Mar 262024
 

State Government Directive regarding Payment of Compensation to Voters for their Participation in Lok Sabha General Elections 2024.

Reference:

  1. Election Commission of India letter No. ECI/PN/23/2024 dated March 16, 2024.
  2. Election Commission of India letter No. 78/EPS/2024 dated March 16, 2024.

Government Directive:

In accordance with the democratic principles of our country, it has been decided to provide compensation for the active participation of voters in every Lok Sabha constituency. Taking cognizance of this, Section 135 (b) of the Representation of the People Act, 1951, mandates the provision of compensation to voters for exercising their voting rights. However, it has been observed in some past elections that certain organizations or establishments have imposed restrictions on providing compensation. Consequently, voters are discouraged from exercising their voting rights, which is detrimental to democracy.

The Lok Sabha General Elections 2024 are scheduled to take place as per the directives of the Election Commission of India, issued on March 16, 2024. Voting will occur on April 19, 2024, April 26, 2024, May 7, 2024, May 13, 2024, and May 20, 2024, across various constituencies.

 

Based on the orders issued by the Election Commission, it is mandated that:

  • Compensation for voting shall be provided to workers/laborers/daily wage earners who are registered voters, even if they are engaged in their regular work during the election period.
  • All industries, trade unions, companies, and organizations, including affiliated entities, are obligated to participate in providing compensation.
  • In exceptional circumstances such as illness or emergency, if it is not feasible for workers to vote, they shall be compensated with reduced hours of work. However, efforts should be made to facilitate their voting before or after their duties.
  • As per the directions of the authorities, all industry sectors, including unions and associations, must ensure compliance. Any complaints regarding non-receipt or inadequate compensation should be promptly addressed.

This directive is being issued in conjunction with the Election Commission’s aforementioned communications dated March 16, 2024.

 

Voting Date Lok Sabha Constituency Name
April 19, 2024 9-Amravati, 10-Nagpur, 11-Bhandara-Gondiya, 12-Gadchiroli-Chimur, 13-Chandrapur
April 26, 2024 5-Buldhana, 6-Akola, 7-Amravati, 8-Yavatmal-Washim, 14-Yeotmal-Vardha, 15-Hingoli, 16- Nanded, 17-Parbhani
May 7, 2024 32-Igatpuri, 35-Baramati, 40-Osmanabad, 41-Latur, 42-Solapur, 43-Madh, 44-Sangli, 45-Satara, 46-Karad, 47-Kolhapur, 48-Ratnagiri-Sindhudurg
May 13, 2024 1-Nandurbar, 3-Jalgaon, 4-Raver, 18-Jalna, 19-Aurangabad, 33-Maval, 34-Pune, 36-Raigad, 37- Ahmednagar, 38-Shirdi, 39-Beed
May 20, 2024 2-Dhule, 20-Kalyan, 21-Nashik, 22-Palghar, 23-Bhiwandi, 24-Thane, 25-Mumbai North, 26- Mumbai North-West, 27-Mumbai North-East, 28-Mumbai North-Central, 29-Mumbai South, 30- Mumbai South-Central, 31-Mumbai South-West

Please note: Each voting date corresponds to multiple Lok Sabha Constituencies as listed in the table.

 

Maharashtra General Election-2024 Paid Holiday Circular.  👈 DOWNLOAD

 

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Mar 132024
 

Navigating the Revised Minimum Wages in Karnataka for 2024-2025

Introduction: With each passing year, ensuring fair compensation for workers becomes increasingly vital. In Karnataka, the recent revision of minimum wages for the year 2024-2025 underscores the government’s commitment to uplift the workforce. However, for employers, understanding and implementing these revisions effectively can be a daunting task. This article aims to provide clarity on the revised minimum wages in Karnataka for the specified period and offers practical insights for employers to navigate these changes seamlessly.

