Keep It Legal

Statutory Compliance

PayWheel takes care of the statutory compliance requirements state-wise and at the national level as well. PayWheel generates instant summaries and government-compliant reporting of Income Taxes, Employee Provident Fund (EPF), Employees’ State Insurance (ESIC), and more. 

statutory compliance

Payroll Compliance

PayWheel conforms to the rigorous regulations & labour laws set by the Indian government ensuring payroll compliance.

Informative Reports

PayWheel generates tax forms (e.g., Form 16, 24Q, 12BA), EPF, ESIC reports, and state-wise PT reports, among others.

Simplified Payroll Deductions

Customize deductions in salary parameters, and PayWheel handles the rest, from calculations to report generation.

Professional Tax Deductions
PROFESSIONAL TAX COMPLIANCE

Professional Tax Statewide Deductions

PayWheel simplifies state-specific PT (professional tax) calculations by integrating them into the system. Upon entering your data, PayWheel automatically deducts the state-wise PT and generates required documentation for each state. Its user-friendly interface ensures efficient and error-free management of state-specific PT. Additionally, it offers downloadable PT challans and reports for convenience.

INCOME TAX COMPLIANCE

TDS Calculations Made Easy

Enter your TDS challan details into the PayWheel portal to instantly view the taxable amount and remaining balance liability. You can also download detailed TDS reports. Additionally, users can input challan details by selecting the financial year and specifying the payment mode (online or cheque) and can also access employee tax deduction details.

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"PayWheel meets our requirements, and I particularly appreciate the letter generation feature along with its variety of templates. It has made our tasks much easier to handle. I would rate PayWheel a solid 7 out of 10 and would recommend it to HR professionals seeking a comprehensive HRM solution."
-Preeti
Assistant Manager HR & Admin, Sona Beverages

QUICK & EASY FORM DOWNLOADS

Effortless Access to 24Q, 12A, and Form 16 forms & reports

Download income tax forms, such as 24Q, 12BA, and Form 16, from PayWheel to use as reference points for your company. Use these forms as essential tools to ensure payroll compliance in HR and accuracy in financial reporting. Integrating these forms into your company’s systems not only facilitates seamless adherence to tax regulations and enables comprehensive auditing and streamlined reporting mechanisms.

INSTANT IT PROJECTION REPORTS

Get Instant Tax Breakdown with Custom IT Projection Reports

You can instantly generate the IT projection report just before filing your income tax returns. This report provides a comprehensive breakdown of taxes for each employee, ensuring a detailed understanding of the tax obligations associated with individual employees. 

ENSURE PF COMPLIANCE

Automatic Calculation and Deduction of PF &ESI

When setting up salary parameters, you can specify PF and ESI amounts for employees. PayWheel will handle monthly calculations and deductions automatically. You can also add extra parameters or deductions like gratuity and insurance. 

CUSTOMIZABLE SALARY COMPONENTS & TAX DEDUCTIONS

Configure Personalized Salary and Tax Component

Configure various components such as bonuses, leave encashment, reimbursement, and variable pay. You can add as many parameters as needed. Customize these categories to align as per your statutory requirements, and PayWheel will automatically adjust tax deductions during computation to reflect changes.

reports
INCOME TAX REPORTS

Streamline Your Tax Reporting with Effortless Downloads

PayWheel provides system-generated Income tax reports such as Form 16, 24Q, and 12BA, along with a wide range of state-wise Professional Tax (PT) reports. Additionally, PayWheel provides PF reports including PF statement, PF arrear report, and PF exit report. For ESI, it offers Form 1, Form 5, and ESI monthly reports.

GENERATE FORM T IN JUST ONE-CLICK

Instant Form T Generation with Complete Information

PayWheel generates Form T, which includes a detailed breakdown of the salary, deductions, overtime worked, total duration of employment, and any other necessary components recorded and stored month-wise and year-wise for each and every employee.

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Frequently Asked Questions

Statutory compliance is a pre-established set of laws and regulations which every organization must abide by. India has made it mandatory that all organizations must abide all central and state government rules and regulations. However, these regulations may vary according to the type of organization and state except for the central laws. Statutory compliance ensures the welfare of both the employer and the employee and plays a principal role in creating an organizational culture that is safe, reliable and inclusive.  

Statutory compliance offers several benefits to both the employer and the employee. For the employer, it helps to avoid the consequences of non-compliance, like lawsuits, license revocation or suspension and penaltiesAlso, it protects companies against reputational risks by enabling improved staff retention, trust, and adherence to ethical practices. 

As for the employees, statutory compliance helps in areas such as employee contracts, minimum wages, overtime payments, employee benefits, and working conditions. It also safeguards the rights of the employees to ensure fair and equal treatment. 

Yes, PayWheel enables you generate income tax forms according to your organizational and also download reports to upload in the income tax portal. You can download the income tax forms directly from the statutory compliance portal in PayWheel.  

Yes, you can download individual and for the entire organization PF and ESIC reports for each financial year. You can directly download these reports from the reports portal in your PayWheel portal. 

Statutory compliance ensures businesses adhere to laws, regulations, and standards set by the government. Non-compliance can lead to legal repercussions, fines, reputational damage, and operational disruptions. Compliance is an important aspect as it promotes a fair and safe work environment, protects employee rights, ensures financial transparency, and upholds ethical business practices. Additionally, compliance enhances trust with stakeholders, including customers, investors, and regulatory authorities. Payroll software like PayWheel can help streamline payroll processing, ensuring accurate calculations and timely payments. And they also help in automating tax deductions and reporting, reducing errors, and mitigating legal risks for companies.