Payroll is the total amount of money that a company pays to its employees. A company records a list of its employees and employees' salaries and wages, bonuses, and withheld taxes. A company generally has a department that calculates and pays the employees. A payroll outsourcing is the process of delegating the payroll arrangement to an expertise third party. Reduced cost and better service are the main advantages of a payroll outsourcing. INTEGRITY RESOURCES Company providers the best payroll outsourcing service in India. Our Help Desk team is also available online anytime.
Benefits of payroll outsourcing
INTEGRITY RESOURCES Pvt. Ltd. outsources such payroll system which helps companies to file tax returns on time. This payroll also reduces pressure of work related to payroll and helps to focus better on your core business. We simplify the complexities of the process by providing the best and comprehensive payroll processing service.
Why to trust us:
- Errorless payroll process
- Helpdesk and on-site support to solve your queries related to Taxation and Investments at the end of the year
- Customized MIS reports
- Customized ESS portal for the client
- Updates on new provisions in the Income Tax laws
- Client’s employee information remains fully confidential
Payroll processing simply is the calculation of payments. The payment depends on time or productivity, calculation of benefits and statutory deductions. The payment may be calculated and processed weekly, monthly or daily whatever is discussed.Each company may have its own payroll structure. The payroll structure consists of various payroll components. The payroll components may be different for the different companies.
Benefits and deductions affect payroll calculations as given below:-
- TDS Deductions For Payroll Calculations: An employee has to make certain payroll deductions from the salary as TDS (Tax Deducted at Source) to meet statutory compliance
- HRA: House Rent Allowance (HRA) is taxable if residing in self-occupied house property.
- TRAVEL ALLOWANCE: Travel Allowance is tax-free to some extent as per the rule. But, excessive amount is taxable.
- LEAVE TRAVEL ALLOWANCE: A certain number of journeys performed during a particular time period are exempted from taxes.
- CHILDREN EDUCATION ALLOWANCE: A certain amount for the children education allowance is exempt from taxes but the excessive is taxable.
- MEDICAL ALLOWANCE: Medical Allowance is Taxable but medical reimbursement is tax-free to a certain amount.
- INVESTMENTS: Under general payroll deductions u/s 80 C section, the investments in approved fixed deposit schemes, PPF (Public Provident Funds), life insurance premiums etc. the salaried employees can avail tax benefits as per the rules.
Finally, we outsource the payroll process with all the required adjustment as per the company rules.