Dear Seniors, Let me know what is Payroll Activites in an Organisation?
From India, Madras
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From India, Madras
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Dear Friend,
Payroll activity involves preparing salaries for employees. It is done every month, and every company has its own style for handling this process. Some use specified payroll software, while others prefer to prepare it in Excel.
When preparing payroll, it is crucial to consider all statutory obligations such as P.T, P.F, ESI, and TDS. These statutory deductions must be calculated according to the respective norms.
The following inputs are required to prepare payroll:
1) Attendance data for the specific month to track absences and ensure accurate attendance records.
2) Details of new hires and employees who have left.
3) Salary structure and bank account information for new employees.
4) Details of any advances to be paid or recovered.
5) Any necessary changes to the salary structure.
6) Special payments like bonuses, incentives, or gifts to employees.
As mentioned earlier, deductions for P.T, P.F, ESI, and TDS must be made in accordance with statutory norms.
I wish you all the best.
From India, Hyderabad
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86Payroll activity involves preparing salaries for employees. It is done every month, and every company has its own style for handling this process. Some use specified payroll software, while others prefer to prepare it in Excel.
When preparing payroll, it is crucial to consider all statutory obligations such as P.T, P.F, ESI, and TDS. These statutory deductions must be calculated according to the respective norms.
The following inputs are required to prepare payroll:
1) Attendance data for the specific month to track absences and ensure accurate attendance records.
2) Details of new hires and employees who have left.
3) Salary structure and bank account information for new employees.
4) Details of any advances to be paid or recovered.
5) Any necessary changes to the salary structure.
6) Special payments like bonuses, incentives, or gifts to employees.
As mentioned earlier, deductions for P.T, P.F, ESI, and TDS must be made in accordance with statutory norms.
I wish you all the best.
From India, Hyderabad
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Dear Friends,
Many times employees join and leave in the same month. We allot them PF A/C Nos., have them fill out forms 5 and 10, and deposit their and employers' contributions. However, they often do not withdraw the money due to reasons such as not having address proof or a bank account. Consequently, their money remains with the Employees' Provident Fund Organisation. Is there any provision that allows us to pay such employees directly and maintain records in the prescribed format of the authority? If there is no such provision, to which authority should we report this issue? I hereby request everyone concerned to gather information from the PF Authorities. If anyone has relevant information, please share it at base_dahej@yahoo.co.in.
Thanks,
VJ Sharma
From India, Lucknow
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Many times employees join and leave in the same month. We allot them PF A/C Nos., have them fill out forms 5 and 10, and deposit their and employers' contributions. However, they often do not withdraw the money due to reasons such as not having address proof or a bank account. Consequently, their money remains with the Employees' Provident Fund Organisation. Is there any provision that allows us to pay such employees directly and maintain records in the prescribed format of the authority? If there is no such provision, to which authority should we report this issue? I hereby request everyone concerned to gather information from the PF Authorities. If anyone has relevant information, please share it at base_dahej@yahoo.co.in.
Thanks,
VJ Sharma
From India, Lucknow
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Rules for Statutory Deductions Exemptions Perquisites-Pay roll.doc