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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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.

Software Solutions Available on:

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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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Why Is Recruitment Software So Important To An Organization?

Why Is Recruitment Software So Important To An Organization? Compliances

Jan 242023

In today’s competitive job market, recruitment software is crucial in helping organizations find the right talent. Recruitment software is a powerful tool that helps organizations manage their recruitment process efficiently. It allows them to automate the process of finding, screening, and hiring the right candidate for the job. Not only does it save time and money, but it also ensures that the organization finds the best talent available. The software also helps organizations track their progress and ensure they are constantly updated with their recruitment efforts. It can streamline onboarding processes, manage job postings, and analyze data from past recruitment efforts. With this information, recruiters can make better decisions when hiring candidates. By using recruitment software, organizations can ensure that they are getting the most qualified candidates for each job opening. By utilizing recruitment software, organizations can save time and money while ensuring that they are finding the best candidates for their open positions.

What is Recruitment Management System

A recruitment management system (RMS) is software that helps organizations automate and streamline their recruitment process. It is designed to handle all aspects of the recruitment process, from sourcing and attracting candidates to scheduling interviews and onboarding new hires.

Some standard features of an RMS include:

Job posting and applicant tracking
Resume and application management
Interview scheduling and management
Candidate communication and collaboration tools
Onboarding and new hire paperwork management
Reporting and analytics

An RMS can be a standalone system or integrated with other HR systems, such as a human capital management (HCM) system. HR departments and recruitment agencies often use it to manage and track job openings, resumes, and candidates.

How Does Recruitment Software Work

Recruitment software is a powerful tool that can help organizations streamline their recruitment process. It helps employers find suitable candidates faster and more efficiently. The software collects and analyzes data from job postings, resumes, and other sources to identify potential job candidates. It then uses algorithms to match the best candidates to the positions they are applying for. Additionally, it can automate many administrative tasks associated with recruitment, such as scheduling interviews and sending out notifications. This helps save time and money while ensuring that only qualified applicants are considered for a position.

One of the most important features of recruitment software is employee self service. This feature allows employees to access their information and submit applications directly from their computers or mobile devices. This eliminates manual data entry and speeds up the recruitment process significantly. It also makes it easier to keep track of employee information, such as resumes, job history, references, etc., which can be used in future recruitment efforts.

What Benefits Come From Using Recruitment Software?

Recruitment software can be an excellent asset for any organization that wants to improve its performance management. It allows employers to quickly and efficiently track the performance of their employees and identify areas for improvement. Performance management software can also help organizations track employee performance over time, providing insight into areas where improvement is needed.

There are several benefits to using recruitment software, including:

Increased efficiency and productivity: Recruitment software can automate and streamline various aspects of the recruitment process, such as resume screening and interview scheduling, which can save time and resources for organizations.
A larger pool of candidates: Recruitment software can enable organizations to source candidates from a broader range of job boards and career websites, potentially increasing the chances of finding the best fit for the job.
Improved organization and standardization: The software can help organizations standardize and organize their recruitment process, making tracking and managing candidates and job openings easier.
Better analytics and metrics: Recruitment software can provide valuable analytics and metrics, such as time-to-hire and source of hire, which can help organizations optimize their recruitment efforts.
Compliance with equal opportunity and anti-discrimination laws: The software can help organizations comply with equal opportunity and anti-discrimination laws and regulations.

Overall, using recruitment software can help organizations improve the quality and efficiency of their recruitment process, which can ultimately lead to better hiring outcomes and a more vital workforce.

Frequently Asked Questions

Q. What are the main features of recruitment software?

A. Recruitment software is essential for any HR department, providing a streamlined way to find and hire the best candidates for the job. It helps recruiters to manage their recruitment process more efficiently and effectively. The main features of recruitment software include applicant tracking, automated screening, job posting, resume database search, candidate communication tools, interview scheduling, and assessment tools.

Q. How does recruitment software make the recruitment process more efficient?

A. Recruitment software is an automated solution that helps organizations to streamline their recruitment process. It enables recruiters to post job openings quickly, source candidates, evaluate resumes, and track the progress of each candidate. Automating the recruitment process makes it easier for recruiters to find the right candidate for a job in a shorter amount of time.

