What is Payroll Processing?

I4BEST  Education will give you the practical indepth knowledge about the payroll concepts . in simpler terms it is processing the salary of the employees and the process involved is:
  • Joining Formalities
  • Updating Employee Database
Taking care of employee database with regard to their date of appointment, address telephone numbers, references, employee department / code number, PF no, ESI no, performance parameters and incremental due dates.

Monitoring employees leave eligibility, leave availed, leave availability and deductions wherever necessary.

Taking care of employee’s corporate salary accounts with regard to filling account opening forms, along with PF, ESI and employment registration forms.

Preparation of pay slips with regard to designing break-up of gross salary and taking care of statutory deductions such as PF, ESI, PT, TDS and other viz leave deductions and misc etc. along with conveyance and travel claims and salary disbursements.
  1. Preparation of summary of all pay slips.
  2. Monitoring PF, ESI, PT remittances, filling etc.
  3. Routine tax planning for salaried personnel.
Deductions

The following are the most common deductions from the salary
  1. Income Tax
  2. Professional Tax ( if applicable)
  3. Salary against leaves
  4. PF contribution
  5. ESI contribution
  6. Insurance premium ( if applicable)
  7. Advance Recovery (if applicable)
Salary Slip

  • A slip of paper included with your pay that records how much money you have earned and how much tax or insurance or any other deductions have been taken out.
     

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