“In this world, nothing is certain except for Death and Taxes” – Benjamin Franklin.
Let’s face it. Nobody loves taxes. But, we have to admit it’s a necessary evil and like in all the countries of the world, companies in India also have to adhere to a set of compliance laws. In this post, we are going to simplify Payroll Compliance Laws of India. Labour laws govern employee remuneration standards, social security benefits, Industrial relations, contractual/temporary employment, working conditions, occupational safety & health and lastly mandates some reporting requirements at fixed intervals.
The payroll compliances require you to:
- Pay certain amounts with/without deducting it from salaries
- File certain returns periodically
- Maintain and display certain registers and forms
The failure to follow any of the compliances you are liable for invites a lot of unnecessary legal hassles. More often than not, inconsistencies in following payroll compliances are due to lack of proper knowledge. So, we prepared this neat little infographic, that summarizes the most important payroll compliances for your convenience and will help you in keeping the compliance monsters in check!
This Paybooks Quick Guide to Payroll Compliances will help you to:
- Learn about different payroll compliances
- Check which compliances you need to follow
- Know what action you need to take