Navigating Revised Minimum Wages: Maharashtra Compliance Guide (Jan 1, 2024 – June 30, 2024)

Navigating Revised Minimum Wages: Maharashtra Compliance Guide (Jan 1, 2024 – June 30, 2024) Compliances

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

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MCA imposes a 4.5 lakh penalty for not including a statement on the constitution of the Internal Complaints Committee under the Sexual Harassment of Women at Workplace (Prevention, Prohibition, and Redressal) Act, 2013 in the board report.

MCA imposes a 4.5 lakh penalty for not including a statement on the constitution of the Internal Complaints Committee under the Sexual Harassment of Women at Workplace (Prevention, Prohibition, and Redressal) Act, 2013 in the board report. Compliances

Oct 232023

Ceeta Industries Limited, a company headquartered in Tumkur, Karnataka, has been penalized by the Ministry of Corporate Affairs (MCA) for violating Section 134(3)(q) of the Companies Act, 2013. The violation stems from the company’s failure to include a required statement regarding the constitution of the Internal Complaints Committee (ICC) under the Sexual Harassment of Women at Workplace Act, 2013, in their Board reports for the financial year ending on March 31, 2019, and March 31, 2020.

Key point:-

Violation Details: The company did not disclose its compliance with ICC provisions in its Board reports, which was a violation of Section 134(3) of the Companies Act.

Penalties Imposed: The penalties for this violation include a fine of three lakh rupees for the company and fifty thousand rupees each for its Managing Director, CFO (Key Managerial Personnel), and Company Secretary.

Adjudication Process: The violation was identified in July 2021, and the company underwent an adjudication process, including a physical hearing where they argued that the omission was unintentional.

Small Company Argument: The company claimed that, as it had fewer than ten employees in each establishment, it was not obligated to establish an ICC. However, this argument did not exempt them from the penalty.

Importance of Compliance: The article underscores the necessity of adhering to all statutory requirements, no matter how seemingly procedural they appear, to avoid financial penalties and legal actions.

Consequences of Non-Compliance: Failure to comply with the MCA’s order could result in further legal actions under Section 454(8) of the Companies Act, 2013. This case serves as a reminder of the importance of adhering to legal requirements and maintaining regulatory compliance to avoid financial penalties and potential legal consequences.

Ceeta-Industries-20231009 – DOWNLOAD

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Odisha Minimum wages from October 2023 to March 2024.

Odisha Minimum wages from October 2023 to March 2024. Compliances

Oct 182023

The Government of Odisha has notified the revised rate of minimum wages for the scheduled employment that takes effect from 01 October 2023.

MW-Orissa: (DOWNLOAD)

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Bihar Minimum Wages were revised from 1st October 2023 to 31st March 2024.

Bihar Minimum Wages were revised from 1st October 2023 to 31st March 2024. Compliances

Oct 112023

The Government of Bihar, vide Notification No- 1687,1688 Dated- 31.03.2023 Gazette No.- 298 Dated 10.04.2023, revised the VDA effective 1st October 2023. Please refer to the notification for more details

BIHAR MINIMUM WAGES 01-10-2023 TO 31-03-2023 (DOWNLOAD)

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Punjab Factory Rules Amendment 2023.

Punjab Factory Rules Amendment 2023. Compliances

Sep 272023

The Labour dept of Punjab has amended certain rules of the Factory Act 1948, and section 65 subsection (3) and clause (IV) have been amended pls refer to the said notification

Punjabi Factory Act Amendment: 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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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.

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Sales in case of stock broker and sub-broker.

Sales in case of stock broker and sub-broker. Compliances

Jan 162023

Every assessee carrying on business shall get its accounts audited if certain conditions are fulfilled and the same is true in the case of stockbroker and/or sub-broker. The principles enumerated below are equally important for considering the account amount of sale in their profit and loss account.

Rules to consider a transaction as sale in case of stock broker / sub-broker

Share brokers, on purchasing securities on behalf of their customers, do not get them transferred in their names but deliver them to the customers who get them transferred in their names.

The same is true in the case of sales also. The share broker holds the delivery merely on behalf of his customer. The property in goods does not get transferred to the share brokers.

Only brokerage which is being accounted for in the books of account of share brokers should be taken into account for considering the limits for the purpose of section 44AB.

However, in the case of transactions entered into by the share broker on his personal account, the sale value should also be taken into account for considering the limit for the purpose of section 44AB.

The case of a sub-broker is not different from that of a share broker as far as accounting of revenue from broker activities is concerned.

