Statutory Compliance
Statutory Compliance
ESI Returns
Employee State Insurance Corporation Act 1948 was introduced by the government to provide social security and medical facilities to employees and their families. The Act is applicable to the employees drawing a gross monthly salary of Rs. 21000/-. The fund contributed towards ESIC is being managed by Employee State Insurance Corporation. Registered employees and their families are eligible to get medical benefits including surgical and obstetric treatment, ambulance services, supply of all drugs, super-specialty consultation, etc.
ESI Registration Code Allotment
ESIC Registration is applicable to the establishments which in an implemented area and having more than 10 employees. Once, the organization gets registered, a 17 digit unique identification code will be allotted to them. It is the statutory responsibility of the employer to get registered under this act after achieving the said employee level within 15 days.
ESI Contribution
ESIC contribution is must to be made by the employer for all employees drawing a monthly gross salary of up to Rs.21,000 per month. The employer contribution is 3.25% and employee contribution is 0.75% of the wages. The total contribution made towards ESI Fund will be 4% of total monthly gross.
EPFO Returns
⇒ Employee’s Provident Fund (EPFO)
These registrations are being managed by consultancy firms on a larger basis. One of the best-known firms in Hyderabad is RJ Consultancy Services owned by Mr. D Ravi. The consultancy is serving various industries by providing the facility of Online EPF Registration. Now let’s discuss the facts related to the EPF.
⇒ Highlights of EPFO
EPFO or PF is an arrangement made by the government and managed by Employee’s Provident Fund Organization (EPFO), which is covered under the Employees’ Provident Fund and Miscellaneous Provisions Act, 1952. The EPF organization is controlled by Ministry of Labour and Employment, Government of India. The Act was framed to provide the benefits to salaried class employees. Under this act, the employees are entitled to receive a pension, insurance or special benefits at specific occasions by contributing a nominal amount towards this fund. The contribution is being deposited from applicable for both employee and employer.
Employee EPF Support
UAN is a 12-digit Universal Account Number allocated to every PF account holder upon joining his/her first job. A PF account number, once allocated continues with every organization with the help of UAN. The new PF id of the employee is linked with his UAN in every new organization that the employee joins. UAN can basically be defined as a number that tags multiple PF account IDs of a single member. It acts as an umbrella for the multiple PF IDs allotted to individuals by different organizations.
UAN Activation
Bank Account Updating
Name Correction
DOB Correction
Exit Formalities
Previous EPF amount Transfer to Present Account
Death claims submission
EPF Withdrawal
Apply Pension
E Nomination
Bonus Payment Act
Payment of minimum bonus. Subject to the other provisions of this Act, every employer shall be bound to pay to every employee in respect of the accounting year commencing on any day in the year 1979 and in respect of every subsequent accounting year, a minimum bonus which shall be 8.33 per cent.
If an employee’s basic salary plus dearness allowance is below Rs. 21,000. Bonus is not payable – If an employee’s basic salary plus dearness allowance exceeds Rs. 21,000 per month.
Professional Tax
Professional tax is the tax collected from the earning individuals. This tax is levied on individuals working in non-government and government sectors or belonging to any profession including lawyers, doctors, chartered accounts or people involved in any other business. Therefore, if you are a resident in Telangana who is earning money through profession, employment, trade or other means, you must pay professional tax to the state as per the applicable tax rate.
TDS on Salary
Salary is best defined as a fixed payment that is received at pre-determined intervals for providing services as per the contract between two parties – an employer and an employee.
As per Income Tax Act, salary comes under the purview of taxation, wherein the liability is calculated according to applicable slab rates. To understand the concept and applicability of TDS on salary, individuals should gather information on its computation and deductions.
GST Returns
A GST return is a document containing details of all income/sales and/or expenses/purchases that a GST-registered taxpayer (every GSTIN) is required to file with the tax administrative authorities. This is used by tax authorities to calculate net tax liability.
Under GST, that broadly include:
Purchases
Sales
Output GST (On sales)
Input tax credit (GST paid on purchases)
To file GST returns or for GST filings, check out the Clear GST software that allows the import of data from various ERP systems such as Tally, Busy, custom Excel, to name a few. There is also the option to use the desktop app for Tally users to directly upload data and file.