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Exemption to all Shops & Establishments for operating 24/7 in the Telangana State.

Exemption to all Shops & Establishments for operating 24/7 in the Telangana State. Compliances

Apr 192023

The Government of Telangana hereby issues guidelines for granting exemption from section 7 (Opening and Closing hours) of the Telangana Shops And Establishments Act, 1988 to all Shops & Establishments as defined in section 2 (21) of the Telangana Shops & Establishments Act, 1988 for operating 24/7 in the Telangana State, subject to the following conditions namely:-

(i) Issue of ID cards,

(ii) Weekly off,

(iii) Weekly working hours,

(iv) Overtime wages,

(v) Compensatory holiday with wages in lieu of employees attending duty on a notified national /festival holiday,

(vi) Adequate safety of Women employees,

(vii) Consent of women employees to work in night shift,

(viii) To and from transport from Women employees working in night shift,

(ix) The Management shall maintain the records and furnish returns as prescribed by the State Government within time,

(x) Subject to compliance with provisions under the Police Act & Rules in force, and

(xi) Subject to payment of an annual fee of Rs.10,000/- (Rupees ten thousand only) for each store to open 24×7 under the Telangana Shops And Establishments Act, 1988.

The relevant official notification is attached for your kind reference,

Guidelines on the exemption from opening and closing hours of Telangana Shops and establishments act:- DOWNLOAD

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Central Minimum Wages from 1st April 2023 to 30th September 2023.

Central Minimum Wages from 1st April 2023 to 30th September 2023. Compliances

Apr 132023

Please find attached herewith Central Minimum Wages rates w.e.f. 01/04/2023 to 30/09/2023.
Kindly comply accordingly from April 2023.

Check out the below attachment

Central Minimum Wages from 1st April 2023 to 30th September 2023.

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Maharashtra Profession tax amendment 2023.

Maharashtra Profession tax amendment 2023. Compliances

Apr 102023

Govt of Maharashtra notifies Maharashtra State Tax on Professions, Trades, Callings, and Employments (Amendment) Bill, 2023 to notify changes in Profession Tax Rates w.e.f. 01.04.2023. One notable change is that bill exempts the professional tax payable by the women who draw the monthly salary or wages up to rupees twenty-five thousand w.e.f. 01.04.2023.

(1) This Act may be called the Maharashtra State Tax on Professions, Trades, Callings, and Employments (Amendment) Act, 2023. (2) It shall come into force on the 1st of April 2023. 2. Amendment of section 27A of Mah. XVI of 1975. In Section 27A of the Maharashtra State Tax on Professions, Trades, Callings, and Employments Act, 1975.

AS PER L. A. BILL No. XIII OF 2023 OF MAHARASHTRA GOVT DATED 20th MARCH 2023 MADE FOLLOWING AMENDEMENTS.

(1) This Act may be called the Maharashtra State Tax on Professions, Trades, Callings, and Employments (Amendment) Act, 2023.

(2) It shall come into force on the 1st of April 2023

Revised Slab from 1st Apr 2023.

(i) In the case of men, whose monthly salaries or wages,–

a) Upto 7500 – NO Profession Tax.

b) >7500 but less than 10,000 – 175/- Per Month.

c) >10,000 – 200/- Per Month (In Feb Month-300).

(ii) in the case of women, whose monthly salaries or wages,–

a) Salary < 25,000: No Profession Tax.

b) Salary > 25,000 : 200/- Per Month (In Feb Month-300).

Gazette Copy:- 👇

Mah-PT-Amdmt-Act-2023

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EPFO fixes Interest Rate for 2022-23 @8.15% pa.

