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Payroll and Compliance The Monthly Chronicle - December 2015 Important Government extends due date for TDS and Tax collected at source (TCS) deposit in Tamil Nadu.

With floods and incessant rains affecting several parts of Tamil Nadu, the Government of India, Ministry of Finance, CBDT has extended the due date for payment of Tax Deducted at Source (TDS) and Tax Collected at Source (TCS) for the month of November 2015 from 07.12.2015 to 20.12.2015 in respect of deductors located in the State of TN.

Revised minimum wage rates in Haryana

The Haryana government announced an increase in the monthly wages for skilled and unskilled labour. The revised rates are as follows:

Labour type Current rates Revised rates Unskilled 5900 7600 Skilled 6536 9699

To avoid nonpayment of pension, the government has also decided to pay off the social-security pensions through banks and post offices and in some cases through the Business Correspondents of banks.

--> EPFO to facilitate online nomination

The PF department has launched a new online facility to submit nomination details online. The online nomination forms can be submitted to the department after due approval by the employers. EPF members can file online nomination details through the UAN member portal. The employers can also approve the online nomination forms, which are submitted by the members, by using their registered digital signatures on receipt of the duly signed copy from each member. The detailed process of submission and approval has been explained on the EPFO web site. You can access the detailed process through the link homepage » UAN Services » For Members » Process flow for filing online nomination form.

Professional Tax goes online in Telangana

The Telangana government has made all professional tax transactions online.

  1. Submission of registration request (concerned officer must issue/reject certificate in one day from the date on which the application was filed)
  2. PT remittance
  3. PT returns filing
  4. Finding out the applicable PT office/circle
This is another addition to the Digital India movement. Introduction of Swachh Bharat cess

The government has declared that a cess will be levied at the rate of 0.5% on the value of all taxable services from the 15th day of November, 2015. This cess is imposed for the purposes of financing and promoting Swachh Bharat initiatives. This cess will be charged separately and accounted for in the books of account. It will be paid separately under separate accounting codes. The accounting codes that will be used for this cess are as follows:

Accounting Code used Swachh Bharat cess (Minor Head) Tax Collection Other Receipts Penalties Deduct Refunds 0044-00-506 00441493 00441494 00441496 00441495

Holiday List for 2016

These holidays have officially been declared by the Kerala and Karnataka government.

Kerala holiday list for 2016  S. No Holidays Dates 1 Mannam Jayanthi 02-Jan-2016 2 Republic Day 26-Jan-2016 3 Sivarathri 07-Mar-2016 4 Maundy Thursday 24-Mar-2016 5 Good Friday 25-Mar-2016 6 Vishu 14-Apr-2016 7 Id-ul-Fitr 06-Jul-2016 8 Karkkadaka Vavu 02-Aug-2016 9 Independence Day 15-Aug-2016 10 SreeKrishna Jayanthi 24-Aug-2016 11 Bakrid 12-Sept-2016 12 First Onam 13-Sept-2016 13 Thiruvonam 14-Sept-2016 14 Third Onam 15-Sept-2016 15 Fourth Onam 16-Sept-2016 16 Sree Narayana Guru Samadhi 21-Sept-2016 17 Mahanavami 10-Oct-2016 18 Vijayadasmi 11-Oct-2016 19 Muharram 12-Oct-2016 20 Deepavali 29-Oct-2016 21 Milad-i-sherif 12-Dec-2016 Karnataka holiday list for 2016 S. No Holidays Dates 1 Sankranti 15-Jan-2016 2 Republic Day 26-Jan-2016 3 Sivarathri 07-Mar-2016 4 Good Friday 25-Mar-2016 5 Chandramana Ugadi 08-Apr-2016 6 Dr. Babasaheb Ambedkar Jayanthi 14-Apr-2016 7 Mahavir Jayanthi 19-Apr-2016 8 Sri Basava Jayanthi 09-May-2016 9 Id-ul-Fitr 06-Jul-2016 10 Independence Day 15-Aug-2016 11 Varasiddhi Vinayaka Vrata 05-Sept-2016 12 Bakrid 12-Sept-2016 13 Mahalaya Amavasye 30-Sept-2016 14 Mahanavami 10-Oct-2016 15 Vijayadasmi 11-Oct-2016 16 Muharram 12-Oct-2016 17 Maharshi Valmiki Jayanthi 15-Oct-2016 18 Naraka Chaturdashi 29-Oct-2016 19 Balipadyami Deepavali 31-Oct-2016 20 Kannada Rajyothsava 01-Nov-2016 21 Kanakadasa Jayanthi 17-Nov-2016 22 Milad-i-sherif 12-Dec-2016 All about NPS 80CCD(1)

The amount to be contributed by each employee is @ 10% of basic + DA. this amount is restricted to Rs.1.5 Lacs along with other 80C allowable deductions.

80CCD(2)

The amount to be contributed by each employer is @ 10% of basic + DA. This contribution is over and above the Rs.1.5 Lacs exemption under the 80C and 80CCD(1) allowable deductions.

80CCD(1B)

The amount to be contributed by an individual is an allowable contribution of Rs.50,000 which is over and above the Rs. 1.5 Lacs exemption under 80C and 80CCD(1) allowable deductions.

Individuals can claim both 80CCD(1) and 80CCD(1B) provided, that no deductions under 80CCD(1B) shall be allowed in respect of the amount on which a deduction has been claimed and allowed 80CCD(1).

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