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  • 2018-07-28

    THE RIGHT TIME FOR INDIVITUALS INCOME TAX FILING

    It is the right time for the Income Tax filing for Individuals. As you know, the last date for IT Filing is ending on 31st July 2018 and Now Gov. has given an extension for the IT filing to exempt from penalties Financial Year 2017-2018 onwards Government made it mandatory to file all individuals having taxable Income. The Government consider financial year as April to March instead of the Calendar Year January to December. Noncompliance of IT filling will lead to imposing a Penalty of Rs. 5000.00. We, Forsight group can help you to plan & file your Income Tax return on a professional way..

  • 2018-07-11

    Minimum Wage Law and the impact of its Violation

    In India, there are a variety of Central and State labour laws which govern the relationship between employee and employer. If the employer is not paying the minimum wages or overtime compensation, employee can approach your state’s labour office and file a complaint. The inspection officer itself is authorized to complaint behalf of Government. Some states accept complaints through online too. Since WPS is active in Kerala the risk is high for the employer. The Complaint is paneled via Regional Labour Commissioner. The Offender is punishable with imprisonment for a term which may extend to six months or with fine or with both. As a Labour law expert it is our responsibility to look after you not to become a defaulter for Government..

  • 2018-07-06

    7 Annual Returns under Shop and Commercial Establishment

    Organizations are entitled to submit the statutory labour annual returns every year Before 15 th February of every year. Statutory compliance under various labour laws has to be ensured by establishments. It is not just limited to statutory payments, returns and records to be maintained by the employer under various labour laws but also represent them in case of prosecution under various statutes. 1. Annual Return under Minimum Wage act, 1958 and Rules. 2. Form No. “M” Annual Return under Kerala Maternity Benefit Act, 1961 3. Form No. “L” Annual Return under Kerala Maternity Benefit Act, 1961 4. Annual Return Under Kerala payment wages Rules 1958 5. Sexual Harassment of women at workplace (Prevention, Prohibition and Redressal ) Act 2013. 6. Annual Return under Payment of Bonus Act ,1965 7. Annual Return Under The Kerala Industrial Establishment (National and Festival Holidays) Act 1958 As an entrepreneur, if you have not yet proceeded to submitting Annual Returns. Forsight the specialist in Labour Laws can serve you for your better tomorrows..

  • 2018-07-06

    Minimum Wage and Designation

    As per the Min wage Act 1948, wages means all remuneration expressed in terms of money payable to employee. But in Min Wage it does not include any house-accommodation, supply of light, water, medical attendance, any contribution paid by the employer to any Pension Fund or Provident Fund or under any scheme of social insurance, any travelling allowance, special expenses, any gratuity and etc. As Act says “The employer shall pay to every employee engaged in scheduled employment under him wages at a rate not less than the minimum rate of wages fixed for that class of employees” So the Employer has the responsibility to ensure the Min Wage according to the designation. It should be the wage in the Min Wage Act or above 50% of the gross wage whichever is higher. Dearness allowance should be added as per the CPI..

  • 2018-06-14

    Salary Structuring and Employer Benefits

    Salary Structure is the set of parameters that define the salary. Mostly the employer ignores the salary structuring without knowing the benefit that may get through the salary structuring. The employer needs to consider the Minimum Wage Act, EPF and ESI Act, Income Tax Act, Bonus, Gratuity and etc while structuring your employee’s salary. The employer required to pay (12+1% EPF and 4.75% ESI) of the total applicable wage. Through the salary structuring Forsight find all the available exemptions that can apply in salary divisions. Forsight is assuring that via this method Employer will be able to get the maximum deductions in statutory payments. Our clients have applied our salary policy and they are happy of getting the benefits. If you also seek to get this structuring we are happy to serve you..

