To ensure that the right PF deductions are applied, the right inputs and deduction criteria must be set even before you process the payroll. In this article, we will look at the features within Zoho Payroll that help you with the four statutory regulations: Employees’ Provident Fund (PF), Professional Tax (PT), Labour Welfare Fund (LWF), and Employee State Insurance (ESI).Įvery organisation has its own compensation structure, which affects the amount to be deducted from each paycheck. This is where payroll software like Zoho Payroll can help businesses get more efficient. Not only does it ensure accuracy in computations and deductions, it can adapt quickly to changing tax laws and payroll inputs. This means that you can easily maintain a clean statutory record at all times. This is a tedious task especially if you have to do it often. However, this means that every time a new budget announcement is made or a salary revision is processed, someone has to manually change the formulas to ensure that the right deductions will be made and no other dependent inputs will be altered. Many businesses manage these payroll activities through spreadsheets, which seem easy to work with. Staying compliant is challenging because it involves numerous activities like gathering inputs on time, setting deduction rules, and adapting to new regulations. One crucial component of payroll is the need to stay compliant with the four statutory regulations: EPF, ESI, PT, and LWF. For businesses in India, managing payroll is a challenging task because of the various moving parts involved.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |