Monthly Payroll implies the payment made to employees per month. As payroll and payroll taxes are subject to laws, they highly impact the net income of many organizations from the accounting aspect. From the aspect of human resources, the payroll department is equally significant as employees are always concerned when it comes to payroll irregularities and errors. Moreover, the payroll paid timely and accurately also boosts the morale of employees.
Undoubtedly, payroll department needs to be very active in order to make payments precisely and timely with the accurate withholdings and deductions. Monthly Payroll, if handled by our professional experts not just ensures accuracy and timeliness in the payments but also leads to the maximum contentment of employees, boosting their morale.
Every company or establishment has its own payroll structure that may differ from other companies. The complex payroll structure comprises of several payroll components and elements. Apart from this, many different laws such as payment of salary and wages act, labor welfare act, and the minimum wages act also affect the payroll calculations.
As per minimum wages act, the employees have to be provided with various obligatory salary components such as Basic, HRA, and DA. When it comes to TDS deduction, if the employee’s salary is more than the amount exempted from tax, employers are required to deduct TDS under section 192 of the Income-tax Act, 1961.