STATUTORY COMPLIANCE

It has to be structured, coordinated, and has to have proper laws and regulations in order for an organization to operate smoothly. These rules apply to all levels, including the way the company deals with its workers. That is called regulatory enforcement. In human resources, regulatory enforcement has to do with the legislative system under which businesses have to act with the care of their workers. Statutory compliance means the fulfillment of an individual, company, or firm’s obligations as prescribed by law (enactments, rules, regulations, notifications such as the Shops & Establishment Act, CST / GST, Contract Labor(A&R) Act, Employees Provident Fund, ESI, etc.). 

Whether it is in the form of providing prescribed information in the form of periodic returns, obtaining registrations, following statutes in daily activities as a citizen, or as a corporate body.

Frequently Asked Questions​

The intention behind the introduction of different rules and regulations is to ensure that the interests of employees are safeguarded and not exploited in any way. This in turn helps to build loyalty to the employees. Companies that fail to adhere to the specified rules and regulations run the risk of confronting legal issues, which can lead them to face heavy implications on the business's bottom line. Penal actions can be taken against organizations that willfully fail to comply with the rules and regulations set out in the framework. Thus it can be said that almost always companies undertaking a proactive approach to statutory compliance have an environment that is efficient, safer, and more trusted.

The Minimum Wages Act, 1948, is "a law providing for the setting of minimum wage rates in certain jobs," which sets out the minimum wages to be paid for skilled and unskilled laborers. This not only guarantees money for the bare livelihood of workers, but it also covers educational and medical needs. Both the Central and State Governments administer the Minimum Wages Act. The government of the state fixes minimum wage rates for different classes of employees, makes rules, and examines claims related to the non-payment of minimum wages. Payment below the minimum rate of pay is considered forced labor.

TERMS UNDER STATUTORY COMPLIANCE

Statutory Compliances for ESI Fund and PF Deduction

The ESI scheme applies to all factories and other establishments, as defined in the 1948 Employees ‘ State Insurance Act, with 10 or more persons employed in those establishments. Moreover, persons employed for wages up to Rs. 21,000 a month are covered only under the ESI scheme. The Employees Provident Fund ( EPF) is also a contributory fund, similar to ESI, in which both the employer and the employee contribute a certain sum. EPF is a mandatory and contributory fund for Indian organizations under “The Provident Fund for Employees and the 1952 Miscellaneous Provisions Act” The employer’s contribution represents 12 percent of basic salaries, plus dearness and allowances for retention. For establishments with fewer than 20 employees, the contribution rate for the employer is limited to 10 percent according to the EPFO rules.

Professional Taxes

Since the State government levies a professional tax, the amount varies in different states. Every state has its own professional tax laws. All states, however, follow the wage or wage-based slab system while levying a professional tax.

Penalties follow in the event of a violation of professional tax regulations. Although the actual penalty amount or penal interest is dependent on the laws of the respective state, the penalty is imposed by all states for failing to register once professional tax law comes into force. There are also penalties for on-time payments, as well as for failure to file the return by the specified due date.

Gratuity

Gratuity is a type of payment provided in the company by an employer to an individual for services rendered. However, gratuity is available only to workers who have spent five years or more with the company.

The employer shall plan for the gratuity payment to be charged to the employee within thirty days of the day it is payable. In the event that the employer fails to pay the balance within the stated duration, the employer may have to bear basic interest thereon from the date when the gratuity becomes payable at the rate not above that the government stipulates.

TDS Deduction

Any employer paying salaries to workers shall be allowed to subtract TDS under Section 192 of the Income Tax Act, 1961 if the wage reaches the permissible tax-exempt sum. Employers must ensure that they produce Form 24Q and Form 16 in a timely manner. The contractor is allowed to subtract TDS before issuing a salary to an employee. By the 7th of the next month, the balance withdrawn in the form of TDS must be deposited with the State. That refers to all months except March, for which the last date is April 30th. In the event that TDS has not been paid by the due date, the following provisions would apply-the late filing charge (if not filed by the due date), the interest (if not filed on time), and the penalty (if not filed within one year from the due date).

Why Select Us?

OUR STRENGTH LIES IN PROVIDING REAL WORLD PRACTICAL SOLUTIONS

STRICT
TIMELINE

Our foremost priority is to provide Instant Support and are always very particular on adherence of timely delivery so that you don’t miss out on deadline. We have worked with some most time strict clients and we have never missed our target. Our one thumb rule says that “If we miss a deadline we are out”. Accounts and Finance function need always alert eagle eye approach!

MINIMUM
COST

Our prices are most reasonable and under budget that you never realize any cost burden in your organization in comparison of value addition we bring in. We believe in adoption of your business first and fee shall take care of itself mantra. We never bill for disappointment and take ownership. It is how we like to be treated and that is how our customers are served.

ONE STOP
SOLUTION

We at AVS & Associates only recruit experienced, skilled professionals who have proven expertise in their field. With a diverse Team of Chartered Accountants, Company Secretaries, Lawyers, and various other consultants on board, we offer end to end financial and legal service under one roof saving time and energy and bring synergy effect between various functions.

