The list of employees in an organization and total Compensation to be paid for a predefined period is called payroll. Normally, the wage period, or payroll cycle, would be one month. But for contract labor and daily wage workers, there could be appropriate periods defined by the organization.
Payroll also involves the following processes:
Developing the organizational Payroll Policy that covers flexible benefits, leave encashment, etc.
Defining pay slip components like Basic, Variable pay, HRA, LTA, Bonus, etc.
Gathering other Payroll Inputs (e.g., Total amount to be deducted for the food vendor)
Calculating Gross Salary, statutory & non-statutory deductions and Net Salary
Releasing employee salary
Depositing statutory dues in Indian payroll like TDS, PF, etc., with appropriate authorities and filing returns