Understanding the Revised Minimum Wages: The Karnataka government has revised the minimum wages for the fiscal year 2024- 2025, marking an upward adjustment of Rs. 681.60/-. These revisions are applicable across various sectors governed by labor laws, including the Shops & Commercial Establishments Act and the Security Agency Act. It is essential for employers to incorporate these revisions into their wage structures, ensuring compliance and equitable remuneration for all employees.

Key Components of the Revised Minimum Wages:

  • Basic Wages: The revised minimum wages include provisions for basic wages, which form the foundation of employees’ compensation packages.
  • Dearness Allowance (DA): Additionally, employers must factor in the current DA rates, which stand at Rs. 3518.40/- for the S&E sector and Rs. 2223.60/- for the Security sector. These allowances are crucial in determining the total earnings of employees.
  • Contractual and Sub-contractual Arrangements: Employers must ensure that contractors and sub-contractors revise their salary structures in line with the revised minimum wages. This ensures that all workers, regardless of their employment arrangement, receive fair and equitable compensation.

Implementing the Revised Minimum Wages:

  • Compliance with Statutory Regulations: Employers must adhere to the provisions outlined in the Karnataka Minimum Wages Act, 1948, and other relevant labor legislations. This includes accurately calculating and disbursing wages, maintaining comprehensive records, and facilitating transparent communication with employees.
  • Transparent Communication: Clear and transparent communication regarding the revised minimum wages is paramount. Employers should effectively communicate these changes to all employees, providing detailed explanations and addressing any concerns or queries they may have.
  • Periodic Review and Evaluation: Regular reviews and evaluations of wage structures and implementation processes are essential to ensure ongoing compliance and effectiveness. Employers should conduct periodic audits to identify and rectify any discrepancies or non-compliance issues promptly.
  • Embracing Technology: Leveraging technology solutions such as payroll software can streamline wage calculations, automate administrative processes, and enhance accuracy and efficiency in wage management.
  • Employee Empowerment: Empowering employees with knowledge about their rights and entitlements under the revised minimum wages regime fosters a culture of transparency, fairness, and mutual respect in the workplace.

Conclusion: The revision of minimum wages in Karnataka for the year 2024-2025 reflects the government’s commitment to promoting social justice and economic prosperity for all workers. Employers play a crucial role in ensuring the effective implementation of these revisions, fostering a conducive work environment built on principles of fairness, equity, and compliance. By embracing transparency, communication, and technology, employers can navigate the complexities of the revised minimum wages regime with confidence, ultimately contributing to the well-being and prosperity of the workforce in Karnataka.

 

Shops and Commercial Establishments Minimum Wages 2024-25 👈 DOWNLOAD

Hotels and Residental Minimum Wages 2024-25 👈 DOWNLOAD

Security Agency Minimum Wages 2024-25 👈 DOWNLOAD

Hospitals Maternity Homes Minimum Wages-2024-25 👈 DOWNLOAD

Electronics and Electroplating Enterprises Minimum Wages 2024-25 👈 DOWNLOAD

Employment not covered Scheduled Minimum Wages 2024-25 👈 DOWNLOAD

 

Courtesy by: PCS Consultancy


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Feb 152024
 

Introduction:
Stay ahead of the curve with our comprehensive guide on implementing the Revised Minimum Wages in Maharashtra, ensuring seamless compliance from January 1, 2024, to June 30, 2024.

Section 1:
Understanding Maharashtra’s Regulatory Landscape Unravel the intricacies of Maharashtra’s employment regulations, with a focus on the latest revisions in minimum wage requirements. Explore the key updates and their implications for employers.

Section 2:
Step-by-Step Implementation Process Follow our step-by-step guide to streamline the implementation of revised minimum wages within your organization. Gain insights into practical tips and best practices to ensure compliance effortlessly.

Section 3:
Impact on Different Sectors Dive into sector-specific analyses to comprehend how the revised minimum wages impact various industries. From manufacturing to services, understand the nuanced implications for your business.

Section 4:
Addressing Common Challenges Anticipate and overcome common challenges associated with minimum wage revisions. Our guide provides actionable strategies to mitigate risks and maintain compliance throughout the designated period.

