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PROPOSED IMPACT ON SALARIES AS PER UNION BUDGET 2020
New Tax regime for Individuals and HUFs. The new optional tax regime has been provided to Individuals and HUFs by insertion of new section 115BAC in the Income Tax Act, which provides the following: – On satisfaction of certain conditions, an individual or an HUF has the option to pay tax in respect of its total income at the following rates: S...Continue Reading
KEY HIGHLIGHTS OF UNION BUDGET 2020-21
Presented On: 01 February 2020 Finance Minister Nirmala Sitharaman presented the Union Budget 2020-21 in the Lok Sabha. This is the second budget after Narendra Modi led National Democratic Alliance returned to power for a second term. The key highlights are as under: Sr.No. Areas Key Highlights 1 Taxation Optional tax regime (devoid of deductions) for...Continue Reading
Compliance Calender – February 2020
Calendar Date / Due Date Compliance Activity Brief Description of Compliance Act/Rules Frequency Regulatory Authority 1st Feb Annual Return V Rule 18 ( related Mines Rules) VII, VIII Rule 16 related Air Transport The Payment of Wages Act 1936 & Related Mines Rules Annually Concerned Labour Commissioner Annual Return Every Employer shall file annual return...Continue Reading
Labour Reform-An Era of Substantial Change
Labour Reform- An Era of Substantial Change Ministry of Labour and Employment, Government of India has conveyed its firm intent that forty four central legislations pertaining to labour, industrial and environment related will be merged and subsumed into four codes. The first code (i.e. Code on wages, 2019) has already become a law on August...Continue Reading
Compliance Calender – January 2020
Calendar Date / Due Date Compliance Activity Brief Description of Compliance Act/Rules Frequency Regulatory Authority 7th Jan TDS Payment Salary / Other than Salary Income Tax Act,1961 Monthly Income Tax Dept. External Commercial Borrowing Reporting of actual ECB transactions through an AD Category – I Bank FEMA,1999 Monthly Department of RBI 10th Jan GST Return...Continue Reading
POSH ACT 2013
Long bygone are the days when men used to be the sole bread-winners of a family. Globalization has brought a radical change in the status of women worldwide. However, with the larger influx of women in the mainstream workforce of India, sexual harassment at workplace has assumed greater dimensions. Workplace sexual harassment is a form...Continue Reading
Wither E-commerce?
There has been a move to ‘regulate’ e-commerce market place. E-comm players are blamed for deep discounting and predatory pricing’. There is a ‘loud suggestion’ (read political pressure) for discontinuation of ‘cash on delivery’, an e-commerce ombudsman, and localization of data. Some of the e-commerce giants have been summoned and asked to share data on...Continue Reading