EPFO fixes Interest Rate for 2022-23 @8.15% pa. Compliances

Apr 052023

The 233 meeting of the Central Board of Trustees, EPF was held today in Delhi under the Chairmanship of Shri Bhupendra Yadav, Union Minister for Labour & Employment and Environment, Forest & Climate Change. The Vice-Chairmanship of Shri Rameshwar Teli, Union Minister of State for Labour & Employment, Petroleum & Natural Gas and Co-Vice-Chairpersonship of Ms. Arti Ahuja, Secretary Labour & Employment and the Member Secretary Smt. Neelam Shami Rao, Central P F Commissioner was also present during the meeting.

The Central Board recommended an 8.15 % annual rate of interest to be credited on EPF accumulations in members’ accounts for the financial year 2022-23. The interest rate would be officially notified in the government gazette after approval of the Ministry of Finance, following which EPFO would credit the rate of interest into its subscribers’ accounts.

Here are a few key points to remember about EPF Interest Rate:

● The interest rate of 8.15% has come into effect and will apply to EPF deposits made between April 2022 and March 2023.

● Even though the interest is calculated monthly, it is only deposited to the Employees’ Provident Fund account once a year on March 31st of the applicable fiscal year.

● The transferred interest is added to the next month’s balance, i.e. April’s balance, and is then used to calculate interest.

● If no contributions are made to an EPF account for 36 months in a row, the account becomes dormant or inoperative.

● Employees who have not reached retirement age might earn interest on their inactive accounts.

● Interest is not paid on funds put in retired employees’ inactive accounts.

● The interest collected on dormant accounts is taxed at the member’s slab rate.

● The employee will not receive any interest for payments made by the company to the Employee’ Pension Scheme. However, beyond the age of 58, a pension is provided out of this amount.

Please take note of the same.

DOWNLOAD: The Central Board Trustees (CBT) EPF recommends an 8.15 % rate of interest to EPF subscribers for FY2022-23.

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PAN-Aadhaar linking deadline extended to 30 June 2023.

PAN-Aadhaar linking deadline extended to 30 June 2023. Compliances

Mar 292023

It has become a mandatory process to link your PAN with your Aadhaar. This is an important process because this will allow your income tax returns to be processed.

To provide some more time to the taxpayers, the date for linking PAN & Aadhaar has been extended to 30th June 2023, whereby persons can intimate their Aadhaar to the prescribed authority for PAN-Aadhaar linking without facing repercussions.

Checkout for more details: CLICK HERE

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Karnataka Minimum wages revision from 1st Apr 2023 to 31st Mar 2024.

Karnataka Minimum wages revision from 1st Apr 2023 to 31st Mar 2024. Compliances

Mar 272023

Karnataka Government has amended the Minimum Wages for various schedules for the period 1st Apr 2023 to 31st Mar 2024.

Shops-Commercial-Establishments = DOWNLOAD

Security-Agency = DOWNLOAD

Hotels = DOWNLOAD

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All Punjab shop’s signboards are to be in the local language Punjabi on or before 21.02.2023.

All Punjab shop’s signboards are to be in the local language Punjabi on or before 21.02.2023. Compliances

Mar 212023

Deputy Commissioner Ms. Ashika Jain has directed all government and semi-government offices as well as private institutions of the district to write their signboards in Punjabi language (Gurmukhi script) before February 21, 2023.

Ms. Ashika Jain said that the Punjab government has started its efforts for the promotion of the Punjabi language and it has made it mandatory to write signboards in Punjabi in all government and private institutions before February 21 (International Mother Language Day). She said that in order to give priority to the mother tongue, the Punjab government has taken this decision. So, it is necessary to put up signboards in the Punjabi language in government and semi-government offices, besides boards,
corporate offices, educational institutions, and public, private, and commercial establishments.

Order:- 👇
Office of the Deputy Commissioner, Patiala (In Punjabi)

English-Translation 👇
Office of the Deputy Commissioner, Patiala (In English)

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5 Performance Management Problems.

5 Performance Management Problems. Compliances

Mar 102023

Performance management is essential to HR management, but many organizations need help with effective performance management. Fortunately, HRMS software can help mitigate these issues, providing a more streamlined and efficient approach to managing employee performance. Here are five common performance management problems that can be solved with the help of HRMS software.

