Payroll Structuring

Azalea Advisors’ Payroll Structuring services offer you unique functionality to calculate individual employees’ tax-friendly remuneration packages.

What is Payroll Structuring?

It is a process in which the employer gives salaries to the employees by calculating different components of compensation and provides benefits as per the rules. The employer tries to provide timely reimbursement of salary by maintaining the payroll expenses.

Here is a sneak peek at the Services provided by Payroll consultants in Pune working with Azalea Advisors to ease out your Payroll System.

A structured payroll system helps in

• Selecting the right components for an Employee’s Salary based on the type and size of the organization
• Maintains data of employees
• Calculates gross and net salary
• Determines payroll deductions
• Creates a payslip and its distribution
• Obtains Employee identification number, if necessary

Target to increase in hand components

The employee remuneration packages have key components structured altogether in a payroll. It helps to provide prerequisites and tax benefits to the employees according to the law.

The main components of salary are:-

• Gross salary:- An employees salary before deduction, often referred to as CTC (cost to the Company)
• Professional tax
• Provident Fund
• ESI (Employee State Insurance) as per rules
• Net salary:- After deducting the abovementioned components, the employee gets a net salary to take home. The Net-salary includes some benefits offered by the employer, viz.,
  • Dearness Allowance (DA)
  • House Rent Allowance (HRA)
  • Leave Travelling Allowance (LTA)
  • Children’s Education and Hostel Allowance
  • Books and Periodical Allowance
  • Mobile and telephone Reimbursement
  • Fuel Reimbursement
  • Vehicle maintenance Reimbursement
  • Labour Welfare fund
  • Adhoc pay (like an annual bonus, Incentive based performance, or festive advance)

Some of the allowances may be taxable, and the proficient Income Tax consultants in Pune at our firm help you find the answers.

Focus on Employer/ Employee-friendly organization

Payroll structure is vital for establishing a healthy employer-employee relationship, beneficial for both in the long run. The employer can strengthen it by offering performance-based incentives, bonuses, gratuities, retirement plans, and family insurance. Special training programs and activities are organized to enhance the performance of the employees. The best business advisors and consultants in Pune are associated with us to guide you on this structure.

Derive Maximum Tax-benefits

The Indian Government introduces tax deductions and exemptions as part of the Income Tax Act 1961. The efficient financial advisors and planners in Pune, associated with the firm, help the employer/employee to save money for long-term benefits to reduce the tax liability of the employer, it is essential to set the basic salary and DA in a lower range and as per statutory compliance requirements.

Ensure Regulatory Aspects

Our firm ensures a fruitful structuring of the payroll system for the business owner, managed by the best Chartered Accountants and Investment advisors in Pune. It allows the employer of the business to adhere to Government guidelines and relevant specifications, thus avoiding fines and penalties.

Contact us for hassle-free payroll structuring for your business because a healthy employer-employee relationship takes your business a notch above your rivals.