  • 2018-05-29

    1 Point to Note: WPS and Employer

    As we know the government had brought in Wage Protection System, an IT-enabled system in the labour Commissionerate, to ensure payment of minimum wages through bank accounts to employees of shops, private hospitals, star hotels, and a few other sectors. One of our client, New Sanros Ayurvedic Pvt Ltd of Kochi appealed against the single bench’s judgment. The amendment made to Kerala Minimum Wages Rules on July 8, 2015 was challenged before a single bench of the court in 188 petitions. In the appeal, it is alleged that the stipulation in the amendment is contrary to Minimum Wages Act and Payment of Wages Act. It also violates the fundamental right to carry on a trade or business, the appeal said. The WPS stay has been approved for our client though it has to be noted that the stay is not for life long. In favor of the government, the single bench also said if an employer is honest, he should be welcoming such a move. As an employer if you are concerning to migrate to WPS or Not, the Forsight, Labour compliance expert is well equipped with to support and fulfill your HR requirements..

  • 2018-05-22

    Personal Provident Fund (PPF)

    It is a government-run fixed income security scheme, and oriented towards providing financial security after retirement to an unorganised sector or theself-employed person. However, it does not stop the salaried person to invest in the same. The interest earned on the PPF subscription is compounded. All the balance that accumulates over time is exempt from wealth tax..

  • 2018-05-22

    Voluntary Provident Fund (VPF)

    As the name suggests, under the VPF scheme, an employee can voluntarily contribute any percentage of his salary to the PF account. However,it has to be more than 12 percent of their gross wage which is the PF cap. The interest offered would be the same as that of EPF and the amount would be credited to EPF account..

  • 2018-05-22

    Employee Provident Fund (EPF)

    Under this scheme, both employees and employer contribute tothe EPF account. It is compulsory for an employee as well as the employer to contribute 12 percent each to the EPF account. EPF is compulsory for every company in which 20 or more people are employed. .

  • 2018-05-22

    EPF v/s VPF v/s PPF

    With so many investment options available in the market like Mutual Funds, Equity etc, it has become difficult for people to decide which one is the best option for them. In such a situation, people can go for low-risk products such as the government-run Employee Provident Fund (EPF), Voluntary Provident Fund (VPF) and Personal Provident Fund (PPF). .

  • 2018-05-16

    5 Recent updates every EPF member should know about.

    1. View Pension Passbook Service for pensioners. Via the Umang App, Any pensioner can register with his PPO Number and his DOB (Date of Birth). It also provides employee centric services, employer centric cervices, general services, pensioner services and eKYC services. 2. Pensioner’s Portal at EPFO website Via this website (https://. mis epfindia.gov.in/PensionPaymentEnquiry) pensioner can get all the details of their pension-related information 3. EPFO members to be informed about contributions not deposited by employers. The members, who have registered their mobile number or email ID against respective UAN, will be informed about it by way of SMS or email. 4. EPFO members to be allowed to increase or decrease PF investments into stocks. EPFO will provide the option to increase or decrease your PF investments into stocks through the exchange trade funds (ETFs) in the current financial year. 5. Launch of e-Nomination facility. EPFO has also introduced e-Nomination facility for its members for filing the nomination form. This facility is available at Member Interface of EPFO Unified Portal (https://unifiedportal-mem.epfindia.gov.in/memberinterface/). .

  • 2017-08-22

    Inclusive India Economic Forum- 2017

    Crowne Plaza Kochi.

  • 2017-08-22

    Inclusive India Economic Forum- 2017

    Crowne Plaza Kochi.

  • 2017-08-22

    Inclusive India Economic Forum- 2017

    Crowne Plaza Kochi.

  • 2017-08-22

    GST Payment due date

    September 20th - GST Payment due date.

  • 2017-08-22

    Last date for the payment of EPF & ESI

    September 15th - Last date for the payment of EPF & ESI.

  • 2017-08-22

    Last date for the payment of EPF & ESI with PMPRY benefit

    September 10th - Last date for the payment of EPF & ESI with PMPRY benefit.

  • 2017-08-22

    Last date for professional tax payment

    August 31st - Last date for professional tax payment.