Setup
Payroll Processing
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Payroll Setup & Processing
All you need to know
Payroll being an important function for any organization, it requires specialization and a clear understanding of applicable laws in processing the payroll of employees. Realizing this requirement, and also to reach the client expectations in terms of service and also to maintain confidentiality and administrative convenience, ThinkBiz Filings provides a wide-range of payroll services to its clients.
Our dedicated team of experienced professionals with extensive knowledge of methods relating to payroll processing can provide you with a full-fledged payroll services for all employees and also to the top management. Our payroll processing encompasses the global locations by understanding the country’s specific laws and ensuring compliances.
Our approach to payroll services involves appropriate planning, a focused approach and support to the organization from start to finish.
These services include but are not limited to:
- Preparation of Monthly Salary Sheet.
- Deductions as per applicable laws like Income Tax, Provident Fund, and Professional Tax etc.
- Computation and deposit of TDS, ESI, PF etc.
- Disbursement/ Online Payment of Salary.
- Pay slip by password protected e-mail.
- Reimbursement of telephone, medical bills etc.
- Issue of Form 16 to employees.
- Periodic Reconciliation of payments/statutory deductions etc. with books of accounts.
- Administration of gratuity, superannuation, pension schemes etc.
Our specialized Payroll service includes managing expense and re-imbursement management along with Payroll process, Disbursement of Payroll and employee re-imbursements, Issuance of Pay slips, Depositing Payroll related Taxes and Employee Contributions to Pension or other funds, Filing of relevant Forms and Returns, and Compliances under various Labour Law / Statutes, Salary structuring in Tax efficient ways with clear workings to show employee Take Home salary.
ThinkBiz Filings is an eminent business platform and a progressive concept, which helps end-to-end incorporation, compliance, advisory, and management consultancy services to clients in India and abroad. Incorporating a Private Limited Company is easy, cheapest and quickest with ThinkBiz Filings! Apart from being a Private Limited Company, ThinkBiz Filings also helps entrepreneurs with Partnership Registration, HUF, LLP Incorporation, and Person Company registration easily. Inquire now – You may get in touch with our compliance manager on 09704561215 or email info@Thinkbizfilings.com for for free consultation.
Accounting Services fees
Choose your Package
BASIC
- Generation of salary slips
- Salary registers
- PF report
- ESI Report
- Employee TDS computation
OPTIMAL
- Generation of salary slips
- Salary registers
- PF report
- ESI Report
- Employee TDS computation
- TDS returns filing
- Issue of form 16
ULTIMATE
- Generation of salary slips
- Salary registers
- PF report
- ESI Report
- Employee TDS computation
- TDS returns filing
- Issue of form 16
- PF returns
- ESI returns
Compliance Requirements for a Partnership Firm
Documents Required for Partnership Firms
Key Benefits of a Partnership Firm
Points to make your decision easy
Our most honorable clients
- Payroll refers to the process of calculating and disbursing salaries, wages, bonuses, and deductions for employees within an organization.
- Payroll typically includes: ✅ Basic salary ✅ Allowances (HRA, travel, dearness allowance, etc.) ✅ Bonuses and incentives ✅ Deductions (Tax, PF, ESI, etc.) ✅ Net salary (take-home pay)
- Payroll can be processed in three ways: ✅ In-house payroll – Managed internally by HR and accounts teams. ✅ Outsourced payroll – Handled by payroll service providers. ✅ Cloud-based payroll – Automated software solutions.
- Organizations must comply with: ✅ Income Tax (TDS deductions under Section 192) ✅ Provident Fund (PF) under EPF Act, 1952 ✅ Employees’ State Insurance (ESI) under ESI Act, 1948 ✅ Professional Tax (PT) – Applicable in certain states ✅ Labour Welfare Fund (LWF) – Mandatory in some states
- TDS is calculated based on income tax slabs applicable to employees. Employers deduct it monthly and deposit it with the Income Tax Department.
- Incorporating a company through Simplified Proforma for Incorporating Company electronically (SPICe plus), with eMoA (INC-33), eAOA (INC-34), is the default option and most companies are required to be incorporated through SPICe only.
- Interest @ 1% per month for late deduction and 1.5% per month for late deposit.
- The payroll process involves: 1️⃣ Employee data collection – Attendance, leaves, etc. 2️⃣ Salary calculation – Gross salary, deductions, and net pay. 3️⃣ Payslip generation – Issuing salary statements to employees. 4️⃣ Salary disbursement – Transferring salary to bank accounts. 5️⃣ Statutory compliance filing – Depositing TDS, PF, ESI, etc.
- Payroll deductions include: ✅ Employee Provident Fund (EPF) – 12% of basic salary ✅ Employees’ State Insurance (ESI) – 0.75% (employee) & 3.25% (employer) ✅ TDS – As per income tax slabs ✅ Professional Tax (PT) – Based on state laws
- Payroll is usually processed monthly but can also be weekly or bi-weekly depending on company policies.
- Don’t worry!! Our expert will help you to choose the best suitable plan for you. Get in touch with our team to get all your queries resolved. Write to us at info@thinkbizfiling.com or call us @+91 970 456 1215
