Payroll Processing

Why Should You Outsource Payroll With Settle My Tax?

Having more than one employee in your Business makes it obliged for your company to have a Payroll System.

Paying employees consistently and with no delays not only impacts their morale but also reflects the company’s financial stability. Moreover, it is a requirement for compliance under income tax laws and state laws. While this is a complex process, having an efficient system helps streamline and centralize the Payroll method.

In essence, the payroll management process which SETTLE MY AX offers to its clients refers to the administration of an employee’s financial records which includes the salaries, wages, bonuses, deductions, and net pay. These records must be maintained and kept by the employer, especially when it pertains to payroll taxes such as Income Tax TDS (Tax Deducted at Source), Labor Laws (Provident Fund, Employee State Insurance Scheme, etc.), and State Taxes (Professional Tax, Labor Welfare Fund Etc.) and Payroll isn’t just about paying your people.

And let’s face it, you didn’t get into Business to manage paperwork and keep track of Payroll Legislation, and so Settle My Tax places its part here and helps you to counter every difficulty with ease.

Pay Roll Processing

Rs. 1999/- to Rs. 19999/-

Depending on the number of employees

The Deductions That Are To Be Taken Care Of While Processing The Salary?

  1. Employee State Insurance- Applicable if there are more than 10 employees
  2. Labor Welfare Fund
  3. TDS – Applicable if the salary crosses the tax limits
  4. Provident Fund- Applicable when there are more than 20 Employees in the organization
  5. Profession Tax- Applicable even if there is a single employee

The Returns which need to be filed Post Deduction

  1. Quarterly TDS Returns in form 24Q needs to be filed
  2. Monthly PF, ESIC & MLWF Returns
  3. PT returns differs from State to State

What will be included in Settle My Tax's Subscription Package for Payroll Deduction Assistance?

  1. Issuing Pay Slips
  2. Set Pay Policy – We help the organization in defining optimum tax efficient salary structure along with defining pay components
  3. Payroll Compliance- Ensure accurate calculations and processing of the compliances like TDS Return, PF & ESI Returns, PT Returns, etc.
  4. Gathering Payroll Inputs- Collecting Employees Declaration for various deductions allowed as per the income tax act and the pay policy
  5. Leave Management system- Managing leave balance of employees as per the organization policy
  6. Processing Reimbursement & Arrears- Managing employees claim for Reimbursement of expenses based on the organization’s policy
  7. Full & Final Settlements- Ensuring F&F’s Settlements at the time of Exit of Employee with regards to
  • Calculation of Payable Days
  • Notice Period Recovery
  • Other Payments/Deductions
  1. Issuing Form 16 to employees at the end of the Financial Year