Perfected Payroll Outsourcing Service in Ahmedabad

For what length of time should I maintain the Payroll Statutory Records for the Organization using their forms?

Usually, the main duties of an HR department of a company are retention and disposal of records connected to employment. The Companies Act of 2013 states the corporation has to retain all records. Connect 2 Payroll Outsourcing Company Services in Ahmedabad India. The business effectively and methodically maintains data records in line with GDPR criteria, ISO 9001:2015, ISO 27001: 2013, and regulatory codes of practice on records management. All employee and corporate data is maintained, preserved, and deleted according to laws and standards.

Connect 2 Payroll Outsourcing Company Services in Ahmedabad India. We have compiled in this post the payroll statutory record retention period and the length of time a company should retain a piece of data.

Kinds of statutory payroll records should be kept here:

Payroll logs, pension and retirement records, tax-related records

Legal Files and Records

Record keeping in finance and accounting; insurance records; personnel and HR records

1: Payroll documentation:

Payroll deductions: three years following employment end of service.

Payroll registers (gross and net) three years following job termination.

Authorised employee deduction: three years following job termination.

Details on gratuity and retirement payouts three years following employment departure.

Leave records two years following the pertinent date.

Wage records span three years.

2: Pension and Retirement Notes:

Retirement Records → Lifetime Maintenance.

3: Tax-related documentation

Payroll Tax Records: Eight Years

Excise Tax records → Lifetime upkeep.

Tax returns → lifetime maintenance; tax bills, receipts, and statements → eight years.

Tax-Exemption Documents and Correspondence Related to Lifetime Maintenance

Original tax work paper packages: 8 years

Records of Sales Tax: Eight years

Service Tax Notes: Eight Years

4: Legal Files and Records:

Other statutory permissions, industrial entrepreneurship Memorandum, license and permit; lifetime maintenance.

Legal Memoranda and Opinutions: Three years following the matter's completion.

5: Finance and Accounting Records

Investment Records: Permanent Employee Expense Reports → 8 years General Ledger → Permanent Interim Financial Statements → 8 years Accountable Ledger → 8 Years Receivable Ledger and Schedule → 8 years Investment Record Regular Annual Audit Notes: Permanent Eight years after the audit ends

Plans and budgets annually; three years following the closing year of the budget

Bank Statement and Cancelled Cheques → 8 years; Security Deposit Receiving copies → 3 years after contract termination

6:- Insurance Notes:

Group Insurance Plans: Active Workers → 8 Years Policies for the Company → Releases and Settlements Over Time → Lifetime

7: Human Resources and Personnel Records

Personnel Files including lifetime earnings records for individual employees → three years following employment termination

Bonuses incentives, and awards → 8 years Employee Induction Records → Lifetime Employee Medical Records: 3 years after employment termination

Retention of records is done mostly for the following reasons:

follow legal rules and guidelines.

Keep statutory or regulatory records to help you prevent fines and penalties.

To keep records free from Government legal actions and private.