Q. What are the benefits of using a recruitment software system?

A. The benefits of using a recruitment software system include better visibility into job openings, quicker turnaround times for applications, and an easier way to manage applicants. It also provides employers with a more comprehensive view of potential candidates so they can make informed decisions about who to hire.

Software Solutions Available on:

Sensys Technologies Pvt. Ltd.

Scope of Reasonable Cause For Not Levying Penalty Under Section 221 For Non-Payment of TDS.

Scope of Reasonable Cause For Not Levying Penalty Under Section 221 For Non-Payment of TDS. Compliances

Dec 192022

Penalty under section 221 is levied when there is a default in payment of tax. Under sub-section (1) of section 221, the assessing officer is empowered to impose a penalty where an assessee is in default or is deemed to be in default in payment of tax. The said penalty is leviable in addition to the amount of the arrears and the amount of interest payable under section 220(2). Further, in the case of continuing default, the assessing officer may direct to pay further amount or amounts by way of penalty, so, however, that the total amount of penalty does not exceed the amount of tax in arrears. However, such a penalty is discretionary and can be waived where reasonable cause exists for such default.

Here an attempt is made to explain and examine what constitutes the reasonable cause for not levying a penalty under section 221.

Depends upon the facts of each case

The exercise of discretion u/s 221 is not to be arbitrary but is dependent on the facts and circumstances of the case

No penalty where the reasonable cause is proved

According to the second proviso to section 221(1), the penalty cannot be levied where the assessee proves to the satisfaction of the assessing officer that the default was for good and sufficient reason.

Penalty leviable even if the tax paid before levy of penalty

Penalty under section 221 will be exigible even in a case where the tax is paid after the due date but before the levy of penalty.

Impact of the outcome of final order regarding default in payment of tax

According to sub-section (2) of section 221 whereas a result of any final order, the amount of tax with respect to the default in the payment of which the penalty was levied, has been wholly reduced, the penalty levied shall be canceled and the amount of penalty paid shall be refunded.

Financial crises for not levying penalties under section 221

The assessing officer passed an order under section 201 treating the assessee as the assessee in default as it had not remitted the amount collected by way of TDS to the government account during the relevant assessment year. The assessee did not file any appeal against the order under section 201 and remitted tax deducted at the source along with interest.

The assessing officer also initiated penalty proceedings under section 221.

The assessee said that it was facing severe financial hardship and the same constitutes a good and sufficient reason for not levying a penalty under section 221.

It is true that a mere default is not sufficient for the levy of penalty, but in the instant case, the assessee used the TDS amount to meet various business commitments. Further, it was continuously making defaults on payment of TDS to the government account, which is very serious in nature.

One can understand the financial difficulties the assessee was facing if it was in defaulter for a short period. But in this case, the assessee’s conduct was that it continuously defaulted the payment of the TDS amount to the government account.

The only reason the assessee mentioned for non-payment of TDS was financial difficulties, which under these circumstances, did not appear to be sufficient. Accordingly, the penalty was confirmed.

No waiver of penalty on grounds of payment of self-assessment tax

Penalty under section 221(1) cannot be waived merely on the ground that self-assessment tax is paid before such levy of penalty. There existed good and sufficient reasons to mitigate said default.

Transfer of Input Tax Credit on Conversion of Partnership Firm into Private Limited Company.

Transfer of Input Tax Credit on Conversion of Partnership Firm into Private Limited Company. Compliances

Dec 142022

Statutory provisions regarding the transfer of input tax credit on sale, merger, lease, or transfer of business.

Sub-section (3) of section 18 of the Central Goods and Services Tax Act, 2017 (in short ‘the CGST Act’) deals with the transfer of credit on sale, merger, lease, or transfer of business. Accordingly, where there is a change in the constitution of a registered person on account of the sale, merger, demerger, amalgamation, lease, or transfer of the business with the specific provisions for transfer of liabilities, the said registered person would be allowed to transfer the input tax credit which remains unutilized in his electronic credit ledger to such sold, merged, demerged, amalgamated, leased or assigned business.

The change in the constitution of a registered person includes the conversion of a proprietorship firm into a private limited company. Hence, the input tax credit lying in the input tax credit of the ledger of the proprietorship firm can be transferred in terms of sub-section (3) of section 18 of the CGST Act.

Procedure for transfer of credit.

