Online PF & ESIC Registration in India

Hope you are aware of the applicability and ongoing amendments in Labour Law that requires proper and timely compliance of rules and bylaws related to Employee & Employer. It includes the Employee State Insurance Act 1948 & The Employees’ Provident Funds and Miscellaneous Provisions Act.

ESIC – Employee State Insurance Corporation

Employee’s State Insurance(ESI) is a self-financing social security and health insurance scheme for Indian workers more than 10 individuals. For all employees earning INR 21000 or less per month as basic salary

ESIC Contributions

The rates are revised from time to time. Currently, the employee’s contribution rate (w.e.f. 1.1.97) is 1.75% of the wages and that of employers is 4.75% of the wages

EPF Contributions

The employer contribution is divided into two parts

A)3.67%– which goes directly in the PF account of an employee (EPF)

B)8.33%– Which goes to family Pension Scheme (EPS)

We are providing Following Services in Compliances to the Provision of Employee State Insurance Act 1948 

1. Providing Day to day Consultancy on Matter Pertaining to ESI.

2. Explain objectives of the ESI Scheme and to decide ESI Acts applicability. 

3. If applicable then submit an application to obtain ESI code number for an establishment/Labour Contractor.

4. Submit all eligible employees’ personal and family details on the ESI website and register them for various benefits under the ESI Scheme. 

5. Arrange and issue smart cards to all such eligible employees covered under ESI with the help of local ESI office. 

6. Guide employer as well as employees to get proper benefits available under the ESI Scheme. 

TDS Return Filing : Due Date and Procedure for Filing

TDS is basically a part of income tax. It has to be deducted by a person for certain payments made by them. TDS or Tax Deduction at Source is income tax reduced from the money paid at the time of making specified payments such as rent, commission, professional fees, salary, interest etc. by the persons making payments.

Usually, the person receiving income is liable to pay income tax but the government with the help of TDS provisions makes sure that income tax is deducted in advance from the payments being made by any person. Thus the recipient of income receives the net amount after deduction of tax at source.

When TDS should be deducted?

The concept of TDS is based on a simple principle i.e. tax is to be deducted at the time of payment getting due or actual payment whichever is earlier. A set of scenarios for will be helpful in understanding the concept:

Suppose, Startease Online Filings Private Limited has to make payment of Rs 50,000/- to Mr XYZ in exchange for professional services

Scenario 1:

Mr.  XYZ was paid Rs 30,000/- in advance on 20th Oct 2018. XYZ raised invoice after completion of work on 25th Oct 2018 and rest of payment is to be made.

In such case the company should have deducted tax in the following manner:

On 20th Oct 2018: Rs 3000/- (@ 10% on the advance of Rs 30000/-)

On 25th Oct 2018: Rs 2000/- (@ 10% of total invoice amount as deducted by tax already deducted i.e. Rs 5000/- deducted by Rs 3000/-)

Scenario 2:

Mr XYZ raised the invoice on 20th Oct 2018 and was paid whole consideration at one go on 25th Oct 2018.

In such whole amount of Rs 5000/- shall be deducted on 25th Oct 2018, the date when payment got due, and a net payment of Rs 45000/- shall be made on 25th Oct 2018.

Scenario 3:

Mr XYZ is to receive the whole amount of Rs 50,000/- well in advance before completion of the assignment.

In such particular case tax of Rs 5000/- shall be deducted right at the time of payment of advance and no tax is to be deducted at the time of making an entry for the bill due.

GST Return Filing

Are you looking for a best GST Returns Filing Company or you are worried about how to file your GST Returns. Online Flings is the best destination to file your GST returns online every month on time.

How to File GST Returns Online?

From manufacturers and suppliers to dealers and consumers, all taxpayers have to file their tax returns with the GST department every year. Under the new GST regime, filing tax returns has become automated. GST returns can be filed online using the software or apps provided by Goods and Service Tax Network (GSTN) which will auto-populate the details on each GSTR forms. Listed below are the steps for filing GST returns online:

• Visit the GST portal (http://www.gst.gov.in).
• A 15-digit GST identification number will be issued based on your state code and PAN number.
• Upload invoices on the GST portal or the software. An invoice reference number will be issued against each invoice.
• After uploading invoices, outward return, inward return, and cumulative monthly return have to be filed online. If there are any errors, you have the option to correct it and refile the returns.
• File the outward supply returns in GSTR-1 form through the information section at the GST Common Portal (GSTN) on or before 10th of the following month.
• Details of outward supplies furnished by the supplier will be made available in GSTR-2A to the recipient.
• Recipient has to verify, validate, and modify the details of outward supplies, and also file details of credit or debit notes.
• Recipient has to furnish the details of inward supplies of taxable goods and services in GSTR-2 form.
• The supplier can either accept or reject the modifications of the details of inward supplies made available by the recipient in GSTR-1A.

Source from bankbazaar : How to File GST Returns Online in India

Why choose CA to file your GST Return

Initially a CA is required to file the GST returns in a proper manner but if you cannot afford to do so because of time or money then you can seek the help of a reputed Online Filings companies to help you in this regard. They can help you to get proper Input Tax Credit (ITC), wrong ITC can lead you heavy penalties.

What is Input Credit under GST ? And how to claim it?

How to get NBFC License in India

How to get NBFC License in India

A non-banking financial company (NBFC) is a company registered under the Companies Act, 1956 and is engaged in the business of loans and advances, acquisition of shares/stock/bonds/debentures/securities issued by government or local authority or other securities of like marketable nature, leasing, hire-purchase, insurance business, chit business but does not include any institution whose principal business is that of agriculture activity, industrial activity, sale/purchase/construction of immovable property.

Difference Between Bank & NBFC?

(i) a NBFC cannot accept demand deposits (demand deposits are funds deposited at a depository institution that are payable on demand — immediately or within a very short period — like your current or savings accounts.)

(ii) it is not a part of the payment and settlement system and as such cannot issue cheques to its customers; and

(iii) deposit insurance facility of DICGC is not available for NBFC depositors unlike in case of banks.

Is it necessary that every NBFC should be registered with RBI?

In terms of Section 45-IA of the RBI Act, 1934, it is mandatory that every NBFC should be registered with RBI to commence or carry on any business of non-banking financial institution as defined in clause (a) of Section 45 I of the RBI Act, 1934.

Following Companies are exempted from the requirement of registration

Venture Capital Fund

Merchant Banking Companies

Stock Broking Companies Registered with SEBI

Insurance Companies – Regulated by IRDA

Nidhi Companies – Regulated by MCA

Chit Fund Company – Regulated by State Govt

Housing Finance Company – Regulated by National Housing Bank

The NBFCs that are registered with RBI are:

(i) equipment leasing company;

(ii) hire-purchase company;

(iii) loan company;

(iv) investment company.

Govt to allow file directors KYC with a reduced fee

The government will give 15 days more to direct comply with KYC requirements by paying a reduced fee of Rs 500, a senior official said Thursday. Nearly 21 lakh directors failed to submit the requisite details when the deadline set by the Corporate Affairs Ministry ended on September 15. The ministry has already started de-activating the Director Identification Numbers (DINs) of individuals who did not submit the KYC (Know Your Customer) details. DIN is a unique number allotted to individuals who are eligible to have directorship on the boards of registered companies.

Directors can comply with KYC requirements by paying a reduced fee of Rs 500 for 15 days starting from September 21

MCA Notification Copy can be downloaded from here

In June, the ministry decided to carry out KYC process for all directors, including those who have been disqualified. The last date for complying with the new norms by way of submitting form ‘DIR-3 KYC’ without fee ended on September 15.