Understanding on EPF reduced Contribution 10% Ministry of Labour & Employment vide its notification No. S.O. 1513(E) Dt. 18th May’2020 Section 6 of EPF (MP) Act, 1952 reads as under; Contributions and matters which may be provided for in Schemes. – The contribution which shall be paid by the employer to the Fund shall be […]
Lets Talk Compliance – LLP Settlement Scheme, 2020 – a posse ad esse!!
As per legal maxim, A POSSE AD ESSE means from possibility to reality, based on various representations Ministry of Corporate Affairs launched “LLP Settlement Scheme, 2020” as modified w.e.f 01st April’2020 to provide Onetime relaxation to the defaulting LLPs for filing pending statutory forms in order to bring the non-compliant into legal fold. The scheme […]
Let’s Talk Compliance – Advance Ruling – In Personam Relief
The Government of India after considering the complexity of tax systems introduced De jure forum to pronounce the Advance Ruling as In Personam Relief (i.e., Relief to specific person). Advance Ruling refers to the written response or decision by “Authority for Advance Ruling” (AAR) and “Appellate authority for Advance Ruling” (AAAR). It is a legal […]
FAQs on COVID-19 Special Relaxation Measures for SEZ Units
In the present scenario of complete lockdown in the country to curb the spread of COVID-19, SEZs units engaged in manufacturing of essential items like drugs, pharmaceuticals or hospital equipment are operational to ensure these critical supplies are not disrupted. In order to support the hardship encountered, the Department of Commerce has therefore decided to […]
A Comprehensive list of licenses For Hotel and Restaurant business
Hospitality is the most booming service industry, with a high disposable income, quality of service and customer satisfaction are needs for its growth. The Hospitality Industry encompasses a broad category of service segments within itself like Food & Beverages, Travel & Tourism, Lodging and Recreation, Event Planning and many more services The Hotel and Restaurant […]
Lets Talk Compliance – Maternity Benefit Act – Tracing the History
Introduction of BillThe Bombay maternity Benefit Bill was first introduced in 1929 in the Bombay legislative council. It was the first law established for working women in India. The legislation for working women has always remained a double-edged sword. The bill was first introduced in Bombay as it was a textile hub for India with […]
NEEM Scheme – AICTE revisits for enhanced process
In addition to Apprentice training under Apprentices Act -1961 and trainees engaged as per Standing order provisions, a new initiative was notified by AICTE (All India Council of Technical Education) on 15/4/2013 in the name of NEEM (National Employability Enhancement Mission) with an objective to offer “on the job practical training” to enhance employability of […]
Let’s Talk Compliance – The Law of High Seas – Labour Laws perspective
Introduction: We are living in an era of rising expectations from people and increasing consumerism. This has paved the way for business expansion beyond land borders and, many companies have ventured into the sea to tap the natural potential and convert this into business opportunities. Until a few decades ago, there were no national or […]
The most important element to scale your startups
A proper germinated and conceptualized Startup can over a period of time survive, succeed and thrive once it starts calling up according to its strategic initiatives. After the initial commencement of business, and market growth and success, Startups look to scale through other different options available in the market to spread its reach. New customer […]
Statutory Compliance Audit for NBFCs – An introduction
What is NBFC? The Non-Banking Financial Companies (NBFC) is a heterogeneous group of financial institutions that perform vehicle finance, equipment lease finance, personal loans, consumer loans, housing loans, etc. It is regulated by the Reserve Bank of India (RBI). Most NBFC’s are categorized as: NBFC-D NBFC-ND Core investment companies. NBFC-D is NBFCs accepting deposits from banks whereas […]
Let’s Talk Compliance – Minimum Basic Rate DOUBLED in Maharashtra
On 24th July 2019, the Government of Maharashtra revised the basic rate of minimum wages for the workers in the “employment of Shops and Commercial Establishments”. The revision was made after a gap of 9 years. It was done for Skilled, Semi-skilled and Unskilled workers. It was a 100% hike for all the three category […]
Let’s Talk Compliance – Code on Wages, 2019
In my last write, I have narrated some of my ideas about the Code on Wages Bill. As aptly mentioned in the preamble of the bill, the Code on Wages, 2019 is for just consolidating the existing provisions of wages and bonus related matters. Certain provisions have been fine-tuned to stay relevant to the contemporary […]
Let’s Talk Compliance – Information Security vis-à-vis Labour Law – Need of the hour!!!
What does labour law have to do with information security? On the face of it, this question and the title may appear intriguing for the uninitiated labour law (LL in short) experts for whom the Information Security (IS in short) may be a new domain. Presently, among a major section of population, it appears that […]
Let’s Talk Compliance – Proposed Labour Code on OSHWC, 2019
Currently, there are 13 central legislations in India which regulate the Occupational Safety, Health and Working Conditions of the persons employed. These are either based on the type of establishment (ex. Factory, Mines, etc.) or on the class of workers (ex. Contract labour, Interstate migrant workers, etc.). The Code on Occupational Safety, Health and Working […]
List Of Labour Laws For Overtime Work
What is Overtime? Overtime refers to the period for which an employee has worked more than their regular working hours. As per the overtime policies in India, the working hours are 7 to 9 hours per day and 48 hours a week. The labour laws in India state that any employee who works at overtime […]
Factory Compliance Checklist 2019
A brief history of the Factories Act: In India, large scales of factories/ industries were growing up during the industrial revolution. Major Moore, chief inspector of the Bombay cotton department first raised a question for the provisions of the legislation to regulate the working conditions in factories. Hence the first Factories Act was enacted in […]
Benefits of complying compliance for your organization
The concept of compliance is to make sure that the company can obey the statutory laws responsibly. So, why it is important for an organization? Every business starts with a profit imperative but the qualities of products and services delivered aren’t compromised for profits. To ensure such thing the government, regulatory bodies enacted statutory laws […]
Let’s Talk Compliance – Labour Code on Wages
The Second National Commission on Labour submitted its report on June 2002 and recommended that the existing set of labour laws should be broadly amalgamated into the following groups, namely:–– (a) Industrial relations; (b) Wages; (c) Social security; (d) Occupational Safety, Welfare & Working conditions. In pursuance of the recommendations of the said Commission and […]
Employee Provident Fund (EPF) goes for incremental changes
According to the latest buzz, Employee Provident Fund deduction may increase soon for certain segments of the working population. The change does not affect employees earning more than Rs. 15000 in basic wages plus dearness allowance. All variable labour allowances linked to the employee’s efforts, such as overtime allowance, can be excluded. What’s the existing […]