The procedure for transfer of credit is prescribed under rule 41 of the CGST Rules, as under:–

(i) The registered person would furnish the details of the sale, merger, de-merger, amalgamation, lease, or transfer of business, in Form GST ITC-02 electronically on the Common Portal along with a request to transfer the unutilized input tax credit lying in his electronic credit ledger to the transferee (no time limit is prescribed for filing Form GST ITC-2);

(ii) In the case of a demerger, the input tax credit shall be apportioned in the ratio of the value of assets of the new units as specified in the demerger scheme.

The ‘value of assets means the value of the entire assets of the business, whether or not input tax credit has been availed thereon.

(iii) The transferor would also submit a copy of a certificate issued by a practicing chartered account.

(iv) The transferee would accept the details furnished by the transferor on the Common Portal and, upon such acceptance, the unutilized credit specified in FORM GST ITC-02 shall be credited to his electronic credit ledger.

Conclusion

Upon transfer of the partnership firm into a private limited company, the GST registration number would get changed. However, this would not affect the entitlement of ITC of the transferee company if the transfer satisfies the conditions specified under sub-section (3) of section 18 and follows the procedure prescribed under rule 41 of the CGST Rules.

Importance and Purpose of Exit Management System.

Importance and Purpose of Exit Management System. HR SOFTWARE

Dec 102022

What is an Exit Management System?

No matter how great your company culture, learning & development program, or business leaders are, there is one certainty: Employees will quit. You won’t be able to keep every employee, especially in this day and age, whether for a career change, to care for their newly formed family, or just because it’s time for a change. However, it’s crucial that you do an exit interview when someone leaves to evaluate the whole employee hr software and, as a result, find ways to boost engagement and retention.

The Exit management system is crucial because they give you a more in-depth understanding of your company culture, regular operations, management issues, and employee morale. An exit interview is conducted to evaluate your company’s entire employee experience and find ways to increase engagement and retention. The Exit management system also allows you to track leave management software.

Importance of Exit Management

1. Help to improve staff retention:- High staff turnover is expensive since it costs money to find, hire, and educate new employees, as you are aware. Therefore, firms always try to retain and grow their skills. Exit interviews are an excellent method to learn more about why employees choose to leave your company, which will help you find a solution to the problem of high turnover with employee HR software.

2. Improve culture and performance:- Exit interviews are objective because departing employees are more likely to be upfront and honest about their feelings about your business. The real reason an employee is leaving is more likely to come to light, and it might not be what you initially assumed or were told. They are more inclined, to be honest in their evaluation of your culture. This exit Interview system is best for HRM solutions.

3. Allows you to tackle issues:- Are there any matters that need your immediate attention and could lower risk? Your team or teams are experiencing some significant problems, and if these problems aren’t remedied right once, you risk losing more workers.

4. Improve learning and development strategies:- Exit interviews may clarify that your company needs a better strategy for learning and growth. Employee turnover is more likely if they don’t feel challenged or encouraged in their jobs.

Purpose of Exit Management

Time is equivalent to money in the business world. So why do they spend so much time conducting exit interviews?

This is so that such practices can, among other things, help firms establish benchmarks for their use of human resources:
1. Acquire Constructive Feedback:- Exit interviews are crucial for learning the business’s hidden strengths and shortcomings from the employees’ viewpoint.

2. Build a positive brand image:- Employees feel satisfied and talk favorably in public when they may voice their complaints about the company’s property.

3. Finding out the scope of improvement:- The departing employee can shed light on any human resource weaknesses that the organization still needs to consider.

4. Learn about Employees’ Perspective:- Every employee has a unique perspective on the business, the job, the people, and the workplace. The employer must be aware of this because the employee will represent it to the public.

Frequently Asked Questions:-

Q1. What are the advantages of exit interviews?

A. When appropriately done, exit interviews can offer a steady stream of insightful feedback and insight on each of the three fronts. They can raise employee engagement and retention by disclosing what functions well or poorly within the company.

Q2. Do exit interviews matter?

A. One of the best things about exit interviews is that they may be a heartfelt and meaningful way to say goodbye to someone who helped you through difficult times.

Q3. What is the objective of the exit interview?

A. to identify areas where the business may make improvements, to ensure that employees feel satisfied with their service, and, in some cases, to persuade the employee to continue working under different conditions.

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