Payroll Management

Efficient, accurate payroll management is essential for every successful business. Our payroll services are designed to ensure your employees are paid correctly and on time while staying fully compliant with tax laws and labor regulations. With our dedicated team handling payroll, you can focus on what truly matters: growing your business and supporting your team. Our team combines expert knowledge, innovative tools, and a commitment to accuracy and confidentiality. We keep up-to-date with ever-changing payroll regulations and tax laws, so you don’t have to worry about compliance. Let us take the complexity out of payroll with efficient, reliable solutions that align with your business needs.

Payroll

It is a well-known fact that paying employees accurately and maintaining compliance with the relevant legal departments can be a challenging task. While you focus on achieving your business’s mission and vision, why get bogged down by tasks like payroll? Let us take care of your payroll needs and ensure that your records are maintained properly. We can assist you with payroll processing, employee payments, and handling statutory requirements, including filing the necessary returns on time.

With over 10 years of experience in payroll management, our team can provide you with much-needed relief from all manpower-related issues, allowing you to fully concentrate on growing your business and other high-priority activities without the constraints of manpower limitations.

Our Services Include:

  • Structuring employee salaries
  • Processing monthly payroll and generating pay slips (emailed to employees)
  • Facilitating direct deposit of salaries into employee bank accounts
  • Remitting monthly tax deductions to the appropriate authorities
  • E-filing of TDS returns and other statutory filings
  • Providing MIS reports
  • Preparing year-end salary certificates
  • Tax consultation

Form16

    Form 16 is a certificate issued by an employer to all of his employees for a specific financial year, reflecting the total salary paid and the amount of tax deducted at source (TDS) during that year. For salaried employees, Form 16 is crucial from an income-tax perspective, as it forms the foundation of their income tax return.

    The purpose of this article is to draw the attention of salaried employees who have either already received or are yet to receive their Form 16 for the financial year. The following points are noteworthy in this regard:

     Form 16 – Part A

    Part A of Form 16 serves as the TDS certificate issued by your employer. It details the total salary paid to you during the year, along with the amount of tax deducted and deposited by your employer with the Indian Government Treasury.

     Form 16 – Part B

    Part B of Form 16 is usually an annexure to Part A. It provides detailed information about your salary components, the taxability of those components, and the total tax payable by you for the year, against which TDS has been deducted and deposited by your employer.

      Payroll Audit

      We conduct payroll audit services across a variety of industries to ensure that employers are making proper contributions as required by their collective bargaining agreements.

      Benefits of Payroll Audits and Compliance Programs

      At MKTS, our payroll audit program and procedures are adaptable to meet each client’s unique needs. We customize our approach based on a thorough understanding of each plan’s specific requirements.

      Payroll compliance programs assist plan trustees by:

      • Determining whether the plan is receiving the correct amount of employer contributions
      • Verifying that the plan has accurate and complete participant records
      • Providing employees with assurance that contribution payments are being carefully monitored.

       

      Making the Gray Areas Transparent

      Employer contributions are often not straightforward. We ensure that employers remit the appropriate amount of contributions for the employees they report. Additionally, we assess whether there are other employees on the company’s payroll whom the employer has failed to include in their contributions. While necessary for compliance, payroll audits can result in significant financial differences—sometimes amounting to thousands of dollars.