Conclusion:
Stay compliant and informed with our Revised Minimum Wages Implementation Guide tailored for Maharashtra. Equip your organization with the knowledge and tools necessary to navigate the regulatory landscape seamlessly from January 1, 2024, to June 30, 2024.

English Version:-
MW Maharashtra 01.01.2024 to 30.06.2024 👈 DOWNLOAD

Original Notification:-
Basic D.A. Minimum Wages for the period of 01.01.2024 to 30.06.2024 👈 DOWNLOAD

Courtesy by: PCS Consultancy


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Feb 032024
 

Budget – in – summary:

In ` lac Crore

Particulars      Budget Estimated
     FY 2024-25
            Estimated
            FY 2023-24
Total Expenditure 47.65 44.90
Capital Expenditure 11.11 16.9% ↑ 9.50
To be financed by
Tax revenue 26.02

(being 55% of total BE)

23.24
(being 52% of total expenditure)

Thus, the main focus is on infrastructure development that to be financed mainly from tax collection by keeping revenue deficit @ 2%.

Objective of the interim budget 2024 and THE FINANCE BILL 2024:

A BILL to continue the existing rates of income-tax for the financial year 2024-2025 and to provide for certain relief to taxpayers and to make amendments in certain enactments”.

To keep the revenue deficit intact and getting more dependent on tax revenue following measures are propose to be carried out for rationalization of direct taxes and indirect taxes.

Tax Rates – To continue the existing rates of income tax:

In para 92 of Budget Speech, the honorable FM said – “As for tax proposals, in keeping with the convention, I do not propose to make any changes relating to taxation and propose to retain the same tax rates for direct taxes and indirect taxes including import duties.” Thus, effective tax rates for different categories of persons shall be as below:

Category1. In case of an Individual (resident or non-resident) or HUF,or Association of Person or Body of Individual or any other artificial juridical person.

Individuals

(Other than resident senior and super senior citizen)

Net Income Range Rate of Income Tax
For AY 2024-25 For AY 2023-24
Up to ₹ 2,50,000
₹ 2,50,000 to ₹ 5,00,000 5% 5%
₹ 5,00,000 to ₹ 10,00,000 20% 20%
Above ₹ 10,00,000 30% 30%

 

Individuals being Resident Senior Citizen

(i.e., who is 60 years or more but less than 80 years at any time during the previous year 2023-24)

Net Income Range Rate of Income Tax
For AY 2024-25 For AY 2023-24
Up to ₹ 3,00,000
₹ 3,00,000 to ₹ 5,00,000 5% 5%
₹ 5,00,000 to ₹ 10,00,000 20% 20%
Above ₹ 10,00,000 30% 30%

 

Individuals being Resident Super Senior Citizen

(i.e., who is 80 years or more at any time during the previous year 2023-24)

Net Income Range Rate of Income Tax
For AY 2024-25 For AY 2023-24
Up to ₹ 5,00,000    
₹ 5,00,000 to ₹ 10,00,000 20% 20%
Above ₹ 10,00,000 30% 30%

 

Hindu Undivided Family – including AOP, BOI, AJP

Net Income Range Rate of Income Tax
For AY 2024-25 For AY 2023-24
Up to ₹ 2,50,000
₹ 2,50,000 to ₹ 5,00,000 5% 5%
₹ 5,00,000 to ₹ 10,00,000 20% 20%
Above ₹ 10,00,000 30% 30%

 

Surcharge: It is levied on the amount of income tax if the income excess a certain limit (depicted below):-

Net Income Rate of Surcharge
₹ 50 lacs to ₹ 1 Crore 10%
₹ 1 Crore to ₹ 2 Crore 15%
₹ 2 Crore to ₹ 5 Crore 25%
Above ₹ 5 Crore 37%

 

The surcharge of 25% & 37% shall not be levied on – Dividend Income, Income Chargeable u/s 111A, 112, 112A and 115AD(1)(b).

