NSDL releases new e-TDS/TCS Return Preparation Utility (RPU) version 1.7 for quarterly TDS/TCS return filing
The National Securities Depository Limited (NSDL) has released a new version (1.7) of e-TDS/TCS Return Preparation Utility (RPU) and File Validation Utilities (FVUs) for filing quarterly TDS and TCS returns. The new version has been applicable from September 2016 onwards for any subsequent TDS/ TCS filing.
The key features introduced in version 1.7:Please download the new e-TDS/TCS Return Preparation Utility Version 1.7 from the following link: https://www.tin-nsdl.com/etds-etcs/etds-rpu.php
The Employees' State Insurance Corporation (ESIC) raises wage threshold to Rs. 21,000The wage limit for an employee to be covered under the Employees’ State Insurance Act (1948) has been increased from Rs. 15,000 to Rs. 21,000 per month
This increase in coverage threshold will enable more employees to enjoy the health insurance, making them entitled to treatment during cases of sickness, maternity, disability or death due to injury during work (as prescribed under ESIC). The ESIC board has also decided to give an option to existing insured members to continue their membership even if their wage exceeds the ceiling limit of Rs. 21,000 per month.
The government’s official notification for enactment is pending.
Changes in Employee Pension Scheme (EPS), 1995 for family members amendedIf a member does not take up employment and -
the amount of contribution towards pension scheme received shall be converted into a monthly widow pension or children pension.
Note: Widow pension is calculated as per Table `C’ of Employee Pension Scheme (EPS), 1995 and the children pension at 25% thereof for each child (up to 2 children).
At the instance widow pension doesn’t apply, the orphan pension shall be payable at 75% of the amount of widow pension subject to provisions of Para 16. Click here to refer to Para 16.
If the member does not take up employment and –
his/her family shall be entitled to under Para 14 of Employee Pension Scheme (EPS), 1995 (as per Table ‘D’ of EPS, 1995).
The mentioned changes would be applicable with immediate effect.
Changes made on Shram Suvidha - Unified Portal for Labour and Employment
The Shram Suvidha portal acts as a single window of contact between the employee, employer and the Labour Department] facilitating reporting of inspections, accommodating unified submission of returns and consequently increasing transparency within the system.
Earlier, manual payment of Provident Fund was in such a way that the date on which cheques or demand drafts (presented by the employers to the bank), was considered as the actual date of payment – even though the deposit was credited to the Provident Fund (PF) account on a different date.
This later changed when the Provident Fund payments were made online on May, 2015.
Now, the government has clarified that, with the implementation of internet banking, the date of debit from the employer’s account may be taken as date of payment for the purpose of assessing damages by way of penalty.
A new Form 11 has been released to facilitate collection of UAN detailsPreviously, employers used to collect UAN and KYC details for all their new employees through Form 11. Consequently, based on the details provided by the employee, either a new UAN would be generated (or) a new PF account would be linked to the old UAN.
In September 2016, the Employees’ Provident Fund Organization (EPFO) released a new Form 11.
The new Form 11 would replace:
• Form 11 (Old): Declaration for UAN
• Form 13 (in restricted cases): If an employee has been allotted UAN earlier and his/her KYC details are verified by the previous employer, the employee is not required to file a separate Form 13 to transfer his/her PF balance.
Note: The employer or employee can access fillable new Form No.11 on the EPFO member portal which is pre-filled with all relevant information mentioned and updated in the database.
For the new Form No. 11 and notification: Click here
The Universal Account Number (UAN) is a unique number which is allotted to an employee by the Employees’ Provident Fund Organization (EPFO) and remains same throughout the career of an employee. However, there are chances that an employee has been allotted more than one UAN.
• If an employee had worked in two different establishments between December 2013 and May 2014 and the date of exit was not filed by the previous employer.
• In case an employee did not share his/her previous UAN to their present employer (or) if a present employer considered him/her as a ‘first-time-employed’ and generates a new UAN.
The Pradhan Mantri Rojgar Protsahan Yojana scheme has been introduced by the government of India to ‘incentivize employers’ and ‘encourage job creation’ in market.
Under the Pradhan Mantri Rojgar Protsahan Yojana (PMRPY) scheme, the government of India will pay the Employee Pension Scheme (EPS) contribution of 8.33% for all new employees enrolling in the Employees’ Provident Fund Organization (EPFO), for the first three years of their employment. This is applicable only if the following conditions apply:
Note: An additional 3.67% of employer PF contribution will be reimbursed for textile (apparel) industries alone.
The scheme has been applicable from the 9th of August, 2016 and the new eligible employees will be covered under the PMRPY scheme till the financial year 2019-20.
The government has recently released a notification providing guidance on the following:
To read the recently released notification that provides guidance on the above mentioned points, click the following link: http://www.epfindia.com/site_docs/PDFs/Circulars/Y2016-2017/RI_PMRPY_17346.pdf
Compliance Calendar for the month of October, 2016 Due date States Existing rules Mode Professional Tax - States - Remittances 10th October 16 Andhra Pradesh & Madhya Pradesh State-wise regulations By Challan 15th October 16 Gujarat Gujarat PT regulations By Challan 20th October 16 Karnataka Karnataka PT regulations By Challan & Online 21st October 16 West Bengal West Bengal PT regulations By Challan 30th October 16 Assam & Orissa State-wise regulations By Challan 30th October 16 Maharashtra Maharashtra PT regulations Online PF Central Due date Remittances Existing rules Mode 15th October 16 Remittance of Contribution EPF & MP Act, 1952 Online ESI Central 21st October 16 Remittance of Contribution (Main code and Sub codes) ESIC Act, 1948 Online Due date Nature of transaction Existing rules Mode TDS 7th October 16 TDS Payment Income Tax Act, 1961 Online 31st October 16 TDS Return Income Tax Act, 1961 Online Labour Welfare Fund Remittances 5th of Every month Kerala (Kerala Shops & Establishment Workers Welfare Fund) Kerala State Labour Welfare Fund Offline Check out our latest blog posts Are You Ready for Unlimited Time-off?Unlimited time-off policies are having a moment, and it’s really no surprise. The idea of giving employees as much time as they want is fascinating[…]
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