247HRM runs payroll for banks, NBFCs, insurers and fintechs on one secure record. Variable pay, reimbursements, TDS under the old and new regime, and Form 24Q flow through one calculation, so 5,000 staff run in under 10 minutes and every figure stays audit-ready.
What BFSI payroll teams get when incentives, reimbursements, TDS and statutory all live in one secure suite.
Pay variable incentives, settle reimbursements, compute TDS under both regimes, file Form 24Q and issue Form 16, all on a secure record. 247HRM does all five from a single calculation.
Sales incentives and variable pay are computed against targets and carried into payroll, so payouts are accurate and reconcile with the cycle.
Travel and other reimbursements are claimed, approved and paid through payroll, so out-of-pocket spend is settled on time without side payments.
Income tax is computed under both the old and new regime per employee and the chosen one applied, with TDS spread evenly to March.
A quarterly Form 24Q text file is produced from live payroll and tax data, validated by FVU and uploaded to TIN with no re-keying.
Form 16 is built from payroll, tax and exemption data already held, so it reconciles with the 24Q filed and issues to every employee.
Click through to see how 247HRM handles variable pay and reimbursements, the income tax engine, the quarterly Form 24Q, and secure role-based access, all from one payroll record.
Sales incentives are computed against targets and reimbursements are claimed and approved from self service, then both flow into the same payroll cycle. There is no side spreadsheet for incentives and no separate run for reimbursements, so variable pay is accurate and on time.
247HRM computes liability under the old and new regime for every employee and applies the chosen one. TDS is spread across the remaining months so the March payslip is never overloaded, and declarations and proofs from self service feed the calculation in real time.
247HRM produces the quarterly Form 24Q as a text file from live payroll and tax data. You validate it with the FVU utility and upload to the TIN portal. Form 16 is built from the same data at year close, so it reconciles with the 24Q filed and issues to every employee.
Payroll holds sensitive salary and tax data on a platform certified to ISO/IEC 27001 and 27701 and audited under SOC 2 Type II, with GDPR controls. Role-based Smart Auth scopes who can view and run payroll by role and branch, and access changes are logged for the audit trail.
247HRM brings variable pay, reimbursements, TDS under both regimes and statutory into a single payroll calculation on a certified platform. The same engine handles PF, ESI, PT, LWF and TDS, so a BFSI run of thousands stays accurate and audit-ready.
When incentives sit in spreadsheets, reimbursements in another tool and TDS in a separate utility, the same salary data is entered two and three times. Errors, late payouts and year-end reconciliation follow. Here is the difference 247HRM makes.
What BFSI payroll teams report when components are split.
Incentives, TDS and statutory in one secure run.
Three connections do the work: HR and incentives in, self service in, statutory out.
Variable pay against targets and approved reimbursements feed a single payroll calculation. As part of Complete HRMS, the payroll module shares one employee record, so incentives, salary and tax never drift apart across branches.
Salary and tax data sit on a platform certified to ISO/IEC 27001 and 27701 and audited under SOC 2 Type II, with GDPR controls. Role-based Smart Auth scopes who can view and run payroll by role and branch, employees see their own payslips in self service, and access is logged for audit.
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Verified themes from teams running incentives, TDS and Form 24Q on 247HRM.
Sales incentives moved out of a spreadsheet and into the run. Variable pay is computed against targets and lands in the same cycle, no more queries.
Form 24Q used to mean re-keying into a separate utility. Now the file comes out FVU validated and Form 16 reconciles at year close.
Running thousands across branches in under ten minutes, on a certified platform with role-based access, made our audits far easier.
Compared on the things BFSI payroll teams feel every cycle.
| Capability | 247HRM | Standalone tools | Spreadsheets |
|---|---|---|---|
| Variable pay & incentives | ✓ Computed, into payroll | ✕ Re-key into payroll | ✕ By hand |
| Reimbursements | ✓ Claimed & settled in cycle | ~ Separate tool | ✕ Manual |
| Old and new regime TDS | ✓ Both per employee | ~ Often one | ✕ By hand |
| Form 24Q & Form 16 | ✓ FVU-ready, reconciles | ✓ Re-enter data | ✕ Not supported |
| Data security | ✓ ISO 27001, SOC 2, role-based | ~ Varies by tool | ✕ None |
| Year-end reconciliation | None needed | Manual | Heavy |
Statutory and security references used across the payroll and compliance modules:
Quick reference for the terms used across the payroll and compliance modules for BFSI.
A product specialist sets up your incentive rules, state profile and access scopes, and walks your team through a full cycle, from variable pay to Form 16.