Marginal relief: In case surcharge is levied, a relief is available in the following manner:

Net Income Manner of relief
₹ 50 lacs to ₹ 1 Crore The amount payable as income tax and surcharge shall not exceeds the total amount payable as income tax on total income of ₹ 50 lacs by more than the amount of income that exceeds ₹ 50 lacs.
₹ 1 Crore to ₹ 2 Crore The amount payable as income tax and surcharge shall not exceeds the total amount payable as income tax on total income of ₹ 1 Crore by more than the amount of income that exceeds ₹ 1 Crore.
₹ 2 Crore to ₹ 5 Crore The amount payable as income tax and surcharge shall not exceeds the total amount payable as income tax on total income of ₹ 2 Crore by more than the amount of income that exceeds ₹ 2 Crore.
Above ₹ 5 Crore The amount payable as income tax and surcharge shall not exceeds the total amount payable as income tax on total income of ₹ 5 Crore by more than the amount of income that exceeds ₹ 5 Crore.

 

Health and Education Cess: The Health and Education cess is levied @4% on the amount of income tax and surcharge in total.

Alternate Minimum Tax (AMT).

An individual is liable to pay Alternate Minimum Tax where tax payable by him, on his total income computed as per normal provisions of the Act, is less than 18.5% of ‘adjusted total income’.

‘adjusted total income’ in such cases shall be taken as total income of such individual and shall be liable to be taxed @ 18.5% of such ‘adjusted total income’.

However, AMT is levied @9% (surcharge and cess) in case of an assessee other than a company, being a unit of an IFS and deriving its income solely in convertiable foreign exchange.

New Tax Regime
 or Alternate tax regime
(for Individual and HUFs only)

For, AY 2024-25, the new tax regime is the default tax regime for the Individual or HUF. Further, the benefit of new tax regime id also extended to AOP, BOI and AJP from assessment year 2024-25.

If one has to opt-out from default new tax regime, he has to exercise the option in a manner provided under section 115BAC(6).

Net Income Range Rate of Income Tax
For AY 2024-25
Up to ₹ 3,00,000
₹ 3,00,001 to ₹ 6,00,000 5%
₹ 6,00,001 to ₹ 9,00,000 10%
₹ 9,00,001 to ₹ 12,00,000 15%
₹ 12,00,001 to ₹ 15,00,000 20%
Above ₹ 15,00,000 30%

 

Surcharge in New Tax Regime: It is levied on the amount of income tax if the income excess a certain limit (depicted below):-

Net Income Rate of Surcharge
₹ 50 lacs to ₹ 1 Crore 10%
₹ 1 Crore to ₹ 2 Crore 15%
₹ 2 Crore to ₹ 5 Crore 25%
Above ₹ 5 Crore 37%

The surcharge of 25% & 37% shall not be levied on – Dividend Income, Income Chargeable u/s 111A, 112, 112A and 115AD(1)(b).

Further, from Assessment Year 2024-25, a maximum rebate of ₹ 25,000/- is allowed under section 87A, if the total income of a resident individual, who is opting for the new tax scheme under section 115BAC(1A) is up to ₹ 7,00,000/-.

Direct Taxes Management and changes proposed:

