Payroll involves calculating employee wages, deducting applicable taxes, and managing other statutory contributions such as PF, ESI, PT, and Income Tax. It also includes ensuring timely payment of taxes to the government and maintaining accurate records of employee details, including hours worked, leave, vacation time, and benefits.
At UMAS FINTAX SOLUTIONS, we provide comprehensive payroll services tailored to meet the needs of businesses of all sizes and complexities. With our expertise and dedicated support, we take pride in helping you navigate payroll with ease.
| Features | Umas Fintax | Other Service Providers (Offline) | Other Service Providers Software Management | Other Service Providers Software |
|---|---|---|---|---|
| Payroll on Cloud | Y | N | Y | Y |
| Employee Self Service (ESS) | Y | N | Y/N | Y/N |
| Payroll Implementation | Y | Y | Y/N | N |
| Monthly Payroll Process | Y | Y | Y | N |
| Leave Management | Y | N | Y/N | N |
| Attendance Management | Y | N | Y | N |
| Provident Fund Compliance Filing | Y | N | N | N |
| ESI Filing | Y | N | N | N |
| PT Filing | Y | N | N | N |
| TDS Filing | Y | N | N | N |
| Form 16 | Y | N | N | N |
| Tax Saving Declaration (ESS) | Y | N | Y/N | N |
| Tax Saving Proof Submission (ESS) | Y | N | Y/N | N |
| Tax Saving Proof Verification | Y | N | N | N |
| Chartered Account Support | Y | N | N | N |
| Tax Saving Session for Employees | Y | N | N | N |
| Features | Umas Fintax | Other Service Providers (Offline) | Other Service Providers Software Management | Other Service Providers Software |
|---|---|---|---|---|
| Payroll on Cloud | Y | N | Y | Y |
| Employee Self Service (ESS) | Y | N | Y/N | Y/N |
| Payroll Implementation | Y | Y | Y/N | N |
| Monthly Payroll Process | Y | Y | Y | N |
| Leave Management | Y | N | Y/N | N |
| Attendance Management | Y | N | Y | N |
| Provident Fund Compliance Filing | Y | N | N | N |
| ESI Filing | Y | N | N | N |
| PT Filing | Y | N | N | N |
| TDS Filing | Y | N | N | N |
| Form 16 | Y | N | N | N |
| Tax Saving Declaration (ESS) | Y | N | Y/N | N |
| Tax Saving Proof Submission (ESS) | Y | N | Y/N | N |
| Tax Saving Proof Verification | Y | N | N | N |
| Chartered Account Support | Y | N | N | N |
| Tax Saving Session for Employees | Y | N | N | N |
Payroll is the process of paying a company’s employees. It includes collecting the list of employees to be paid, tracking the hours worked, calculating the employee’s pay, distributing the salary on time, and recording the payroll expense.
Creating payroll policy and process within the organization Defining pay slip components like basic variable pay, HRA, LTA and more Calculation of gross salary, statutory and non-statutory deductions like PF, taxes, etc. Releasing salary and pay slips to employees. Depositing dues like TDS, and PF with appropriate authorities Accounting for payroll-related expense.
Outsourcing payroll can lead to cost savings, improved accuracy, reduced administrative burden, access to expertise, enhanced compliance, and allows you to focus on core business activities
A typical salary structure includes:
Provident Fund (PF): Retirement savings.
Employee State Insurance (ESI): Medical insurance for employees earning below a certain
threshold.
Professional Tax: Levied by some state governments.
Tax Deducted at Source (TDS): Income tax withheld by the employer.
Employers may face penalties, interest charges, and legal action for non-compliance with PF, ESI, TDS, and other payroll-related taxes.
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