New to HR: How Do I Handle Salary Transfers and Employee Tax Responsibilities?

Please guide me on how to set up the transfer of salaries and PF accounts. Do I need to pay taxes for employees every month, or will they pay annually? My email ID is samar4me@yahoo.co.uk. I would be obliged as I have just started my career in HR.

Hi Samar,

You must have a tie-up with some banks for employees' salary transfer. Instruct the bank to disburse the salary into each of the accounts. It takes a minimum of 24 hours.

For PF, just hire a PF consultant. They will help you in opening a PF account. Tax payment depends on whether you want to deduct it on a monthly basis or annually.

Thank you, Trapti. Sure, I will talk to the bank then. For employees working in the factory, they don't have accounts, so can I pay them in cash and get the receipt signed by them? Also, I have gathered some info about PF Org. Is it difficult to set up my employees' accounts? I mean, can't I do it on my own?

By now, I know the procedures for the computation of tax and PF for my employees. Now, kindly guide me on how to deposit this money in the PF organization and the Income Tax Department. I will be greatly obliged. Also, as Sanjay asked, my company is based in Gujarat and has a factory and marketing team.

Hi,

You can also consult your company auditor; I am sure there will be one, and he should be able to guide you with all the legal matters.

Hi,

There are some consultants who handle PF, statutory compliance, and inspections by the Factory Inspector. You can consult them, and they will be able to assist you with PF matters. As for your salary bank account, simply reach out to the nearest branch of any bank. Their relationship officers will contact you and take care of the necessary arrangements.

Thanks.

Regards,
Srinidhi Prasad

Thank you very much for your help. I will surely get in touch with the people you have suggested. Someone also gave me a link to an attachment. Please, can you check if this can be of some help? I am not able to understand that challan form.

Link: https://www.citehr.com/117117-pf-cal...lan-sheet.html

Hi All,

Can anyone help me out with the taxable and non-taxable salary components in a Salary Slip? I've just started my career in Accounts.

Thanks in advance.

Dear Umakanth,

See the attachment I have provided; it gives details for PF calculation. Besides that, for tax information, please refer to the thread "Income Tax" where you will find all the necessary details. If you still encounter any issues, I will be glad to help.

Regards,
Sam.

Dear Medulla,

My pleasure. Can anyone help me with giving contacts of some PF consultants in Gurgaon or Delhi?

Thank you.

Thank you very much for your PF calculation divisions and examples, which really helped me and cleared my long days of confusion and doubt. Once again, thank you for your help.

Regards,
Gopal
Email: gopi_irpm_2006@yahoo.co.in

Dear Samar,

I am also based in Gujarat, and there are several consultants. I don't know why you are looking for consultants in Delhi and Gurgaon. You can go and meet the respective Assistant Commissioner or PF Inspector of your area, and he will surely guide you. He may even suggest the name of a consultant.

As for the salary account for your employees, just give a ring to any private bank. They will come to you and suggest an appropriate scheme. They will take care of all the account opening formalities themselves.

Ravish