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How to Handle Payroll Challenges with Ease Using These Top 12 Tips
Manage episode 365943906 series 3475177
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Payroll management can be defined as the management of employee's financial records, wages, salaries, bonuses, deductions and net pay in accordance with the labor laws of the nation. While payroll management is not easy but it is significant that it be managed correctly because the consequences of deviation in payroll management may lead to financial and reputation loss of a company.
Untimely filing of taxes, not getting accounts audited, non-compliance with TDS regulations, and wilfully evading tax can lead to penalties and imprisonment. For example: If a business or an organization fails to file tax deducted at source (TDS) or tax collected at source (TCS) in the provided timeline or on and before the deadline, they will be fined with a penalty of Rs 200 per day for the delay. Along with this, the tax authorities may also charge the company with a penalty for incorrect information or non-filing of TDS or TCS returns before the due date. The penalty be anywhere between Rs 10,000 and Rs 1,00,000.
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