Regulatory and Compliance News

Learn about legislative updates such as clarification on calculation of tax on income, new formats for Form 12BA, Form 16 and TDS Annexure II Returns, and more.

Learn about legislative updates such as FAQs on ABRY (Atmanirbhar Bharat Rozgar Yojana), clarification on PF deduction and taxability and more.

Learn about legislative updates such as budget updates, employee GST, Provident Fund interest rates and Labour Welfare Fund contribution payment.

Learn about legislative updates such as due date extension under the Income tax Act, Tamil Nadu Labour Welfare board online registration facility and guidelines on Atmanirbhar Bharat 3.0.

Learn about legislative updates such as the Atmanirbhar 3.0 Stimulus Package for Provident Fund Benefit, draft rules on occupational health and safety and EPFO submission and updates.

Learn about legislative updates such as how to claim the LTA benefit, due date extension for ITR, Maharashtra ESIC amendment and increase in maternity benefit.

Learn about Rajya Sabha and Lok Sabha approving the next 3 labour codes, Provident Fund interest payment, CBDT allowing e-verification of previous year ITR forms, and more.

Learn about the relaxation of unemployment allowance benefit under ESIC, Provident Fund reduction and Maharashtra LWF due date extension.

Learn about the TDS Return (form 24Q)'s due date extension, Draft Rules under Code on Wages 2019 and more.

Learn about the changes introduced in the new tax regime by the government, Form 16 and other important due date extension, and more.

Reduction in Provident Fund rate, advisory note on “no salary reduction” revoked and more

Learn about the new rate of Provident Fund contributions as well as the removal of penalty on delayed PF remittance due to the pandemic.

New rule for Insured Person (IP) generation under ESIC

Employee State Insurance Corporation (ESIC) introduced a new rule, wherein, all new joinees would be allotted/seeded with IP number, immediately upon his date of appointment.

Webinar on “Code of Wages”

ADP had conducted an informative webinar on the subject to relay as much information about the changes in the act, which is sure to impact us in our daily business proceedings.

Rollback on surcharge on capital gain

During the July Parliament session, surcharge rates were enhanced for individuals with high net worth, specifically those whose income exceeds Rs. 2 Crore.

The first session of budget pre-election was published on 1st of February 2019. The second phase of budget was released on 5th of July 2019 and the proposed finance bill was passed in Lok Sabha with unanimous votes.

Due date for Income tax return filing amended 

To compensate for these amendments, and to avoid misses from tax-payers, the due date for return filing (ITR) has been extended until the 31st of August 2019 (Previously 31st July 2019).

Employee State Insurance Corporation (ESIC) rates amended

During the last year, the Labour ministry had reduced the ESIC rates to 4% from 6.5%, for newly covered ESIC areas.

TDS return due date extended

Income Tax department has extended the due date for filing TDS return to 30 June 2019 (earlier the due date was 31 May 2019).

Amendment to the Form 16 format

In the last assessment year (AY 2018-19), the Income Tax Return (ITR) Form was amended to allow the tax-payer to provide proper details of total income and exemption claimed under section 10 allowances.

PF Wage definition clarified

There have been ongoing appeals for clarifying the definition of PF wage with several establishments approaching the courts, questioning, if allowances formed part of the wage.

Webinar: Know Your Taxes Right 2019 {Investment Declaration and Tax Exemptions (Webinar Recording)}

ADP India hosted a webinar on 19 December (Wednesday) on taxes. In this webinar the below topics were discussed: Allowance and how exemptions are calculated. Tax deductions allowed under all Chapter VI A exemptions.