What are the mandatory legal compliances for running a software firm? I need clarity on the following laws:
- Minimum Wages Act
- Payroll Structure
- Bonus Act
- Offer Letter / Appointment Letter / Appraisal Letter / Relieving Letter / Experience Letter
- Labor Law
- EPF
- How to register for paying Professional Tax
- How to calculate TDS for employees and how to pay
- What is the Leave Policy
- Is ESI or Insurance mandatory?
- What if I have arrears to pay for all the above
Please send me a detailed description of all the above points. I appreciate your support in advance.
From India, Bangalore
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- Minimum Wages Act
- Payroll Structure
- Bonus Act
- Offer Letter / Appointment Letter / Appraisal Letter / Relieving Letter / Experience Letter
- Labor Law
- EPF
- How to register for paying Professional Tax
- How to calculate TDS for employees and how to pay
- What is the Leave Policy
- Is ESI or Insurance mandatory?
- What if I have arrears to pay for all the above
Please send me a detailed description of all the above points. I appreciate your support in advance.
From India, Bangalore
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Mandatory Legal Compliance for Running a Software Firm:
Minimum Wages Act
As per the Minimum Wages Act of Karnataka.
Payroll Structure
Find attached sheet where you can calculate TDS also.
Labor Law
Apply for EPF registration and ESIC registration.
EPF
Applicable for all employees.
How to Register for Paying Professional Tax
Apply online at the Sales Tax department.
How to Calculate TDS for Employees and How to Pay
Refer to the attached sheet. Before that, you need to apply for a Tax Deduction Account Number.
What is the Leave Policy
Leave policy can be drafted; some leaves are mandatory like 26th Jan, 1st May (Labour Day), 15th Aug, etc.
Is ESI or Insurance Mandatory?
ESIC is mandatory for those with a salary of 15000/- or below.
What if I Have Arrears to Pay for All the Above
Arrears can be paid, but I would suggest paying them like an incentive.
From India, Pune
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75Minimum Wages Act
As per the Minimum Wages Act of Karnataka.
Payroll Structure
Find attached sheet where you can calculate TDS also.
Labor Law
Apply for EPF registration and ESIC registration.
EPF
Applicable for all employees.
How to Register for Paying Professional Tax
Apply online at the Sales Tax department.
How to Calculate TDS for Employees and How to Pay
Refer to the attached sheet. Before that, you need to apply for a Tax Deduction Account Number.
What is the Leave Policy
Leave policy can be drafted; some leaves are mandatory like 26th Jan, 1st May (Labour Day), 15th Aug, etc.
Is ESI or Insurance Mandatory?
ESIC is mandatory for those with a salary of 15000/- or below.
What if I Have Arrears to Pay for All the Above
Arrears can be paid, but I would suggest paying them like an incentive.
From India, Pune
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what is this somani EPF Applicable for those whose salary below 15000/- please replace 6500 on the place of 15000
From India, Faridabad
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From India, Faridabad
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First, I thank you for your valuable response.
I am still having doubts about whether ESI is mandatory for a software firm. Also, what if the employee's salary is more than 15,000? Is nothing mandatory? Can we opt for private insurance rather than ESI?
Thanks,
Shiva
From India, Bangalore
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I am still having doubts about whether ESI is mandatory for a software firm. Also, what if the employee's salary is more than 15,000? Is nothing mandatory? Can we opt for private insurance rather than ESI?
Thanks,
Shiva
From India, Bangalore
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Legal Compliance Plan.xls