Feb 292024
 

07th

TDS TDS Payment for February 2024.

10th

GST Return for authorities deducting tax at source – GSTR 7 for February 2024.
Details of supplies effected through e-commerce operators and the amount of tax collected – GSTR 8 for February 2024.

11th

GST Details of outward supplies of taxable goods and/or services effected – GSTR 1 for February 2024.

13th

GST Invoice Furnishing Facility (IFF) for February 2024 in lieu of GSTR 1 for QRMP Filers.
Return for Input Service Distributor – GSTR 6 for February 2024.

15th

P.F. PF Payment for February 2024.
ESIC ESIC Payment for February 2024.
Income Tax Fourth installment of advance tax for the assessment year for all assesses.
TDS Deposit of TDS Certificates for tax deducted u/s 194-IA, 194-IB, 194M in Jan.

20th

GST GSTR 3B for February 2024 if aggregate turnover exceeds Rs. 5 Crore.
Return for Non-Resident foreign taxable person – GSTR 5 for February 2024.

22nd

GST GSTR 3B for the month/quarter ended February 2024 if turnover is below Rs. 5 Crore for Gujrat, Madhya Pradesh, Chhattisgarh, Maharashtra, Telangana. Andhra Pradesh, Karnataka, Goa, Kerala, Tamil Nadu, Puducherry, Dadra & Nagar Haveli.

24th

GST GSTR 3B for the month/quarter ended February 2024 if turnover is below Rs. 5 Crore for the Rest of India.

25th

GST Monthly Payment for February 2024 through Challan PMT06 for QRMP filers.

30th

TDS Deposit of TDS u/s 194-IA on payment made for purchase of property in Feb in Form 26QB.
Deposit of TDS u/s 194M for Feb on payments made to resident contractors or professionals greater than 50 lacs pa by individuals/HUF not subject to tax audit in Form 26QD.

31st

GST Furnishing of LUT in RFD-11 for export of goods/services for FY 2023-24.

 


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HO: 904, 905 & 906, Corporate Annexe, Sonawala Road, Goregaon East, Mumbai- 400 063.
Call: +91 766 990 4748
Email: contact@sensysindia.com | Website: http://www.sensystechnologies.com
Branches: Delhi & NCR | Pune | Bangalore | Hyderabad | Ahmedabad | Chennai | Kolkata


Feb 222024
 

 

Title: “Streamlining Employee Benefits: The e-Pehchaan Card Initiative under the ESI Scheme”

Introduction:

In a significant move towards enhancing efficiency and accessibility in employee benefits, the Ministry of Labour and Employment (MoL&E) has issued a circular, emphasizing the issuance of ePehchaan cards to all Insured Persons (lPs) under the Employees’ State Insurance (ESI) Scheme. This article delves into the details of this initiative, its implications, and the steps involved in implementing
the directive.

Understanding the e-Pehchaan Card:

The e-Pehchaan card is a digital identity card designed to streamline and digitize the process of providing essential benefits to Insured Persons. As outlined in the circular, it is now mandatory for all employers to issue the e-Pehchaan card to their employees immediately after registration under the ESI Scheme. This move aims to ensure quicker access to benefits and a more efficient administration of the ESI Scheme.

Key Directives in the Circular:

  1. Immediate Issuance: The circular stresses the importance of providing the e-Pehchaan card promptly after the registration of an Insured Person. This step is crucial in facilitating seamless access to healthcare and other benefits covered under the ESI Scheme.
  2. Role of ROs/SROs: Regional Offices/Sub-Regional Offices (ROs/SROs) play a pivotal role in implementing this directive. They are tasked with instructing all employers within their jurisdiction to download the e-Pehchaan card from the ESI Portal and distribute it to their employees.
  3. Digital and Hard Copy Distribution: Employers are expected to leverage the ESI Portal for digital issuance of the ePehchaan card. Simultaneously, the circular highlights the necessity of providing hard copies of the card to all existing Insured Persons. This dual approach ensures accessibility for all, considering varying preferences and technological literacy.
  4. Competent Authority Approval: The circular concludes by affirming that the directive has received approval from the Competent Authority, underscoring the official endorsement and significance of the initiative.

Benefits of the e-Pehchaan Card Initiative:

  1. Faster Access to Benefits: With immediate issuance, employees gain quicker access to healthcare and other benefits, reducing the waiting period traditionally associated with such processes.
  2. Digitization for Efficiency: The move towards a digital identity card aligns with broader efforts to digitize administrative processes, promoting efficiency and accuracy in record-keeping.
  3. Employee Empowerment: Insured Persons receive a tangible identity card, empowering them with a physical and digital proof of their enrollment and eligibility for ESI Scheme benefits.
  4. Uniform Implementation: The circular ensures a uniform implementation of the e-Pehchaan card issuance across various regions, enhancing standardization and ease of compliance for employers.

Conclusion: The issuance of e-Pehchaan cards represents a significant stride towards modernizing and simplifying the delivery of employee benefits under the ESI Scheme. This initiative not only aligns with the broader digital transformation goals but also prioritizes the well-being and convenience of Insured Persons. As employers and regional offices collaborate in implementing this directive, it is anticipated that the streamlined process will set a precedent for future enhancements in employee benefit administration.

 

ESIC Circular Issuance of EPC 5 Feb 2024 – 👈DOWNLOAD

 

Courtesy by: PCS Consultancy


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“Our Products & Services”

Sensys Technologies Pvt. Ltd.

HO: 904, 905 & 906, Corporate Annexe, Sonawala Road, Goregaon East, Mumbai- 400 063.
Call: +91 766 990 4748
Email: contact@sensysindia.com | Website: http://www.sensystechnologies.com
Branches: Delhi & NCR | Pune | Bangalore | Hyderabad | Ahmedabad | Chennai | Kolkata


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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“Our Products & Services”

Sensys Technologies Pvt. Ltd.

HO: 904, 905 & 906, Corporate Annexe, Sonawala Road, Goregaon East, Mumbai- 400 063.
Call: +91 766 990 4748
Email: contact@hrmthread.com | Website: http://www.hrmthread.com
Branches: Delhi & NCR | Pune | Bangalore | Hyderabad | Ahmedabad | Chennai | Kolkata


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.

Software Solutions Available on:

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“Our Products & Services”

Sensys Technologies Pvt. Ltd.

HO: 904, 905 & 906, Corporate Annexe, Sonawala Road, Goregaon East, Mumbai- 400 063.
Call: +91 766 990 4748
Email: contact@sensysindia.com | Website: http://www.sensystechnologies.com
Branches: Delhi & NCR | Pune | Bangalore | Hyderabad | Ahmedabad | Chennai | Kolkata