4 STATUTORY DEDUCTIONS TO CONSIDER WHILE RUNNING PAYROLL

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FASTCOLLAB

• 4 STATUTORY DEDUCTIONS TO CONSIDER WHILE RUNNING
  PAYROLL

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• It is a general guideline from Government of
  India that if a company crosses the employee
  strength of 20 numbers, it is time the employers
  should bring some statutory deductions in
  picture, like Employee Provident Fund (EPF),
  Professional Tax (PT), Employees State Insurance
  (ESI). However Income Tax (IT) deductions (also
  known as Tax Deducted at Source (TDS) is
  applicable even with a single employee.
• 1. Employees Provident Fund (EPF) EPF came into
  existence in 11th November 1952. EPF has
  traditionally been the only device for most
  Indians, particularly for the salaried class, so
  that they can save their retirement corpus. The
  government has now offered to pay interest on
  faulty accounts, almost 60 of the total number.
• 2. Professional Tax (PT) Professional Tax is the
  tax duty on professions trades in India. It is
  the state-level tax has to pay imperatively by
  every member employed in private organisations.

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• 3. Employees State Insurance (ESI) ESI is
  contributed from both the sides Employer as well
  as Employee. It is calculated on the basis of
  Total salary per month, and the maximum ceiling
  is Rs.15000 per Month.
• 4. Income Tax (IT) deduction or TDS Under the
  Section 192, the employer is needed to deduct TDS
  while making the payment month-on-month salary
  for any financial year to the employees. The tax
  form or forms applied to file Income Tax with the
  Internal Revenue Service (IRS). Tax returns must
  list every year for a person or business that
  received income through the year, whether by
  regular income like wages, dividends, interest,
  capital gains, or other profits.
• Every time an organisation runs Payroll from
  FastCollab, system is capable to generate reports
  of EPF, ESI, PT and IT declarations, based on the
  formats preferred by Govt of India. Most
  importantly, if you are a CA firm and managing
  Payroll for multiple clients, it is time to try
  out FastCollabs unique Payroll system where you
  can run Payroll for multiple clients within a
  single login, along with ESS to employees at your
  clients place.

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• Log on to fastcollab
• More details payroll