We wish to introduce ourselves as a company that specializes in managing Payroll Operations for Corporates for the past 10 years. There are several advantages to Corporates who outsource their entire Payroll Division to a third party like our company. We undertake the responsibility for processing the salaries, calculating the TDS, incorporating statutory deductions like PF, Profession Tax, and ESIC, creating database files for various banks for direct credit of salaries, etc. At the end of the financial year we also process Form16s for every employee and Form24 for the client. For the past four years we have even started providing company returns in e-TDS format for our clients.
Corporates find this a cheaper and more efficient approach rather than buying the Payroll Software and then employing staff for creating and managing salaries. In this approach the overheads of maintaining the software and having it modified every year as per the latest Finance Bill is avoided by the client.
For your convenience and reference, please find attached below the 4 principal lines of Service that we offer to our clients.
Our First and Chief Line of Service is managing Payroll Operations for SME Organisations as well as Corporates.
Ø The Essential Services would cover
v Generation of Employee PaySlips providing details of Allowances, Gross Salary, Deductions & Net Pay.
v Preparation of Salary Registers & Bank Payment Registers.
v Processing Voucher Payments i.e. out-of-payslip payments.
v Generation of Employee Payslips Processing Increments and calculating Arrears with retrospect effect.
v Maintaining Employee Master Details like Grade, Dept., PAN No., PF No., Bank A/c No., etc.
v Additional payments based on Overtime Sheets.
v Full & Final Settlements.
v Maintaining investment records of Employees under section 80C, 80D, 24(1), etc.
v Computation of TDS based on Allowance and Deduction heads & investments.
Ø In addition, the Progressive Services would offer
v Preparation of database files to be submitted to banks (as per bank formats) for direct credit of salary via ECS facilities.
v Maintaining Leave records under each head of Privilege Leave, Casual Leave & Sick Leave.
v Calculation of Perquisite on Subsidised Loan, Company Accommodation, Car, Driver, etc. for tax purposes.
v Cost to Company (CTC) report providing salary details and other costs incurred for the employees.
v Computation and Preparation of Statements for Reimbursement of Flexi-Components ie. Telephone Bills, Petrol Expenses, Driver’s Salary, Lunch Coupons etc.
v Incorporation of Company / Bank Loans with automatic monthly deduction of instalment amount as well as interest amount.
Ø The Statutory Registers and Challans that would be prepared would include
v Preparation of Provident Fund Registers for filing as per Forms 5, 10, and 12A, Employee State Insurance records for filing as per Challan Form Account No. 1, Profession Tax Summary as per Form III.
v Computation of TDS (Income Tax) and preparation of Income Tax Summary Statement.
v Deduction and Summary of Labour Welfare Fund state-wise on all-India basis.
v Preparation of e-TDS returns on a Quarterly basis.
v Preparation of Form 16 and Form 12B for each employee on an Annual basis.
Our Second Line of Service is a basket of HR Services that include :
Ø Completing the Joining Kit Formalities for New Employees
v Filling out the Personnel Information Sheet
v Designing the salary structure as per the designated CTC
v Collating documents required for the purpose of opening a Salary Bank Account, PF Account, ESIC Account (if applicable).
v Collecting all other necessary documents such as PAN copy, Experience Letters, Investment Declarations, Detailed CV, etc.
Ø Considering options to provided for building into the Employee CTC
v Variable Performance Incentive,
v Group Insurance for Employees, and
v Mediclaim benefits.
Ø Salary Structuring would be designed always keeping in mind
v To enhance the Tax Benefits to the employees (while maintaining the prescribed Cost-To-Company[CTC]),
v At the same time not to increase the liability on the Company, and
v Always maintaining the structures to ensure all statutory laws and regulations are adhered to.
Ø Induction of Reimbursement components into the Salary Structure with Perquisite implications.
Ø Setting up the Company HR Policy Manuals and the Employee Handbook to cover the Company’s procedures and policies.
Guidance and regular updates shall be provided on
Ø Bonus Policies,
Ø LTA Policies,
Ø Taxation on Perquisites, and
Ø Tax Saving Investments
Our Third Line of Service focuses on Statutory filings and Compliances.
Ø The Employees Provident Fund Act, 1952
v Maintain P.F. register for all employees.
v Attend P.F. inspection, correspondence and department visits.
v Submit all necessary documents timely to avoid legal proceedings.
v Prepare monthly challans on receiving the salary statement.
v Submission of challans, Form 2 Forms 5/10, Form 12A , NSSN Forms, Form 13, (for Transfer of P.F. dues) Form 31 (for Loan) to the department every month.
v Submission of Yearly Returns Form 3A, 6A, Reconciliation Statement along with Floppy (approval for P.F. department) before 30th April of each year.
v Submission of P.F. Withdrawal forms (for left employees). Filling up and submitting Form 10D & Form 10C (for pension) with required documents.
Ø The Employees State Insurance Act, 1948
v Maintain individual employees E.S.I.C. register. (Form 7)
v Attend E.S.I.C. inspection and E.S.I.C. S.R.O. and Local Office & correspondence.
v Prepare challans, monthly/ yearly returns and submission to department.
v Fill up, submit ESIC declaration form, and get ESIC Card.
v Maintain accident register
v Fill up necessary forms of employee and employers.
v Prepare monthly challans each month on receiving the salary statement.
Ø The Bombay Shops & Establishment Act, 1948
v Application and renewal each year of the Shop Establishment Certificate.
Ø The Maharashtra State Tax on Professions, Trades, Callings & Employment Act.
v Prepare and submit half-yearly returns in time.
Ø The Maharashtra Labour Welfare Fund Act , 1953
v Prepare and submit half-yearly returns in time.
v Attend authorized officer and department.
v Check the deduction and prepare challans.
Our Fourth Line of Services offers Executive Search and Selection Services.
Ø Specialist Staffing
v Executive Search to find the candidates with the right skills and culture to fit in the organization.
v Contingency Recruitment to have on-demand access to professionals and experts at a cost-effective value.
v Turnkey Solutions for Projects and New Ventures.
Ø Training, Learning, and Development
v Analyzing the Training Needs of the Organization.
v Developing Content, Programs, and Courseware for improvement and learning.
v Assessment of the Training, it’s effectiveness and post-training evaluation.
Ø HR Analysis
v Compensation and Benefits Benchmarking Survey.
v Variable pay-plan designing.
v 360-degree surveys for employee satisfaction and Appraisal assessments.
I would be happy to provide you with further details and answer any questions that you have. Looking for ward to hearing from you.
With Kind Regards
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Tel : 9821070700
e-mail : firstname.lastname@example.org
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