What is the payroll fiscal year in India?
A fiscal year is a one-year period for a company to report its financial information. For payroll in India, the fiscal year begins on April 1st and ends on March 31st of the next year. In the month of April, every business starts its tax computations for employees from scratch for the new fiscal-year. Most organizations also collect tax saving declarations from their employees in the month of April itself. If you're deciding when to take these steps to start your payroll year, there are benefits to aligning it with the new fiscal year.
Benefits of starting payroll operations on a new fiscal year
No need for data migration
Avoid the process of bringing in tons of previous months' payroll records mid-year. By starting on a new fiscal year, you make it easy for your payroll staff to get started right away.
Perfect YTD records
Leave no room for YTD miscalculations. When you get started with the fiscal year, you free your payroll staff from doing extra validation on the previous month or year's payroll data.
Minimal time to get started
All you need to do is set up your organization and start paying your employees.
How does Zoho Payroll help?
Move your paperwork online and get started at once. Onboarding is simple, efficient, and swift with Zoho Payroll.
Organize and set up Zoho Payroll according to your organization's policies. From diverse salary structures and pay schedules to granular user access controls, you can make our program work exactly the way you want.
Compliance is straightforward
Zoho Payroll has been designed to comply with all statutory Indian payroll laws. Keep your business on a legal footing with accurate tax deductions for EPF, PT, LWF, and ESI—and don't forget automatic IT deductions.
Reduced workload for payroll staff
Skip collecting mountains of reimbursement receipts and investment proofs manually. Our self-service portal allows employees to submit their investment proofs directly into the application. Payroll staff can now add real-time comments, avoiding the hassle of back-and-forth emails.
Integrated HR and accounting
Free your HR and accounting departments from repetitive, siloed work. Zoho Payroll helps you manage HR, payroll and accounting under one roof.
Practical and insightful data
Get audit-ready with automatically generated reports that deliver actionable insights about your payroll. Understand your tax liabilities, payroll costs, and more. Automate internal audits with timely scheduled reports sent directly to your auditors.
More features of Zoho Payroll
- Automatic payroll calculation
- Diverse compensation and benefit structures for employees across all levels
- Simple and secure employee portal
- User roles and role-based access for all your payroll staff
- Online salary payments through partner banks
- Automatic accounting of payroll expenses with accounting integrations
- Digital Form-16 signature
- Digitized IT declaration and proof collection process
- Loans, advances, variable pay, and bulk import of salary components
- Full and final settlement
- Timely notification and reminders for payroll admins
- Employee-friendly mobile app
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