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What do you mean by statutory payments?

Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 Pinky asked almost 3 years ago

What do you mean by statutory payments?

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2 Answers
Data?1494421730 rohit awasthi answered almost 3 years ago

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. Thanks

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 CA Sandeep Bohra answered almost 3 years ago

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.

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