’s salary and
contributed as PF is deducted from the CTC. The cumulative contribution of employer and employee
will be added to the PF account of employee, which can be en-cashed for future purposes. Companies
will have to stay EPFO complaint once they have 20 or more employees.
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Employee State Insurance - ESI

ESI fund, maintained by ESIC is a social security scheme which is applicable to employees earning Rs
21,000 or less per month to provide cash and medical benefits to them and their families. ESI is
calculated at 4.75% from employer side and 1.75% from employee’s side. These amounts will be
calculated on monthly gross salary and a limit is setup. If gross amount is less than the setup limit
amount then those employees will be eligible for ESI. The cumulative contribution from employer and
employee will be deducted from the CTC every month. To ensure the hassle free operation of
Statutory Compliances for PF Deduction and ESI Fund a robust
payroll services (http://www.winhrmpayroll.com/payroll-services.html) is much required.

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Income Tax (TDS)

Tax Deducted at Source or TDS is deducted as a means of indirect tax collection as per the Income Tax
Act, 1961. TDS rule directs employers to deduct a certain amount of tax before full payment is made to
the receiver. TDS is calculated on CTC slabs. It is mandatory to have TDS deductions before payroll is
run. . User can check declaration forms multiple times in our
payroll management software (cloud-payroll-management-software.html) before the final one is
submitted to the management towards filing of Income Tax.
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Profession tax (PT) For Most Indian States

Professional Tax is collected by the employers from the monthly salaries of the employees and
penalties are charged if there is failure in collecting or failing to pay professional taxes. Professional Tax
amount varies from state to state; hence it set state wise in our Statutory Compliance Management
Systems.

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