Executive Summary
MMTC-PAMP operates India's only LBMA-accredited precious metals refinery and mint. Operating in a high-security, precision environment requires stringent internal accounting controls and swift monthly payroll execution.
Operational hurdles & compliance bottlenecks
Manual spreadsheet reconciliations for PF wage caps, voluntary PF (VPF) contributions, TDS on salary (Form 16/24Q), and shift allowances took 6 to 8 hours each month, delaying monthly financial book closures.
How UTS Payroll transformed the workflow
UTS Payroll automated salary structuring, automatic PF ceiling caps (₹15,000 basic rule), TDS tax regime projections (Old vs New Regime under Sec 115BAC), and auto-generated bank disbursement files.
Measurable results delivered
“I used to spend an entire day every month reconciling PF, ESIC, and TDS numbers in spreadsheets. With UTS Payroll, our complete monthly payroll and statutory returns run in under 30 minutes with zero discrepancies.
Key Takeaways for HR & Payroll Leaders
- 1. Automated dual tax regime calculator simplifies Section 115BAC tax deductions for employees.
- 2. One-click ECR and ESIC file generation prevents manual portal data entry errors.
- 3. Integrated TDS computation ensures accurate quarterly Form 24Q filing.