Hi Ankit,
For generating the payroll period, please run the report RPUCTP00 (TXn: OG00). Make the selections for the period parameter (Monthly, weekly, biweekly etc), Date modifier, Start date, Final year, Start date of the fiscal year( 0401 in case your fiscal year is April to March), Payday rule( To determine the pay day by adding the number of days to period start date or deduct the number of datys from the period end date etc to determine the payday), Number of days, Determine period number etc. Mark the carry out table changes check box after the test run. Or else you can directly maintain table T549Q for Period Parameter '40' - for respective payroll periods as suggested by Niladri.
Regards
Ratan