Why Statutory Compliance is Crucial for Businesses in India
Right from small to large organization the main and important aspect required is human resource that is manpower,employees, to run the functions of an organization planning to controlling to fulfil various aims and projects and for companies smooth administration with some facts,norms,philosophies,ethics rules and regulations set by company which is to be followed by company and for finance ,this can be said as statutory compliance
1.It is very important to understand the different labour and taxation laws in india to keep any alignment with any changes which is to be registered,as it is unpredictable and keep on changing dynamic in nature.
2.It is related to various labour and taxation law frequent in india, this law may be get changed in state and national level so it is compulsory to obey by all the companies, violation of this may put company in serious legal problem such as penalties, fines so on,, this is the reason company should spend a good deal of resource for promising statutory compliance this law is applicable for all the level and types of companies, partnership firm, soul concern, private limited, limited liability partnership firm.
3.It promises fair treatment of labour, it is required to prevent employees being exploited from the company officers asked to work unmanly hours.
4.It also ensures that the pay is fair as employees work done for organization.
5.It helps company by paying the tax at right time without delay which avoids unnecessary trouble for company, statutory compliance acts as a precautionary step taken by a company to not to face any uncertainties which may occur in the future.
Our dedicated team, takes care of all statutory compliance's that your business should be compliant to. In cases of any change in the laws, the team proactively acts to ensure that your business is also compliant with the new laws.
The Karnataka Shops & Commercial Establishments Act
The Factories Act
The Contract Labour (Regulation & Abolition) Act
The Karnataka Industrial Employment (Standing Orders) Rules
The Employees Provident Fund Act
The Employees State Insurance Act
The Maternity Benefit Act
The Payment of Gratuity Act
The Payment of Bonus Act
The Payment of Wages Act
The Minimum Wages Act
The Karnataka Labour Welfare Fund Act
The Maternity Benefit Act
The Equal Remuneration Act
The Employment Exchanges Act
The Apprentice Act
The Building and other Construction Act
The Employee’s Compensation Act
The Inter-State Migrant Workmen Central Rules
If you want to maintain or adhere to statutory and labour law compliance's, then SRP is the right partner to assist you with the state and central statutory and labour law compliance's.