Checklist for an Effective E-Payroll System
- Certificate of Registration
- Electronic Challan cum Return (ECR) document
- Company GST and TIN.
A flexible and fixed schedule:
- Semi-monthly and
- Monthly payroll schedules.
Classify employees on the basis of
- Permanent employees
- Interns and
- Schedule payments accordingly.
Terms of Compensation:
To keep a tab on
- Employee hours
- Office timings
- Overtime, etc.
Designing CTC Structure:
CTC or cost to the company is the total salary package the company pays to an employee directly or indirectly. CTC is inclusive of basic pay, allowances, reimbursements, gratuity, annual bonus, annual variable pay, etc. It may be defined as CTC = Gross Salary + PF + Gratuity.
Labour law in India governs employers, employees, and trade unions, with a primary focus on the protection of employee rights. All organizations in India are required to adhere to various statutory compliances as set by different acts of the labour law.
All employers are required to file EPF returns on a monthly basis by the 25th. In the event of labour non-compliance, a company may be penalized or its officials may be imprisoned for a period of up to three years. At our legal professionals can identify the labour compliance that is applicable to your business and offer you the right guidance. We also ensure timely mandatory labour compliance filings are executed without delays.
Tax Planning for Employees:
Planning of tax payments is essential for salaried individuals as it helps save on taxes. Depending upon your business entity, employees’ designations, and salary components, our taxation professionals can offer the best advice on tax savings in line with the latest amendments and rules.
TDS Deduction and TDS Compliance:
According to the Income Tax Act, every earning individual or company making payments like salary, commission, interest, etc. are required to deduct a percentage before paying the full amount. This is tax deducted at source or TDS.
Setting up of a Reimbursement:
Reimbursement is the amount paid for costs incurred. Some organizations pay the employees back for business-related travel expenses, medical allowances, food and entertainment expenses, etc.
Right from reporting claims to reimbursements, skilled professional help includes your companies’ reimbursement policies. If you want to define reimbursement as part of your employees’ salaries, then we can design the salary structure in a way to ensure all tax compliances are fulfilled (online salary slip generator).
Drafting Employment Agreements:
An employment agreement lays down the conditions of employment and the rights, responsibilities and obligations of both parties during the tenure of employment. This agreement also helps employees in getting a fair understanding of the job responsibilities and the expectations of the company. In addition, it serves as proof in the event of a dispute or misunderstanding among both parties.
legal documentation specialists are adept at creating employment contracts for your consultants, freelancers, part-time, full-time, and contractual employees.
Drafting Your HR Policy:
Every company functions on the basis of certain guidelines, which are set by the top management and the HR team. These guidelines may include the code of conduct for employees, their duties and responsibilities, the company’s obligation towards the workers, discrimination policies, what activities are considered offensive by the company, employee benefits, disciplinary actions, etc.
Our experts will give you the soundest policies for your industry based on our vast experience and learnings from operating within so many different industries and sectors.
Drafting Leave Policy:
Leave policies are regulated by the state legislations’ Shops and Establishments Act and Factories Act as applicable. Generally, all state legislations hold a common provision where they provide seven holidays for national days and festivals. Hence, it is at your discretion to fix the number of leaves and our lawyers will help you frame it better.
Planning Increments and Appraisals for Employees:
Performance appraisals and salary hikes motivate your employees to perform to the best of their abilities. Appraisals provide them with comprehensive, honest feedback on their strengths and scope of improvement. We can assist you in planning out how to assign increments and appraisals to employees.