Payroll Processing in India is governed by various labour laws and regulations, including:
Employees’ Provident Funds and Miscellaneous Provisions Act, 1952 (EPF Act), Employees’ State Insurance Act, 1948 (ESIC Act), Payment of Gratuity Act, 1972, Payment of Bonus Act, 1965, Professional Tax Acts (varies by state).
We provide Compliance with the relevant Labour and Employment Law. We provide payroll outsourcing Services in Mumbai at affordable price.
Payroll processing in India is governed by various labour laws and regulations, including:
These laws mandate employers to comply with specific requirements, such as:
Laws | Description |
EPF Contributions | Employers and employees must contribute a certain percentage of the employee's basic wages and dearness allowance to the Employees' Provident Fund (EPF). |
ESIC Contributions | Employers and employees must contribute to the Employees' State Insurance Corporation (ESIC) fund, which provides medical and cash benefits to insured employees. |
Gratuity Payments | Employers must pay Gratuity to eligible employees upon retirement or termination of employment, based on their tenure and last drawn wages. |
Bonus Payments | Eligible employees must receive annual Bonus payments based on the organization's profits and the employee's wages |
Professional Tax (PT) | Employers are required to deduct and remit Professional Tax from the salaries of eligible employees, as per state-specific regulations. |
Mumbai, being the financial capital of India, has a significant number of organizations that must comply with various payroll-related laws and regulations. Failure to adhere to these laws can result in penalties, legal disputes, and reputational damage.
Payroll compliance is crucial as it ensures adherence to labour laws and regulations, prevents legal disputes, and protects the rights and interests of employees.
Outsourcing payroll processing to a consultant like Kaizen Consultancy Services can save time and resources, ensure compliance, minimize errors, and provide access to expert guidance.
Common statutory returns and forms include EPF Monthly Returns, ESIC Contribution Returns, Gratuity and Bonus Calculation Statements, and Professional Tax Challans.
We conduct regular payroll audits to identify and rectify any discrepancies or non-compliances, ensuring accuracy and compliance.
Labour inspections are conducted by government authorities to ensure compliance with labour laws and regulations. Labour audits are comprehensive assessments of an organization’s compliance with labour laws and best practices.
Kaizen Consultancy Services assists in preparing for and responding to labour inspections, as well as conducting thorough labour audits to identify and address areas of non-compliance.
Engaging a Payroll Processing or Payroll Management consultant in Mumbai, like Kaizen Consultancy Services, can benefit your enterprise in the following ways:
At Kaizen Consultancy Services, we pride ourselves on being the leading payroll consultant in Mumbai, offering the following advantages:
If you're an enterprise in Mumbai looking to ensure compliance with the Payroll Processing, contact the expert team at Kaizen Consultancy Services Payroll Processing Consultant in Mumbai.
Call us at +91-977 31 50 167 to schedule a consultation and learn how we can assist your business.