We offer high-quality corporate statutory compliance services in India. Our services meet highest standards and meet all your compliance requirements. By placing your employees on our payroll, we take care of all statutory compliances such as PF, PT, ESIC, LWF registrations and filing along with ETDS filing. Will deal with statutory compliances like:
- Withholding tax or Tax Deducted at Source (TDS)
According to the Income Tax Act, 1961, employers are required to deduct TDS (Tax Deducted at Source) before full payment to the employee. TDS is applicable to all the employees falling under the Income Tax Slab. Details of the current tax slabs are given below:
Income Tax – Slabs – FY 2019-20
Annual Salary Percentage Income up to INR 2,50,000 No Tax Income between INR 2,50,000 to INR 5,00,000 5% Income between INR 5,00,000 to INR 10,00,000 20% Income over INR 10,00,000 30%
- Employees Provident Fund (PF) and Miscellaneous Provisions Act, 1952
The Employee Provident Fund (PF) and Miscellaneous Provisions Act, 1952 is a social security act for the benefit of an employee. It provides for compulsory contributory fund for the future of the employee after his retirement or for his dependents after his death. Employees and employers contribute equally a certain percentage of the monthly wages to PF. Currently the percentage is 12% of monthly wages. The contributions are made on a monthly basis.
- The Employees’ State Insurance Act, 1948
The ESI Act is a social security act under which medical benefits are provided to employees through state run hospitals and clinics. ESI benefits accrue to employees earning less than INR 21,000 per month in gross wages. Employee’s contribute 0.75% and employers contribute 3.25% per month.
- Professional Tax
Professional Tax (PT) is a tax levied by a state government on every individual that is employed in that state. It differs from state to state. For Maharashtra, the total PT payable by an employee is Rs 2,500 per year, based on the highest slab.
- Labour Welfare Fund Act, 1965
Labour Welfare Fund is another form of social security benefit and it focuses on the welfare of the workers to improve their standard of living, working conditions and gives social security. It is a state law and the contributions differ from state to state. For Maharashtra, the contributions are collected semi-annually in June and December and the rates of contribution depend on the type of employee.
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