Explanations

In CIT v. Lallubhai Nagardas & Sons (1993) 204 ITR 93 (Bom) it was held that the transactions of sale purchase of shares done by the assessee as a stockbroker for and on behalf of his constituents were far in excess of the ceiling limit specified in section 44AB. If such transactions are to be considered as sales and turnover of the assessee, the case would be hit by the mischief of section 44AB. The point to be considered is the nature of the function and activities of a broker or an agent who brought the seller and buyer of the equity market together.

The word ‘turnover’ as appearing in section 44AB is not appropriate to the transaction which is done by an agent in the way of bringing together a buyer and a seller for brokerage or commission.

As a share broker, the assessee does not have any interest whatsoever in the goods agreed to be purchased or sold on behalf of his constituents.

In fact, a share broker is subject to the rules and regulations of the stock exchange, whose work is monitored and overseen by the SEBI so as to ensure transparency in the transactions entered into by the share broker on behalf of his principals.

Insofar as a share broker is concerned, he has no authority whatsoever to treat the goods as his own. His only interest in the goods is to receive his brokerage on the transaction from the principals.

The share broker would, therefore, not obviously come within the ambit of section 44AB.

Analysis of sale (form No 3CD)

It would be useful to refer to the format of Form No. 3CD which contains the particulars required to be furnished by the assessee for the purposes of section 44AB.

Item at Serial No. 32 of the form refers to several accounting ratios like gross profit/turnover, net profit/turnover, and stock-in-trade/turnover. Obviously, the accounting ratio envisages the own turnover of the assessee, i.e., the realization of the sale price by the assessee in his own account which is to be considered for the purposes of arriving at the gross profit margin.

However, if the stockbroker is also engaged in buying and selling shares in his personal account then the sale value of such shares is also to be taken into account and aggregated with the brokerage to determine the limit specified in section 44AB.

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Implement A Performance Management Process In Your Company.

Implement A Performance Management Process In Your Company. Compliances

Jan 102023

Performance management is an essential aspect of employee life. It can assess and improve performance, give feedback, identify training needs, and reward outstanding performance. Performance management helps employees achieve their goals by providing feedback on how they are performing in their job. It also gives employees a chance to review the company’s expectations for them and decide if they are meeting those expectations. It can help employees make improvements or changes in how they do things that will increase productivity or improve the quality of work.

Managers need to understand what they should look for when evaluating an employee’s performance and what kind of feedback should be given at each level. Managers should also know what type of rewards they can give out based on the level of performance that has been achieved.

How does the performance management system work?

Performance management systems are used to measure employees’ performance to reward or sanction them. The system is usually based on a set of objectives that both the employer and the employee have already agreed on. Performance management systems help organizations in many ways: they help with the recruitment process, they help with staff retention, they help with developing better leaders, etc. These objectives are typically grouped into categories such as ‘quality,’ ‘efficiency,’ and ‘customer focus.’

Performance management software is a system that helps HR teams and managers manage their employees’ performance. The system is based on various metrics used to measure employee performance. The metrics can vary from one organization to another, and the company’s strategy usually determines them.

An attendance management software helps to track employee attendance. This software has many benefits, such as increased productivity, reduced absenteeism, and improved quality of service.

What are the five stages of performance management?

Performance management is a process that every company should have in place. It helps managers and employees understand how they are doing and what they need to do to improve their jobs.

There are five stages of performance management:

– Setting goals-: Think about the results you want to see. Before you set a goal, take a closer look at what you’re trying to achieve.

– Monitoring progress-: Continuously measuring performance and providing feedback on progress toward the goals.

– Providing feedback-: Note opportunities for improvement.

– Taking corrective action-: Interacting with the employee to improve performance or behavior.

– Reaching the goal-: To provide a clean and consistent working environment for both managers and staff, which will ultimately result in higher productivity.

How to evaluate employee performance

To evaluate an employee’s performance, Having a system in place is essential. One way to do this is by assigning specific tasks or goals and evaluating them regularly. Performance management software is a solution that helps companies to evaluate their employees’ performance. It provides a detailed overview of the employees’ work, what they do best and what they need to improve. It also allows managers to provide feedback and coaching.

Evaluating the performance of employees is a crucial component of the success of any company. It is essential to know how each employee performs on different tasks and how their performance changes over time. Leave management software lets you know how much time your employees have left for their leaves.

Frequently Asked Questions:-

Q. What is a performance management implementation plan?

A. A performance management plan can help guarantee that individuals achieve their performance objectives and that those goals are consistent with those of the company.

Q. Why do you need to implement a performance management system?

A. Businesses need effective performance management. They are able to integrate their systems, resources, and personnel with their strategic goals through both official and informal approaches.

Q. What is a performance management process?

A. An employee’s job objectives and general contribution to the company are planned, monitored, and reviewed by managers and employees through the performance management process.

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