Kindly go through the update from ICSI for study material on mobile
Business standard updates
Labour law reforms from Central Government to improve industrial activity. Some of the key points are as follows
To encourage employers to undertake apprentice training.
Increasing the overtime limit to 100 hours for a worker in a quarter from 50 present.
Exemption to small firms to maintain register
definition of small establishments will also changed to firms hiring up to 40 employees, against 10 currently
: Relaxation of norms for woman factory workers OVERTIME: Increase in limit to 100 hours ( from 50) in a quarter
Errors to avoid when filing returns Income tax returns by individuals and choosing the correct form
Update from ICSI
ICSI students get material on mobile
https://www.icsi.edu/portals/0/25%20July%202014.pdf
source Business standard
| Labour reforms: Govt to ease rules on apprentices, women |
|
New Delhi, 26 July The Narendra Modi Cabinet is likely to consider amendments to three labour laws on Wednesday. These include dropping a provision that permits arresting employers under the Apprenticeship Act. However, relaxed retrenchment norms, like those proposed by Rajasthan in its labour reforms, are not part of the current scheme of things. Besides the Apprenticeship Act, 1961, the Factories Act, 1948, and the Labour Laws ( Exemption from Furnishing Returns and Maintaining Registers by Certain Establishments) Act, 1988, will come up for discussion in Cabinet. If approved, these pieces of legislation will be tabled in the current session of Parliament. "The Union labour ministry plans to take these laws to Cabinet. The Bills will be taken up in the ongoing session of Parliament after Cabinet's approval," said a senior labour ministry official who did not wish to be named. "Due to fear of imprisonment, employers tend to avoid coming under the Apprenticeship Act purview and training facilities available with them go unutilised," the labour ministry said while drafting the proposal. Amendments to the Act, the ministry said, " would encourage more employers to join the apprenticeship training scheme and would also remove the fear of prosecution". Ajay Shankar, member- secretary of the National Manufacturing Competitiveness Council, said: " As the law becomes flexible, it suits the present needs and increases openings for young people." Vishnu Deo Sai, minister of state for labour, has said in a written reply in the Lok Sabha "the apprenticeship regime in India manages to train 282,000 apprentices... against 490,000 apprenticeship seats located in the Central and state- sector establishments". To complement Prime Minister Modi's vision on skill development, the Apprenticeship Act amendments will add 500 new trades. Companies might also be allowed to start new trades without waiting for the Centre to notify them. The labour ministry has proposed 54 amendments in the 61 Sections of the Factories Act. These include increasing the overtime limit to 100 hours for a worker in a quarter from the current 50, relaxing restrictions on night work for women in factories, and empowering the central government to make rules on health and safety hazards. The amendments to Labour Laws ( Exemption from Furnishing Returns and Maintaining Registers by Certain Establishments) Act include reducing the need for small firms to maintain registers. The definition of small establishments will also changed to firms hiring up to 40 employees, against 10 currently. Industry has blamed India's outdated labour laws as a hindrance to growth. The Bharatiya Janata Party's election manifesto promised to bring together stakeholders to "review our labour laws, which are outdated, complicated and even contradictory". The proposed amendments to these laws were moved during the United Progressive Alliance regime but were not placed before Cabinet. In June, the labour ministry invited fresh suggestions. Tripartite discussions were held and opinions had been incorporated, the official said. "We see it as a positive initial move. As there is greater discussion on these issues, consensus will emerge on other issues. This is a very good beginning to a process," Shankar said. The Centre was also actively considering amendments to the Child Labour ( Regulation and Abolition) Act, 1986, and the Minimum Wages Act, 1948, the labour ministry official said. But these were not among the Bills that were going to Cabinet now, he added. Turn to Page 12 > EASING WORK RULES Proposed amendments to the Factories Act 1948 NIGHT WORK: Relaxation of norms for woman factory workers OVERTIME: Increase in limit to 100 hours ( from 50) in a quarter SAFETY & HEALTH: Empowerment of the central govt to make rules on " important aspects of occupational safety and health" ( at present, the powers are with only state govts) Proposed amendment in the Apprenticeship Act, 1961 EMPLOYERS: Dropping the clause under which employers can be imprisoned for not implementing the Act; a fine of ₹ 500 per shortfall of apprenticeship month may be imposed NEWTRADES: Companies can add new trades under the Act without the Centre's approval AMBIT: Contractual workers, daily workers, agency workers and casual workers to come under the Act PARITY: Holidays, leaves, shift working for apprentices to be the same as regular workers Proposed amendment in Labour Laws Act, 1988 REGISTERS: Reducing the need for small establishments to maintain registers under the Scheduled Acts to two; very small establishments to maintain only one register E- RECORDS: Maintenance of records in electronic media DEFINITION: ' Small establishments' to mean firms employing between 10 and 40 people Labour reforms: Govt to ease Cabinet may take up amendments to 3 laws on Wednesday; but no relaxed retrenchment norms yet |
| Labour reforms: Govt to ease rules on apprentices, women |
|
According to a proposal, workers in any unit in these zones could be removed without notice or compensation if the employer provides them with alternative employment in the same zone at the same pay and conditions of work. Talks with trade unions over this are on. |