TRUST & RELIABILITY

Having over 20+ years experience in the leadership team ensure we maintain highest ethical standards and never go out of trust with you. We always believe in long term relationship with our clients hence integrity is something we value the most. We ensure transparency in communication, service and cost. Our specialized experts helps in maintaining high quality.

Don't believe us? See our Google ratings!

SAM GETSUGA
SAM GETSUGA
2020-09-06
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AVS and associates is extremely professional. They take care of all The things abiding by law and integrity whether it’s a tax management or company registration. They have registered a company and took care of the taxes without me breaking a sweat, they took care of everything proactively. I’m extremely satisfied and would recommend to anyone and everyone.
Kavita Sharma
Kavita Sharma
2020-09-02
Verified
AVS and associates is a very professional team. They handle all things abiding by law and takes out your burden of tax management , assets and all very very precisely up to the point. It’s great working with the team.
Laxmi Kant Thakur
Laxmi Kant Thakur
2020-08-28
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Chrishans Media
Chrishans Media
2020-03-03
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Hitesh Gurditta
Hitesh Gurditta
2020-03-01
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Anish kumar
Anish kumar
2020-02-29
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chiranjibi shah
chiranjibi shah
2020-02-29
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A wonderful experience with the team for the easy way out solutions of taxation and related matters...Thanks
Sanjay Thakur
Sanjay Thakur
2020-02-29
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Best place to work....Thanks Binay Sir...
Sarbendra Yadav
Sarbendra Yadav
2020-02-28
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RAVIRANJAN KUMAR
RAVIRANJAN KUMAR
2020-02-28
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DR V K Arora
DR V K Arora
2020-09-06
Verified review
AVS & Associates is a reliable CA firm of Delhi NCR. My company Management Associates Private Limited is taking their services from last ten years. Shri. V K Agrawal of AVS & Associates is knowledgeable, friendly and honest person.
Andrew Samta
Andrew Samta
2020-09-02
Verified review
had a nice experience with AVS. was in a urgent need of some income tax related docs and these guys helped out in really quick time. thanks, and would recommend anyone planning to avail their services....
chiranjibi shah
chiranjibi shah
2020-02-29
Verified review
A wonderful experience with the team for the easy way out solutions of taxation and related matters...Thanks
Amitabh Kulshreshtha
Amitabh Kulshreshtha
2020-09-02
Verified review
I appreciate the fastest way of services by AVS. Till now we got registered around 6 group companies,(Limited, Private Limited and LLP). Their Teams approach to deal with us was something I liked most. Special mention to Mr. Rahul and Ms. Neha. Guys, frankly speaking initially i was in doubt whether to trust these people or not? but once spoke and saw the way they handled my companies formation work, they ended up forming our all group companies and now handling the regular Accounting, Taxation, GST etc... If you are searching for a CA for all your needs, i suggest you may pick these guys and can assign one task before you make any opinions. BTW, we are availing their services since last 3 years. Thanks!
Kavita Sharma
Kavita Sharma
2020-09-02
Verified review
AVS and associates is a very professional team. They handle all things abiding by law and takes out your burden of tax management , assets and all very very precisely up to the point. It’s great working with the team.
Saurabh Verma
Saurabh Verma
2020-02-29
Verified review
I used their services for capital gain calculation and on many other factors to sell my flat in Noida while I'm here in Australia. Mr Vishnu is the man you need. Very professional, prompt replies and went an extra mile to do the job. Highly recommended.
Raj Malhotra
Raj Malhotra
2020-02-29
Verified review
Some highly talented group of indivisuals who do really care for customer satisfaction
Thefairyforce
Thefairyforce
2020-02-29
Verified review
I'm very satisfied with the service here. They have a very good behavior towards us and they listen to our problems closely and give the best solution. If you're starting up or running a business already I would recommend you to come here they are awesome!
Arpit Mathur
Arpit Mathur
2020-02-29
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There is environment and relation of every employee is very good. Management and discipline is very tough.
Singh Robin
Singh Robin
2020-02-29
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Highly Professional team. Really appreciate the way team coordinated & made everything easy for me. Thank you & wish you all the very best. Cheers.
ezam zaidi
ezam zaidi
2020-02-29
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Have been very cooperative. Proactive with every step. The team was patient and they made sure the entire process flow was smooth.
Manish Sharma
Manish Sharma
2020-02-29
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I got my company registered with avs. I am happy with their services and it was done quickly and in cost effective manner. Recommend anyone want to avail their services.
Pranav Tripathi
Pranav Tripathi
2020-02-29
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Vishnu ji has been with our company for the past 10 years with many different companies . Soft spoken, humble and a thorough professional.
Kishore Kundan
Kishore Kundan
2020-02-29
Verified review
Very fast service with cost effective..Agarwal sir behavior is very supportive.. I will suggest all to take services from AVS..
Sushil Kumar Raj
Sushil Kumar Raj
2020-02-29
Verified review
I would say they are the best for new company and start ups, the way they deal with person who do not have any idea about setting up of new company is remarkable....