All you need to know about Statutory Compliance in India
In India, companies spend time and energy to ensure that their payroll system is compliant with legally required laws and regulations. Many companies worry about having to face legal issues related to statutory compliance. Even if an organization does not intend to violate laws still there is a chance of loopholes inside the organization. As the risk of non-compliance increases, companies operating in India need to be updated in statutory compliance in HR in India. Table of Contents What is statutory compliance? What is the significance of Statutory Compliance? The Minimum Wages Act, 1948 Method of the Committee Method of notification The Payment of Bonus Act, 1965 TDS deduction Statutory compliance requirements for ESI funds and PF deductions Professional taxes (PT) Gratuity The Shops and Commercial Establishments Act (1953) Maternity Benefit Act, 1961 The Employees’ State Insurance Act, 1948 What is statutory compliance? The legally defined framework in which any particular organiz