1. Inefficient and Inaccurate Performance Reviews Many organizations need help conducting performance reviews, which can be time-consuming and prone to errors. However, HRMS software can simplify the process by automating the performance review process, from scheduling to feedback collection and even generating performance reports.

2. Lack of Clarity in Performance Goals Setting clear and measurable performance goals is crucial for employee motivation and productivity. HRMS software can assist in defining performance goals that are specific, measurable, achievable, relevant, and time-bound (SMART).

3. Inadequate Feedback and Coaching Effective performance management involve providing timely and constructive feedback and coaching to employees. However, managers often need help to provide regular feedback and coaching due to time constraints.

4. Inconsistent Performance Evaluation Criteria Inconsistency in evaluating employee performance can lead to a lack of trust among employees and result in potential legal issues. HRMS software can provide a standardized framework for evaluating employee performance, ensuring consistency and fairness in performance evaluations.

5. Limited Access to Performance Data In many organizations, performance data is spread across multiple systems and platforms, making it difficult to access and analyze. HRMS software can provide a centralized platform for storing and analyzing performance data, enabling HR managers and executives to access real-time performance reports and data analytics.

Why Is Performance Management Important

Performance management is critical for the success of any organization. It helps managers to set clear goals and expectations for their employees, monitor their performance, and provide feedback and coaching to improve their performance. It also helps identify areas of strength and opportunities for development, which can lead to better job satisfaction and engagement. Performance management encourages communication, accountability, and transparency, essential for effective teamwork and collaboration. It also enables organizations to measure the success of their strategic objectives and make data-driven decisions to improve the performance of their workforce.

One essential component of performance management is employee data management software. This software allows organizations to collect, store, and analyze performance-related data, making monitoring performance over time and identifying patterns and trends more accessible. With employee data management software, managers can quickly access individual and team performance information, identify areas of strength and weakness, and make data-driven decisions about training, coaching, and other performance improvement initiatives.

What Are the Most Common Performance Management Problems that Managers Deal with on the Job

Effective performance management is essential for the success of any organization, but managers often face common challenges when managing employee performance. These problems can include a lack of clear and measurable goals and expectations, inconsistent performance evaluations and ratings, ineffective feedback and coaching, failure to address poor performance and behaviour, and limited opportunities for growth and development. These issues can lead to disengagement, low morale, and reduced productivity. Effective performance management is critical to overcoming these challenges and achieving the desired outcomes. It requires managers to communicate clearly with their employees, provide timely and specific feedback, and create opportunities for growth and development, among other strategies.

How Can You Solve The Problems

One solution to these performance management problems is using performance management software. Such software automates performance management, enabling organizations to set and track goals, provide regular feedback, and measure employee performance more accurately. By automating these processes, performance management software can help ensure that the performance management process is consistent and transparent, improving employee morale and increasing productivity.

Moreover, performance management software can provide managers and employees with real-time performance data that can be used to identify trends and patterns and to track progress toward goals. This can help identify and address performance gaps early on, allowing for more targeted interventions to improve employee performance.

Frequently Asked Questions

Q1. Why is Hr management Software Important?

A. HR software is important because it allows HR teams to streamline and automate many day-to-day tasks and processes, such as managing employee records, tracking time and attendance, and processing payroll. This saves time, reduces administrative burden, and allows HR to collect and analyze data more effectively.

Q2. How Does Performance Management Software Make the Process Smooth?

A. Performance management software can make the performance management process more smooth by automating many steps, such as setting goals, providing feedback, and tracking progress. This can save time and reduce administrative burden while providing a centralized performance data and feedback platform.

Q3. How Easy is it to Setup Performance Management Software?

A. The ease of setting up performance management software will depend on the specific software chosen and the level of customization required. However, many performance management software tools are designed to be user-friendly and intuitive, with straightforward setup processes.

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16 Top Payroll Challenges for Small Businesses and How to Solve Them.

