Payroll service for small business in India covers more than just salary payments. Here’s what’s actually involved in comprehensive payroll service.
Key Components of Payroll Service for Small Business
| Payroll Services Component | What It Involves | Risk If Missed |
|---|---|---|
| Salary Calculation & Payslip | Basic salary + allowances + deductions; payslip issuance | HIGH |
| PF (EPFO) Contribution & Filing | Calculating wages, submitting ECR, managing member accounts | HIGH |
| ESIC Contribution & Compliance | Coverage eligibility, contribution calculation, returns filing | HIGH |
| Professional Tax Deduction | State-specific tax deduction and filing (varies by state) | MED |
| TDS on Salary Filing | Monthly TDS calculation and filing (Form 24Q quarterly) | MED |
| Minimum Wage Compliance | Tracking state-wise wage changes (April & October revisions) | HIGH |
| Form 16 & Annual Tax Reporting | Form 16 issuance by June 15th each year | MED |