In this ever-evolving regulatory environment, one of the biggest challenges for businesses is to implement appropriate processes to execute payroll and compliance in India.
Figuring out the compliances applicable to your business is only half the battle. With several payroll compliances to follow, keeping track of all filing and payment deadlines becomes a tedious task.
If a proper process is not followed, you might end up missing deadlines and inviting unnecessary legal troubles.
If you haven’t automated your payroll process already – we have put together a compliance calendar for you. The calendar includes all the statutory due dates and deadlines applicable to your business for FY 2020-21.
This compliance calendar will help you keep up with all the statutory due dates for TDS, PF, ESI and PT. But what if the due dates change? The compliance calendar won’t update itself, but our product will.
Opfin: A cut above the rest
At Razorpay, we built Opfin to help businesses manage their payroll and compliance without any hiccups. The software reduces the time spent on executing payroll manually from hours to 10 minutes.
Opfin takes care of all the compliance calculations and payments automatically. Yes! Right from statutory deductions to their return filings are done timely, with minimum human intervention.
The product is updated with all the latest amendments to compliance. For example, the introduction of the Dual Tax Regime in Budget 2020. As soon as FM Nirmala Sitharaman announced on the 1st of February 2020, we updated our software within a couple of hours with new reduced tax rates.
Employees were able to consider both the advantages and disadvantages of the new tax regime in comparison with the old one. They calculated and compared total tax on their annual income, based on both the regimes. This helped them understand what works best for them.
7 compelling reasons to consider Opfin for your business:
- No juggling with various spreadsheets
- Automated salary disbursals
- On-time statutory payments and filings
- Increase transparency among employees
- Get all salary and compliance reports in one place
- Track employees’ attendance in real-time
- Processes employee reimbursements instantly
Never miss another payroll compliance deadline with Opfin!