As we sail into 2020, we have something to make your sailing smoother: a calendar with all the important payroll compliance dates you need to know for this year. This calendar will help you track your compliance activities and stay on top of it. But why is statutory compliance essential to run a business? Let’s explore.
What is statutory compliance?
The Government has set certain legal guidelines for businesses to support their employees during and after their tenure. According to these guidelines, businesses have to:
- Deduct taxes from employees.
- Contribute towards statutory components (ESI, EPF, LWF, PT, bonus, gratuity, etc.).
- Remit the withheld taxes and contributions to the Government.
- File returns to the respective Government departments.
- Submit statutory information to Government officials for auditing.
Statutory compliance means adhering to the above guidelines and remitting the contributions and taxes to the Government on time.
What do you need to do as an organisation?
The Government has set some dates on which the remitted sums will have to be submitted to the respective departments. For example, the EPF contributions of the employer and the employee should be submitted on the 15th of every month.
Similarily, e-TDS/TCS statements should be filed for quarterly income tax returns (Form 24Q) on the 31st of every quarter (Jan, Apr, July, Oct).
What happens if you fail to stay compliant?
Failure to adhere to these dates would result in severe penalties, including hefty fines and legal action. It can have a worse impact on the business’s reputation, because compliance violations tend to cause customers to lose faith in the business.
How does Zoho Payroll help you stay compliant?
It’s simple. We’ve designed a compliance calendar which highlights the compliance dates for all the statutory components to remind you of the statutory activities you need to be ready for. Download your digital copy here.
Print it out and set it up at your work station and take a look at it every week.
We’ve also included some cool facts about payroll for you to check out. We hope this calendar brightens up your desk and makes compliance a little less cumbersome.
Disclaimer: While we have made every attempt to ensure that the information in this calendar has been obtained from reliable sources, Zoho Payroll is not responsible for any errors or omissions, or for the results obtained from the use of this information, as the dates may change.
Source: Zoho Blog