16 Top Payroll Challenges for Small Businesses and How to Solve Them. Compliances

Feb 272023

Small businesses face unique payroll challenges due to their limited resources and staff. One of the most significant payroll challenges for small businesses in compliance with federal and state payroll regulations. Small business owners must keep up with changing laws and regulations related to payroll taxes, wage and hour laws, and employee benefits, which can be time-consuming and costly. Another challenge is the complexity of payroll administration, especially for businesses with many employees. Managing payroll requires accurate record-keeping, timely processing, and ensuring that all taxes and deductions are correctly calculated and paid. Errors in payroll processing can result in fines and penalties, which can be especially damaging for small businesses.

Here are 16 top payroll challenges faced by small businesses:

Staying up-to-date with changing tax laws and regulations
Calculating and managing employee taxes, deductions, and benefits
Ensuring accurate and timely payment to employees
Dealing with payroll errors and correcting them
Keeping track of employee leave and paid time off
Managing employee classification and overtime pay
Compliance with wage and hour laws and regulations
Managing different pay rates for different employees or positions
Accurately tracking and reporting employee hours
Managing and processing employee expenses and reimbursements
Ensuring accurate record-keeping and documentation
Managing payroll for remote or distributed teams
Integrating payroll with other HR and accounting systems
Providing accessible payroll information and self-service options for employees
Ensuring the security and confidentiality of payroll data
Handling payroll in multiple states or jurisdictions.

What’s Important to Book-keepers When Processing Payroll

For book-keepers, processing payroll accurately and efficiently is of utmost importance. One critical aspect that bookkeepers focus on is ensuring that employees are paid correctly and on time. To do so, they need to keep track of various factors such as employee hours, overtime, taxes, and deductions. This process can be tedious and time-consuming, but bookkeepers can streamline the process significantly with attendance management software.

Attendance management software helps bookkeepers track employee attendance and monitor their hours worked. The software can automatically calculate and record employee hours, including overtime and breaks. This helps to minimize errors and saves time that would have been spent manually entering data. The software also enables bookkeepers to track employee absences, including sick days, vacation days, and personal time off, making it easier to deduct these days from an employee’s pay accurately.

Things you should know Before you Install Payroll Software

Before installing payroll software, it’s crucial to consider several factors, including integrating leave management software with payroll. Leave management software can help automate leave requests, approvals, and tracking of employee leaves. Integrating it with payroll software can help streamline the payroll process, including calculating leave balances and pay-outs and ensuring accuracy and compliance with applicable laws and regulations.

It’s also essential to check whether the payroll software is compatible with your company’s current payroll processes, especially regarding leave management. Some payroll software may not support specific leave policies, such as leave without pay or other paid or unpaid leave, which can lead to incorrect payroll calculations. Hence, it’s crucial to choose customizable payroll software that can accommodate different types of leave policies.

How can you Solve these Problems while using Payroll Software?

Payroll software can be a valuable tool for solving various problems related to payroll processing and management. One of the main benefits of payroll software is that it can help to automate many of the manual processes associated with payroll. This can help save time and reduce the administrative burden associated with payroll processing, improving accuracy and reducing the risk of errors.

Another benefit of payroll software is that it can help to ensure compliance with all relevant payroll regulations and requirements. Payroll software can automatically calculate taxes, deductions, and other withholdings and help you stay up-to-date with changes in tax laws and other regulations. This can reduce the risk of fines and penalties associated with non-compliance and give you peace of mind that your payroll processes are accurate and up-to-date.

Frequently Asked Question

Q.1 What are the basics of payroll?

A. Payroll is an integral part of any business. It involves tracking employee hours, calculating wages, taxes, insurance premiums, and other deductions while keeping records of payments and providing reports to the government. Understanding payroll basics will ensure your business runs smoothly and efficiently while keeping you compliant with local tax laws.

Q.2 How does a small business manage payroll?

