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It can be troublesome to prepare the salaries for staff. The amount of
troubles depends on how many different allowances and bonuses you are using and
how many credit facilities are offered to the staff.
Besides these there are all the different insurance, tax and other tasks you
have to do because of the national legislation.
Legal obligation
You as the owner of a company have a statutory duty to maintain records of
all wages paid and deductions made. Failure to do so could result in a heavy
fine. Be sure to familiarise yourself with the arrangements of your tax
authority and get hold of the latest tax deduction book.
Business owners are responsible for ensuring that proper statutory deductions
are made from an employees salary. The deductions must be passed on promptly to
the relevant authority.
Do not tempt to disregard the Tax Department in relation to temporary, part
time or casual employees. All wages must be included in the financial returns to
the tax office.
Wage Book
You should keep a separate Wage Book which brings together all the
information on staff salaries and deductions. They can often be purchased from
stationery suppliers in a pre-printed format.
The transactions in the wage-book also have to be registered in your PC
bookkeeping programme.
- Go to next business issue: Stock Registration
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| bhaskar, india |
02-08-2011 |
4 years exp in accounting field
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