InterviewSolution
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What Is Payroll Management? |
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Answer» Pay ROLL management consists of maintain records for, and controlling of basic pay, increments, ELIGIBLE allowances , gross emoluments and deductions for Provident fund, ESI, INCOME tax, other recoveries to be made from each employee, including maintenance of attendance and leave records. It ALSO ENSURES proper compliance of applicable legal requirements under P.F Act, ESI Act, Income tax Act, etc., to avoid facing penal consequences. In that the management of pay roll ensures correct deductions made in pay bills of employees and timely remittance to Government and other authorities. Pay roll management consists of maintain records for, and controlling of basic pay, increments, eligible allowances , gross emoluments and deductions for Provident fund, ESI, Income tax, other recoveries to be made from each employee, including maintenance of attendance and leave records. It also ensures proper compliance of applicable legal requirements under P.F Act, ESI Act, Income tax Act, etc., to avoid facing penal consequences. In that the management of pay roll ensures correct deductions made in pay bills of employees and timely remittance to Government and other authorities. |
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