Pinky
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What do you mean by statutory payments?
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rohit awasthi
answered
Dear Friend
Statutory Payment
Statutory Payment refers to "of or related to statutes," or usually known as laws or regulations set down by a legislature. Statutes may originate with national, state legislatures or local municipalities.
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CA Sandeep Bohra
answered
Dear friend,
**Meaning**
Statutory payments are those taxes and dues which laid down by Government , statutory entities, local authority to be paid by the persons to whom they are made applicable . Such statutory payments are levied by them which are to be paid by the companies, firms, banks proprietors and other business as the case me.
**Types of Statutory Payment**
Some statutory payments are Service tax, Excise Duty, Wealth tax, VAT, CST, Income tax, Employee provident fund, Employees state insurance, Professional Tax, turnover tax, Local authority taxes municipality taxes etc.
