Payroll and Compliance - The Monthly Chronicle
The Pradhan Mantri Rojgar Protsahan Yojana (PMRPY) Plan Scheme was introduced in 2017 to incentivize employers for generation of new employment, where Government of India will be paying the 8.33% EPS contribution of the employer for the new employees. This scheme has a dual benefit, where, on the one hand, the employer is incentivized for increasing the employment base of workers in the establishment, and on the other hand, a large number of workers will find jobs in such establishments.
Now, PMRPY scheme has been extended for another year (until 2018-19). Under this scheme, for employees who are enrolling for the first time in Employee Provident Fund Organization (EPFO), the employer's contribution of 12% (EPF of 3.67% and EPS of 8.33%), subject to maximum wage of Rs. 15,000/- per month, will be paid by the Government of India for the first three years of employment. The terminal date for registration of beneficiary through establishment is 31 March 2019.
The above scheme is effective from April 2018. Please read the official notification for further details.
The Government of Punjab State has introduced a new Professional Tax called the Punjab State Development Tax Act, 2018, effective from 19 April 2018.
|S. No||Class of persons||Rate|
|1||All such persons who are assessable under the Head Income from Salaries and / or Wages as per the Income Tax Act, 1961.||INR 200 per month|
|2||All Such persons who are assessable under the Head Income from Business and/ or Profession as per the Income Tax Act, 1961.||INR 200 per month|
Earlier this year, the Provident Fund department had ruled that all claims over Rs. 10 lakh can only be made online. But there were many issues faced by subscribers who were having problems submitting claims online. In light of these difficulties and subscriber hardship, the PF department has relaxed the rules. From this month onwards, subscribers can file their claim through online as well as offline channels.
Read the amended instructions for further details.
Individual Income Tax return due date filing for FY 2017-18 is 31 July 2018. The updated forms are released and we all can start filing the points. But before filing, let me us go through the many changes which have happened in the form for the year.
There are over 25 changes in the Income Tax Return (ITR) forms this year across all the forms meant for individuals, businesses and other assesses. But we will only talk about the details and changes made in ITR 1.
A few important changes made in ITR are as below:
|Due date||Nature of transaction||Existing rules||Mode|
|10th May 18||Andhra Pradesh & Madhya Pradesh||State-wise regulations||By Challan|
|15th May 18||Gujarat||Gujarat PT regulations||By Challan|
|20th May 18||Karnataka||Karnataka PT regulations||By Challan & Online|
|21st May 18||West Bengal||West Bengal PT regulations||By Challan|
|31st May 18||Assam & Orissa||State-wise regulations||By Challan|
|31st May 18||Maharashtra||Maharashtra PT regulations||Online|
|15th May 18||Remittance of Contribution||EPF & MP Act, 1952||Online|
|15th May 18||Remittance of Contribution (Main code and Sub codes)||ESIC Act, 1948||Online|
|7th May 18||TDS Payment for April 18||Income Tax Act, 1961||Online|
|31st May 18||TDS Retun Filing for Q4 of FY 2017-18||Income Tax Act, 1961||Online|
|Labour Welfare Fund Remittances|
|5th May 18||Kerala (Labour Welfare Fund Act)||Kerala State Labour Welfare Fund||Offline|
Sources: Government Notifications, Circulars, Press releases.
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