Which are the best payroll services in India?
Consider what all you might require from an ideal payroll app -The ability to automatically bifurcate a salary into its components like basic, hra etc, while minimising tax liabilities.Salary transfers to the employee bank accounts.Management of legal and compliance issues like TDS, provident fund, ESI, professional tax etc.Employee self-service like downloading pay slips, requesting reimbursements and uploading documents.Ease of access to the platform through the web or an app.Handles leave and attendance.The last, but definitely not the least, how much effort do you have to put in to execute the payroll itself.Opfin (www.opfin.com) is a relatively new payroll service provider for the Indian market, but checks all of the points mentioned above. Not only does it perform all the payroll calculations, but most crucially actually executes the payroll as well. That basically means that Opfin will be responsible for transferring salaries to the employee bank account and will generate and pay challans for TDS, PF, ESI etc. Of course, this does mean that Opfin handles all the payments for you, and you need to trust them with your entire payroll amount.For more information, please visit www.opfin.com or call at +91 87663 96511.Disclaimer - I am one of the founders of Opfin.
What is the difference between an income tax and a payroll tax?
What is the difference between an income tax and a payroll tax? A. Income taxes reduce the demand for harmful goods while payroll taxes don't affect this demand. B. Income taxes are collected based on income while payroll taxes are collected based on wealth. C. Income taxes are used for a wide variety of government activities while payroll taxes pay for specific programs. D. Income taxes increase the purchasing power of the government while payroll taxes increase the purchasing power of workers.