Welcome to TRUSTLINK
Payroll Accounting
Comprehensive Tracking & Management of Employee Compensation, Benefits, and Tax Compliance
What is Payroll Accounting?
Payroll Accounting refers to recording an employee’s compensation, benefits, payroll taxes, employer and employee contributions (PF, ESI), and other deductions under different heads.
All this data is maintained in the financial records of an organization to:
- Get an overview of payroll expenses
- Track individual transactions
- Calculate Cost to Company (CTC) for each employee
Why Accurate Payroll Accounting is Necessary?
Tracking payroll ensures compliance and helps manage business capital more efficiently.
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Determines Employee Cost
Payroll accounting helps maintain records of employee costs, enabling businesses to:
- Calculate accurate labor expenses
- Evaluate hiring costs based on individual skill sets
Ensures Tax Compliance
- Maintains records of tax and legal obligations
- Ensures timely tax payments and filings
- Helps avoid costly penalties and audits
- Allows employees to easily track tax deductions
Evaluates Company Expenses
A structured payroll system gives you clear insights into outgoings:
- Helps closely analyze employee-related costs
- Assists in assessing the overall business profitability
Factors that Impact Payroll Calculations in India
Income Tax
Employees are taxed based on their salary and allowances. Employers are mandated to deduct TDS and deposit it with the government on time.
Employee Provident Fund (EPF)
A mandatory contribution typically calculated as 12% of the basic salary, backed by an equal contribution from the employer.
Employee State Insurance (ESI)
A crucial social security scheme. The employer contributes 4.75% and the employee contributes 1.75%. Applicable for companies with 10+ (or 20+) employees.
Professional Tax
A state-based tax that must be deducted directly from the employee's salary. The rates of taxation vary widely depending on specific state laws.
Payroll Accounting with TRUSTLINK
Fully outsourced service ensuring complete compliance with laws, hassle-free operations, and absolute peace of mind for business owners.
- Latest technology to reduce errors
- Expert consultation for smooth processing
- Proper integration with business systems
- 100% Compliance with taxation laws
- Hassle-free routine operations
- Total peace of mind
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