Hey Suresh, I am sure you will be disappointed with the response. It was obvious, you see, the moment you mention the payroll, the sales payroll team will jump in. Ha ha ha :)
Well, first, please search for the download link of Citehr, and you will be amazed at the wealth of knowledge you get on payroll. [link removed]
What is Payroll, in layman's terms, would be the systematic presentation to the finance department of a report to enable them to pay the employees' salary and also for compliance with statutory obligations regarding PF, ESIC, PF, and income tax deductions, etc.
The Excel sheets that you would get from the downloads will give you an idea of all the data you would be required to maintain and provide to the finance department, besides giving them the monthly attendance sheet. Any other details required by finance for payroll needs to be provided to them.
Hope this is helpful.
Ukmitra