  • Now no tax liability for tax payers with income up to ₹ 7 lakh under new tax scheme.
  • Threshold for presumptive taxation for retail businesses was increased from ₹ 2 crore to ₹ 3 crore.
  • Threshold for professionals eligible for presumptive taxation was increased from ₹ 50 lakh to ₹ 75 Lakh.
  • Corporate tax rate was decreased from 30 per cent to 22 per cent for existing domestic companies.
  • Corporate tax rate was decreased to 15 per cent for certain new manufacturing companies.
  • Jurisdiction-based assessment system was transformed with the introduction of Faceless assessment   and    Appeal system and now central government may issue relevant directions for rationalization of laws of income tax in this regard up to 31st March 2025 in contract of existing deadline of 31st March [Amendment of section 144C].
  • Average processing time of returns has been reduced from 93 days in the year 2013-14 to a mere ten days this year with the more efficient use of IT infrastructure.
  • Slab tax rates remain intact, i.e., no change in income tax rates [Section 2].
  • Certain tax benefits to start-ups are expiring on 31.03.2024 will be extended to 31.03.2025. [Amendment of section 80-IAC]
  • Tax benefits on investments made by sovereign wealth or pension funds are expiring on 31st March 2024 will be extended to 31st March 2025.
  • Tax deduction on certain income of some International Financial Services Centre (IFSC) units are expiring on 31.03.2024 will be extended to 31.03.2025. [Amendment of section 80-LA]
  • Withdraw outstanding direct tax demands up to ₹ 25,000 pertaining to the period up to financial year 2009-10 and up to ₹ 10,000 for financial years 2010-11 to 2014-15.
  • Now w.e.f. 1st July 2023, TCS shall be collected @ 5% instead at existing rate of 20% by an authorise dealer in receipt of foreign remittance. [Amendment of section 206C(1G)]
  • TCS shall be collected @20% if the above amount remitted for any purposes other than the education or medical treatment.
  • Seller of an overseas tour programme package shall collect a sum of 20% of the amount or aggregate of amounts in excess of seven lakh rupees received from the buyer in a financial year.
  • Now, Central Government may issue direction up to 31st March 2025 to facilitate greater use of IT facilities for departmental appeals.  [Amendment of section 253]
  • Now, Central government may issue direction up to 31st March 2025 to facilitate the faceless Appellate Tribunal procedure which is based on IT platform. [Amendment of section 255]

Indirect Taxes Management and changes proposed:

  • Average monthly gross GST,collection has almost doubled to ₹ 1.66 lakh crore.
  • Biggest beneficiaries of GST, are customers due to decreased logistics costs and taxes.
  • import release time declined by 47 per cent at ICD, by 28 per cent at air cargo and by 27 per cent at sea port.
  • No change in tax rates on goods and services.

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Branches: Delhi & NCR | Pune | Bangalore | Hyderabad | Ahmedabad | Chennai | Kolkata


Jan 252024
 

 

Introduction:

Introduce the recent circular issued by the Employees’ Provident Fund Organization (EPFO) and the corresponding directive from the Unique Identification Authority of India (UIDAI). Highlight the significance of this decision in the context of identity verification and the legal landscape. This information sheds light on an important change regarding the acceptance of Aadhaar as proof of date of birth.

The key points of the analysis are:

UIDAI’s Directive (Circular No. 08 of 2023):

  • Aadhaar is not recognized as proof of date of birth according to the Aadhaar Act, 2016.
  • UIDAI emphasizes that Aadhaar provides identity verification, not proof of birth.

EPFO Circular and Implementation:

EPFO, in response to UIDAI’s directive, removes Aadhaar from the list of acceptable documents for correcting the date of birth. The decision is reflected in Table-B of Annexure-1 of the Joint Declaration SOP issued earlier. The circular is approved by the Central Provident Fund Commissioner (CPFC).

Legal Implications and UIDAI’s Clarifications:

The UIDAI’s circular refers to the Aadhaar Act, 2016, and regulations governing enrolment and update processes. The Aadhaar Act and an office memorandum from December 20, 2018, explicitly state that Aadhaar is not proof of date of birth. Recent judgments, including one from the Bombay High Court, reinforce that Aadhaar cannot be considered as proof of birth.

Communication to AUAs/KUAs:

UIDAI’s directive is communicated to all Authentication User Agencies (AUAs) and Know Your Customer User Agencies (KUAs) through Circular No. 08 of 2023. EPFO’s circular is directed to all ACC (Zones), RPFC (Regional offices), and Office in charge of ROs for widespread implementation.

Necessary Modifications:

The Internal System Division (ISD) is directed to make necessary modifications in the application software to align with the updated guidelines.