| Errors to avoid when filing returns |
|
>RAKESH NANGIA With July 31 just around the corner, everyone must be busy with their income tax returns. Filing returns has become convenient since it can now be done electronically. But the flip side to this is that taxpayers often wait till the last day to complete the process. Due to this often there could be mistakes in the returns, which can lead to problems later. Many of these common mistakes are simple, human errors. Paying attention to these things can make returns filing a smoother and errorfree process. Here are some of the common mistakes taxpayers make and the consequences of the same. Choosing an incorrect form This is the first step to filing tax returns. And taxpayers need to be careful about the form they choose. There are five forms to choose from, depending on the source( s) of income. If you make a mistake in choosing the right form, the entire exercise of filling returns will need to be redone. Here's what each Income Tax Return ( ITR) stands for: ITR 1: For those who earn an income from salary, pension, other sources - interest income on savings bank account and fixed deposit and from one house property ITR 2: For individuals or Hindu Undivided Families ( HUF) that earn an income from all the sources given in ITR 1, more than one house property, capital gains, other sources, and foreign assets ITR 3: For individuals or HUF who fulfils the criteria in ITR 2 and are also a partner in a firm, but do not carry on a proprietary business or profession ITR4: For individuals having income from business or profession ITR4S: For individuals having income from presumptive business Providing incorrect personal details Every year a large number of returns are rejected because of incorrect personal details. The ITR form needs both residential and e- mail address. One should ensure that a valid and functional e- mail address (that is regularly used), is provided in the ITR form. If you are staying in arental accommodation or hostel, avoid mentioning that address on the form. Instead, mention your permanent address, where a communication from Income Tax ( I- T) Department can be received/ attended to. The Permanent Account Number ( PAN) is often written wrongly in ITR. Missing even one number or alphabet of your PAN will lead to your ITR form not being processed. Besides, you could be levied with a fine of ₹ 10,000 for an incorrect PAN entry, as per I- T rules. Similarly, you should be be careful about Tax Deduction Account Number ( TAN) of your employer. You can find this number in your Form 16. If you are expecting a refund, you need to mention your bank savings account number and the ninedigit MICR number correctly. Or, your refund may get delayed unnecessarily. This is another common mistake taxpayers make regularly. Failure to include certain income There are certain incomes which are left out erroneously as many taxpayers dont know that the same should be mentioned at the time of filing taxes. For instance, income from other sources or interest income and so on. Income from other sources: Long- term capital gains and dividends from equity mutual funds and listed securities are not taxable if held for more than one year. That is, the long- term capital gains tax on equity and related instruments is zero. But such capital gains form a part of your income from other sources and you need to give details about these in the tax returns form. Short- term capital instruments is taxed at flat 15 per cent. At the same time, short- term capital gains from debt funds is taxed at slab and long- term gains from debt funds will be taxed at 10 per cent without indexation or 20 per cent with indexation, whichever is lower. However, this year's Annual Budget has changed this rule and these will be taxed differently for investments made in the current financial year. Not considering more than one Form 16: If you've changed jobs in the middle of a financial year, ensure that you collect your Form 16 from the previous employer as well. Many make the mistake of reporting only the current employer's income in their returns. Since one has availed tax benefits from both employers, you still owe some additional tax liability at the time of filing tax returns. Missing TDS details: Since all banks deduct tax at source ( TDS) for the interest income accrued on your fixed deposit accounts, it doesn't mean you don't assess your tax liability and mention it in your returns form. In reality, banks only deduct 10 per cent tax on interest income, whereas you may be in the higher tax slab of 20 per cent or 30 per cent. So if you don't give information about interest income in the returns form, there is a chance that you may receive a notice from the tax department. The portal will take into account Form 16A details you've added and compute the data. The same is the case for interest Bangalore office. This Make sure you sign the ITR- V form only in blue ink. If signed in black ink, it But there are some conditions revision is allowed only if the omission was unintentional. There is also a time line. You can revise I- T returns before the expiry of a year from the end of the assessment year or before the completion of assessment of returns, whichever is earlier. So, the returns of assessment year 2010- 11 can be revised till March 31, 2012, or before the completion of the assessment. That's why it is suggested that assessees take a few moments out alittle in advance to take a careful look at what is required in the ITR form, read the instructions and then file returns. This can prevent alot of these errors. The writer is managing partner, Nangia & Co Chartered Accountants TAX PLANNING The tax department allows you to revise returns for mistakes, but there are strict conditions attached |
--
Company Secretary
Chennai
93810 11200
__._,_.___
No comments:
Post a Comment