Important Update for Maharashtra Establishments from Maharashtra Labour Welfare Board.
New employee and employer contribution rates for the Maharashtra Labour Welfare Fund are now in effect, and online payment is mandatory from June 2024. Read more here 👉 – Maharashtra labour welfare fund new fees. Software Solutions Available on: TDS | PAYROLL | WEB PAYROLL | WEB HRMS | XBRL | FIXED ASSET |INCOME TAX| SERVICE TAX | DIGITAL SIGNATURE | ATTENDANCE MACHINE &...What Impact Does Leave Management Software Have on HR Efficiency?
Leave management software revolutionizes HR efficiency by automating and centralizing the entire leave management process. This innovative tool simplifies the leave request and approval process for employees and HR personnel, resulting in significant time savings and increased productivity. Through a user-friendly interface, employees can effortlessly submit leave requests, check their leave...Tax Treatment of Lump Sum Settlement Payments Following Employment Termination, Without Further Obligation from Employer.
Case Study: Rahul’s Tax Troubles After Termination: Introduction: Mr. Rahul, a dedicated employee at INX Media, faced unexpected challenges after being terminated from his position. His subsequent receipt of a lump sum amount and a new car led to legal complexities with the Income Tax Department. Rahul worked diligently at INX Media for several years before his sudden...Practical Case Studies on Old vs. New Income Tax Regime.
Introduction: In the bustling city of Mumbai, India, resides Priya, a middle-class working professional. She finds herself grappling with a challenging decision: whether to opt for the New Tax Regime introduced by the Government or stick with the familiar Old Regime. This decision holds immense significance for Priya and millions of other Indian taxpayers, impacting their financial stability...Is the New Tax Regime appealing enough? : Practical difficulty of New Tax Regime.
Background: Utilization Trends of the New Tax Regime The dual objectives outlined in the budget speech for the new tax regime are recognized, yet there is a noticeable reluctance to fully embrace it. This hesitation seems to originate from the elimination of numerous exemptions and deductions linked to choosing the new regime. Considering that Indian society tends to prioritize saving for...Comparative analysis of Old Tax Regime and New Tax Regime.
The Hon’ble Finance Minister in her speech mentioned five major announcements impacting personal income tax rates and once of major announcement is tax rebate for income upto ₹ 7 lacs in new tax regime. Thus, comparing it with old tax regime individual having income (taxable income) up to ₹ 5 lacs will not have to pay any tax the new tax regime looks favourable for the taxpayers....Due Dates for the month of June 2024.
07th TDS Payment for May 2024. 10th GST Return for authorities deducting tax at source – GSTR 7 for May 2024. Details of supplies effected through the e-commerce operator and the amount of tax collected-GSTR 8 for May 2024. 11th GST Details of outward supplies of taxable goods and/or services effected – GSTR 1 for May 2024. 13th GST Invoice Furnishing...Navigating Labour Law Compliance Calendar: June 2024 Edition
Title: Navigating Labour Law Compliance Calendar: June 2024 Edition Introduction: As we step into June 2024, businesses across India are gearing up to ensure compliance with various labour laws. Understanding and adhering to these regulations are vital not only to avoid legal repercussions but also to foster a healthy work environment. In this article, we’ll delve into the...Changes In Income Tax Return Form No 1 to 4 for Assessment Year 2024-25.
No change in the applicability: The CBDT has not amended R12 of the Income-tax Rules, 1962, which outlines the criteria for the applicability of ITRs to different classes of taxpayers and method of furnishing returns and the same can be summarized as below for the AY 2023-24: Nature of income ITR 1 ITR 2 ITR 3 ITR 4 Salary Income Income from salary/pension (for ordinarily resident...