Accounting & Payroll: Accuracy & Compliance
At Taxellence Consultants, we integrate Taxellence AI with human expertise to deliver real-time financial reporting and error-free payroll processing under the New Wage Code 2026.
The 50% Wage Rule: Basic salary must comprise at least 50% of the total remuneration. We ensure your CTC structures are optimized to minimize tax impact while staying 100% compliant.
Statutory Payroll Contributions
| Component |
Employee Share |
Employer Share |
| Provident Fund (EPF) |
12% of Basic + DA |
12% (including Pension Fund) |
| ESIC (Medical) |
0.75% of Gross |
3.25% of Gross |
| Professional Tax |
Varies by State (Slab-based deductions) |
Accounting Standards & Tech
- Real-time Bookkeeping: Weekly bank reconciliations and automated expense categorization.
- Fixed Asset Management: Digital registers with automated depreciation under both IT Act and Companies Act.
- Vendor Compliance: Automated verification of vendor GST filings before releasing payments to protect your ITC.