AMLAN BASU HR

  Updated Checklist for Statutory Compliance 2021 While compliance is a normal term that indicates adherence to rules and laws, statutory compliance is particularly related to the adherence of labour and HR-related rules and laws. Every organization needs to follow some government set guidelines and laws which are related to taxes, employees, and payments. These guidelines and laws fall under statutory compliance. When an organization fails to maintain statutory compliance, penalties and fines are imposed by various authorized bodies. This is why obeying  statutory compliance in India  is important. In this article, we will discuss the basics  of  statutory compliance management   and ways to stay away from penalties through  statutory compliance list. What is Statutory Compliance? Statutory compliance in HR  indicates a legal framework that allows organizations to operate according to a certain structure. This structure is generally related to th...

Gratuity An amount of  salary (basic salary + dearness allowance) equal to half the months of the year in which service is  given is given as gratuity. For example, on 33 years of service, a gratuity will be equal to the salary of maximum sixteen and a half (16.5) months. Under the gratuity act 1972, every establishment with more than 10 employees has to provide gratuity to its employees. Once a person works for more than 5 years in an organisation, he/she becomes eligible to receive gratuity. It is the sum that is paid to you when you retire or leave an organisation. It is the sum paid to an employee when he/she retires or leave an organisation. The limit on gratuity that can be given to a person is 10 lakhs. Professional tax Professional tax is levied by particular Municipal Corporations and majority of the Indian states impose this duty. It is a source of revenue for the government. The maximum amount payable per year is INR 2,500 and in line with tax payer's sa...