Conclusion:

The removal of Aadhaar as proof of date of birth by EPFO aligns with UIDAI’s directive and the legal stance on Aadhaar’s limitations. This change emphasizes the role of Aadhaar in identity verification rather than proof of birth, and it highlights the importance of accurate documentation in the context of identity verification. Entities involved in date of birth corrections within EPFO should be aware of and adhere to these changes to stay compliant with the latest regulatory updates. This information provides a comprehensive overview of the situation and its implications for EPFO members and other stakeholders.

Circular Download:-

EPFO Removes Aadhaar as Proof of Date: Navigating Charges in Identity Verification  👈 DOWNLOAD

Courtesy by: PCS Consultancy


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“Our Products & Services”

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HO: 904, 905 & 906, Corporate Annexe, Sonawala Road, Goregaon East, Mumbai- 400 063.
Call: +91 766 990 4748
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Branches: Delhi & NCR | Pune | Bangalore | Hyderabad | Ahmedabad | Chennai | Kolkata


 

Jan 152024
 

The Karnataka Compulsory Gratuity Insurance Rules, 2024, issued by the Government of Karnataka, outline regulations regarding the payment of gratuity to eligible employees. Here’s a summary of the key provisions:

1. Title and Commencement

These rules are named the Karnataka Compulsory Gratuity Insurance Rules, 2024.
They come into force from the date of publication in the Official Gazette.

2. Definitions

Defines various terms such as “Act” (Payment of Gratuity Act, 1972), “employer,” “form, “nomination,” and “section.”
Refers to definitions in related acts like the Insurance Act, 1938, Life Insurance Corporation Act, 1956, etc.

3. Obtaining Insurance for Payment of Gratuity

New employers must obtain a valid insurance policy within 30 days from the rules’ applicability.
Existing employers must obtain insurance within 60 days from the commencement of the rules.
Employers must make timely premium payments and renew policies, informing the Controlling Authority promptly.

4. Recovery of the Amount of Gratuity

The Controlling Authority has the power to recover gratuity amounts from the insurance company in case of disputes or as determined by the employer.

5. Registration of the Establishment

Employers must register their establishments with the Controlling Authority within 30 days of obtaining insurance.
Details of insured employees must be submitted, and updates provided when there are changes.

6. Continuation of Approved Gratuity Fund

Employers with an existing approved gratuity fund or those employing 500 or more persons may opt to continue or adopt such arrangements by submitting an application.

7. Incorporation of Gratuity Trust

Employers with approved gratuity funds must register the Gratuity Trust with representatives and comply with relevant laws.
The trust can be managed privately, by the insurance company, or jointly.
The trust must adhere to certain standards and procedures for claiming and releasing gratuity amounts.

8. Compliance with the Provisions of the Act

Employers must take measures to fulfill their obligations under the Payment of Gratuity Act, 1972.

The notification is signed by Suma. S, Under Secretary to Government, Labour Department, on behalf of the Governor of Karnataka, and is dated January 10, 2024.

 

Karnataka Compulsory Gratuity Insurance Rules 2024 DOWNLOAD

 

Courtesy by: PCS Consultancy


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Dec 262023
 

 

ESIC Aadhar Seeding Application due to e-KYC changes by UIDAI. The letter provides instructions and updates regarding the process of seeding Aadhar details for insurance persons and their family members. Here’s a summary of the key points in the letter:

1. Background: The letter refers to previous instructions on Aadhar seeding issued on May 25, 2023, and October 31, 2023.

2. UIDAI e-KYC Update: UIDAI has updated its e-KYC response, specifically regarding the sharing of the date of birth. If the date of birth in UIDAI is recorded as ‘declared or approximate,’ only the year of birth is being shared on the ESIC Aadhaar Seeding application.

3. ESIC Portal Update: The ESIC Portal has been updated to allow users to select the date and month (Date/MM) during the Aadhaar seeding process, based on available documentary evidence. When the declared date of birth matches with the details in ESIC records, Aadhar will be seeded. In case of a mismatch, an update IP details request will be generated for approval.

