Statutory compliance is a critical aspect that every firm must prioritise to safeguard their business from legal issues. Essentially, statutory compliance refers to conforming to the legal guidelines set by the Government for organisations.
Non-compliance with central and state labour laws can lead to severe legal repercussions that can adversely affect the company. Apart from protecting employee welfare, statutory compliance also helps maintain the organisation’s reputation and brand value. Failure to comply with the legal framework can lead to hefty fines, lawsuits, and loss of customer trust.
To ensure compliance,to all the parties involved like employees ,employers and the organisation, it’s crucial to document all policies and procedures, stay updated on changing Acts and Policies, conduct regular compliance audits, and provide employee training.This fosters a reliable workplace with sustainable growth.
Effortlessly manage your tax compliance with our expert assistance in TDS & GST payments, filing, annual returns and tax planning for your business, promoters and employees.
When exporting software, it is essential to file a SOFTEX form after the actual export has taken place. This form is necessary for exporters registered under STP and SEZ, as well as non-STP units. Failure to file the SOFTEX form can result in the remittance received being treated as general services and the freezing of bank accounts.
ESI Fund is a social security and health insurance scheme for Indian workers, and non-seasonal factories or establishments with 10 or more employees are eligible. The monthly wage limit has been raised to 21000 from 15000, and the rate of contribution reduced from 6.5% to 4%.
EPF is a fund where both employees and employers contribute, and any company with 20 or more employees must be EPFO-compliant.
Gratuity is a benefit paid to employees for services rendered and is payable after 5 years of employment. If an organisation is covered under the Payment of Gratuity Act, 1972, where we create a separate gratuity trust fund .