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Company
Company in business perspective is an institution / organization created by an individual/group of people to conduct business. As per the companies act, 1956, a company means an institution formed and registered under The Companies Act, 1956. Since it is an association of persons constituted to perform business, it must be registered under the above specified act with a distinct name. A company is a separate legal entity and its constituents are mainly its members & directors.
 
Registrar of Companies (ROC):
Registrar of Companies (ROC) has been appointed under The Companies Act, to register the floated companies in the respective states and union territories. ROC also ensures that such companies comply with statutory requirements under the Act. The ROC deals with the incorporation of companies, change of name of companies, change of financial year, conversion of companies from public to private and vice versa, striking off the names of companies and default action against companies.
 
Branches of a Company
In relation to a company, Branch means, an establishment described as a branch by the company and carries the same activity (business) as carried by the Head office or registered office of the company.
 
Employee
An employee is a person hired to perform a job. Employee in the payroll perspective is said to be a person who is hired to perform certain job and on accomplishing the job receives remuneration from the employer.
 
Payroll
Payroll is a record of all the payments made towards salary / wage / remuneration of each and every employee in an organization. Regardless of the number of employees, an employer should maintain the details pertaining to all the payments made towards the business. Managing a record of salaries, wages, deductions, bonus made to employees is called as Payroll.
 
Payroll Processing
Processing a payroll is a Herculean task in present day scenario. HR activities include selecting the candidates, getting them interviewed, fixing the scale of salary, recruitment, processing salary, training, appraisal etc. Amongst all the tasks mentioned above, payroll processing of salary needs more supervision as it has to be done in time coupled with accurateness. While processing the salary of employees, many factors have to be considered like, employee’s present days, leaves, standing instructions (if any) etc. Also, payroll processing must be done keeping in view of present day’s statutory, MIS requirements etc., and the person who is taking care of payroll processing must ensure the statutory compliance. Statutory compliance means calculating the statutory deductions like PF, ESI, PT, TDS etc., from the salary, filing the returns etc.
 
 
 
 
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