Statutory Compliance in India- It’s Everyone’s Business

1. Statutory Compliance in India- It’s Everyone’s Business Statutory and regulatory compliance have long played part in the business. Each business is specifically governed by laws that they need to adhere. Failure to comply with these laws can lead to the shutting down of the business, huge fines and penalties, loss of credibility and future sale, legal prosecution and the worst scenario can be closure of the business. Irrespective of the size of the business, failure to comply with the compliance may lead to spending subsequent amount of resources to get it rectified. In extreme cases, it may not be even possible to get the things back on track as the issue of noncompliance may be extreme. “A stitch in time saves nine” Thus it is very important to start adhering to the laws that govern your business and to avoid the major problems which are likely to occur in the near future if not taken right step on right time. It is certainly, obvious that since there are so many laws that govern your business, it becomes very difficult to take care for all of them, however, the bitter fact is that there is no place for ignorance in the eyes of laws. Hence it is always better to take help of professionals like Paysquare who are experts in providing statutory compliance services in India. Service providers like these, helps you by offering a range of services that help the company deal with various statutory compliance challenges. Advantage of statutory compliance services in India:- Helps your company get registered with ESI, professional tax, Provident Fund etc. to make sure that the company is in compliance with the labor laws of India. Helps in the preparation of challan and its timely remittance in the bank. Proactive involvement in the calculation and the deduction of the various statutory dues in concern to your business.

2. Preparation as well as filing of monthly, quarterly, half yearly, annual as well as random returns to make sure that there are no dues left that would have to be cleared as a penalty, later on. Statutory compliance in India makes it mandatory for the business to be in liaison with the statutory bodies and the dedicated companies like Paysquare take the onus of making your companies compliant with it Keep a record of the statutory reports in the form of reports or registers Apart from the above mentioned services, companies like Paysquare can help in preparing various reports like ESIC reports, Income tax report, LWF report, Professional tax report, provident fund report. The above mentioned services are not the only ones available though. Since the employees in such companies are always monitoring the latest updates in the laws, there is no need to worry about being noncompliant with the statutory compliance parameters. It is always better to get in touch with one such service organization and call them for a demo. It can help to determine how their expertise and product can help your organization in being compliant with the statutory requirements as laid down by the Government of India. To know how Paysquare can help to manage your Payroll process, please contact us today! Free consultation