Startup’s
BizPal Software Services summarise the payroll outsourcing scope of work as an amalgamation of 4 key activities segmented as:-
- One-time master setup
- Monthly Payroll Outsourcing Services Activity
- Quarterly Payroll Outsourcing Services Activity
- Yearly Payroll Outsourcing Services Activity
One-time master setup
- Designing the CTC structure for employees
- Designing the payroll components based on the CTC structure. (Earning + Deductions)
- Employee Master and Salary Structure Details
- Compliance Management based on Company policy
Monthly Payroll Outsourcing Services Activity
- Salary processed for the active month based on attendance sheet, change in salary structure and other variable components
- Tax estimation for the month and year based on the proposed investments
- Processor and Auditor system used to identify discrepancy in salary processed
- Compliance Management based on Company policy
- Generation of Bank transfer file for the credit of monthly salary
- Full and Final Settlement for resigned employees
- Final closed cut provided to client comprising of MIS and Compliance Statutory Reports. i.e
- Salary register for the month
- Payslip for the month
- Salary comparison Audit report
- Monthly Accounting JV report
- Monthly Tax Challan payment report
- Monthly Statutory compliance challans for P.F/ P.TAX/ ESIC.
Quarterly Payroll Outsourcing Services Activity
- Updation of monthly TDS challan payment details
- TDS challans reconciliation with TRACES before creation of quarterly etds files for NSDL submission
- Online PAN Verification of employees with Income Tax Department
- Generation of eTDS returns along Form 24Q and Form 27Q for NSDL Submission
- Tds correction and filing of revised returns based on Default notices received
Yearly Payroll Outsourcing Services Activity
- Investment proof audit (Proposed vs submitted vs rejected), submission of discrepancy report to client for final approval
- Final Investments record updation and final tax calculation and deduction
- Generation of eTDS returns along Form 24Q and Form 27Q for NSDL submission
- Generation of digitally signed TRACES Form 16 (PART A & PART B) combined in single pdf
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