A. Payroll is a complex task for small businesses. With limited resources and tight budgets, it cannot be easy to manage payroll without the help of a specialist. Fortunately, there are ways to simplify the process with technology and outsourcing services. This article will discuss how small businesses can manage payroll more effectively, from setting up accurate payment systems to finding solutions for payroll taxes.

Q 3 What are the biggest challenges in payroll?

A. Payroll is one of any business’s most critical and complex processes. It involves various tasks such as calculating employee wages, managing tax deductions, tracking vacation time, etc. Unfortunately, these tasks can be incredibly time-consuming and challenging to manage. As a result, many businesses are now turning to payroll software and AI writing assistants to help make the process easier and more efficient.

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Broad scheme of Tax Deduction at Source from “Salaries”.

Broad scheme of Tax Deduction at Source from “Salaries”. Compliances

Feb 142023

Every year an employer is obliged to deduct TDS from the salary payable by him to his employees. There are many practical difficulties faced by him in deducting TDS on estimated salary in determining the rate of TDS and estimated salary income on which such rate shall be applied. These difficulties are further increased due to amendments made by the authorities every year. Therefore an attempt is made to clarify all the practical difficulties faced by the employer.

1. Method of Tax Calculation

A. Every person who is responsible for paying any income chargeable under the head “Salaries” shall deduct income tax on the estimated income of the assessee under the head “Salaries” for the financial year 2022-23.

B. The income tax is required to be calculated on the basis of the rates given in the image attached to this blog.

C. Person deducted tax as above shall ensure that the provisions related to the requirement to furnish PAN or Aadhaar number, as the case may be, as per sec 206AA of the Act,

D. TDS u/s 192 shall be deducted at the time of each payment.

E. The tax paid by the employer shall be deemed to be TDS made from the salary of the It may be noted that tax liability may not be the same in case the employee opts for a concessional tax regime under section 115BAC of the Act. Thus, it is not always open to an employee to deduct the tax of an employee under the new tax regime as this option is open to employees at the time of filing income tax returns for the relevant assessment year.

F. Any employee intending to opt for the concessional rates of tax under section 115BAC of the Act may intimate the deductor, being his employer, of such intention for each previous year and upon such intimation, the deductor shall compute his total income, and make TDS thereon in accordance with the provisions of section 115BAC. The intimation made to the deductor shall be only for TDS during the previous year and cannot be modified during that year.

G. If such intimation is not made by the employee, the employer shall make TDS without considering the provision of section 115BAC of the Act.

H. No tax, however, will be required to be deducted at source in a case unless the estimated salary income including the value of perquisites is taxable after giving effect to the exemptions, deductions, and relief as applicable.

2. Salary payable in foreign currency:

I. For the purposes of deduction of tax on salary payable in foreign currency, the value in rupees of such salary shall be calculated at the “Telegraphic transfer buying rate” of such currency as on the date on which tax is required to be deducted at source (see Rule 26 and Rule 115).

3. Adjustment for Excess or Shortfall of Deduction

J. The provisions of Section 192(3) allow the deductor to make adjustments for any excess or shortfall in Tax deduction arising out of any previous deduction or failure to deduct during the financial year.

4. Case

The income chargeable under the head “salaries” of an employee below sixty years of age during the Financial Year 2021-22, is Rs. 6,00,000/- (inclusive of all perquisites), out of which, Rs. 50,000/- is an account of non-monetary perquisites and the employer opts to pay the tax on such perquisites as per the provisions discussed in para 3.2 above.

Income Chargeable under the head ―” Salaries” inclusive of all perquisites	Rs. 6,00,000/-
Tax as per normal rates on Total Salary (including Cess)	Rs. 33,800/-
Average Rate of Tax [(33, 800/6,00,000) X100]	5.63%
Tax payable on Rs.50,000/= (5.63% of 50,000)	Rs. 2815
The amount required to be deposited each month (subject to adjustments in tax payable on account of change in salary structure)	Rs. 235= 2815/12

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