Role Of HR & Finance In Payroll Deliverables In Compl. With Statutory, India?

Dear Friend,
Request your vaulable inputs on HR & Finance teams role in Payroll. Please try connecting the inputs from Statutory and ownership stand point and not from a industry practice. All I wanted to know is, what's the best practice which supposed to be followed.
Per me, as HR owns employee payroll, apart from TDS(Income Tax) rest all inputs to be provided by HR to finance or thirdparty for preparing the payroll and have complete ownership on the inputs as well as all payroll components (earnings/deductions(excluding TDS)).
Looking forward for promot and solid inputs to execute.
Cheers,
KK

Greeting,
Common Practise is HR provides inputs as per the monthly payroll calendar and Finance Process it . As you have explained , its exactly how it can be done.
HR provides the following details in Excell Sheets to Finance by 20 th or 25 th of every month
1. New employee details
2. Incentives for the month
3. Hike [ if issued]
4. Attendance
5. Variable pay
6. Stop payment [ Its recomended , that the stop payment is treated as highest priority and there should be no cut off time period for this. Finance should accept the information till the last minute. For eg :if an employee have resigned on 31st evening and the salary be disbursed by 1st evening , Finance should accept the information from HR and accentuate it.
7.Any other amount if mentioned in the salary structure in Appointment letter , such Car Maintenance , Cell phone reimbursement and etc.
Please do revert if you have any further querries.
Regards,
(Cite Contribution)