4. Procedure for Cases with Only Year Visible: In cases where only the year is visible in the date of birth column after seeding Aadhaar details, the person handling Aadhaar seeding will enter the date and month based on Aadhar Card or other documentary evidence. The Aadhar number will be seeded accordingly. Such cases will be marked distinctly on the profile of the insurance person as a declared date of birth, subject to verification when necessary.

5. Deleted Blank Cases: All blank cases of Aadhaar mismatch requests from the last 15 days have been deleted from the backend. Field offices are instructed to approach the individuals again to seed their Aadhar numbers in the ESIC portal.

6. Help Files: The letter mentions that help files containing screenshots of the updated portal are attached for guidance.

7. Compliance Request: Field offices are requested to ensure strict compliance with these guidelines and expedite the Aadhaar seeding work.

If you have any specific questions or need further clarification on any part of the letter, feel free to ask.


DOWNLOAD: ESIC Procedure for Updating Aadhar Details.
DOWNLOAD: Circular for Aadhar changes updated.

Courtesy by: PCS CONSULTANCY

 


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HO: 904, 905 & 906, Corporate Annexe, Sonawala Road, Goregaon East, Mumbai- 400 063.
Call: +91 766 990 4748
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Branches: Delhi & NCR | Pune | Bangalore | Hyderabad | Ahmedabad | Chennai | Kolkata

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:

  1. Staying up-to-date with changing tax laws and regulations
  2. Calculating and managing employee taxes, deductions, and benefits
  3. Ensuring accurate and timely payment to employees
  4. Dealing with payroll errors and correcting them
  5. Keeping track of employee leave and paid time off
  6. Managing employee classification and overtime pay
  7. Compliance with wage and hour laws and regulations
  8. Managing different pay rates for different employees or positions
  9. Accurately tracking and reporting employee hours
  10. Managing and processing employee expenses and reimbursements
  11. Ensuring accurate record-keeping and documentation
  12. Managing payroll for remote or distributed teams
  13. Integrating payroll with other HR and accounting systems
  14. Providing accessible payroll information and self-service options for employees
  15. Ensuring the security and confidentiality of payroll data
  16. 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.


Software Solutions Available on:

TDS | PAYROLL | WEB PAYROLL | WEB HRMS | XBRL | FIXED ASSET |INCOME TAX| SERVICE TAX | DIGITAL SIGNATURE | ATTENDANCE MACHINE & CCTV | DATA BACKUP SOFTWARE | PDF SIGNER

Sensys Technologies Pvt. Ltd.

HO: 904, 905 & 906, Corporate Annexe, Sonawala Road, Goregaon East, Mumbai- 400 063.
Tel.: 022-6820 6100| Call: 09769468105 / 09867307971
Email: sales@sensysindia.com | Website: http://www.sensysindia.com
Branches: Delhi & NCR | Pune | Bangalore | Hyderabad | Ahmedabad | Chennai | Kolkata



 

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:

  1. 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.
  2. 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.
  3. Improved organization and standardization: The software can help organizations standardize and organize their recruitment process, making tracking and managing candidates and job openings easier.
  4. 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.
  5. 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:

TDS | PAYROLL | WEB PAYROLL | WEB HRMS | XBRL | FIXED ASSET |INCOME TAX| SERVICE TAX | DIGITAL SIGNATURE | ATTENDANCE MACHINE & CCTV | DATA BACKUP SOFTWARE | PDF SIGNER

Sensys Technologies Pvt. Ltd.

HO: 904, 905 & 906, Corporate Annexe, Sonawala Road, Goregaon East, Mumbai- 400 063.
Tel.: 022-6820 6100| Call: 09769468105 / 09867307971
Email: sales@sensysindia.com | Website: http://www.sensysindia.com
Branches: Delhi & NCR | Pune | Bangalore | Hyderabad | Ahmedabad | Chennai | Kolkata



 

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.