CA CMA Syam sundar

  New labour laws likely to be implemented from July 1! How working hours, PF and in-hand salary will change The Central government is planning to implement new labour laws from July 1, 2022. If this gets implemented, then there will be a significant change in office working hours, employee's provident fund (EPF) contributions and in-hand salary. While the office hours and PF contributions are likely to increase, the in-hand salary will likely decrease. The government is working to implement a set of four new Labour Codes as soon as possible. The government is of the opinion that the new labour laws will boost investments in the country and increase employment opportunities. The newly enacted Labour Codes lay down an array of reforms relating to wages, social security (pension, gratuity), labour welfare, health, safety and working conditions (including that of women).  Changes if new labour law comes into force? 1. If the new labour laws are implemented, then ...

AO codes for PAN and TAN are different and can be found at links below. Please do not affix or suffix zeros to AO codes. *💡AO Codes for PAN* https://www.tin-nsdl.com/services/pan/pan-aocode.html *💡AO Codes for TAN* https://www.tin-nsdl.com/services/tan/tan-ao-code.html

 New TDS provision u/s 194R effective from 1st July 2022: A person, responsible for giving out any benefit or perquisites to a resident arising out of business/ profession, whether it's convertible into money or not, requires to deduct TDS @ 10% on such aggregate amt.  Provided that no TDS if value doesn't exceed 20k in a year. In case of Individual or HUF whose turnover, gross sales, gross receipts during the preceding FY doesn't exceed 1 cr and in the case of profession, gross receipts doesn't exceed 50 lacs, the provision of 194R will not be applicable. Scenario where this TDS will be applicable: 1. Whether benefits to employees under 17(2) is covered: No, because it covers only in the course of business/ profession 2. Sponsored trips to clients: Yes, achieving targets and sponsoring trips for clients would be covered as non-monetary benefits and would be liable for TDS 3. Prize Money awarded on winning lottery/ Games: Rummy India/ Dream11, Teen patti: No, since this...

 The Goods and Services Tax Network (GSTN) has added the 6% tax rate in the item details section of all the tables of form GSTR-1, except HSN table 12 on the GST Portal.  A new tax rate of 6% IGST or 3% CGST+ 3% SGST has been introduced on certain goods vide Notification No. 02/2022 dated 31st March 2022. The technical team was working on the GST portal to include this rate in GSTR-1. In respect to HSN table 12 of form GSTR-1, 6% tax rate shall be added shortly.  Due to the delay in adding the facility on the portal, last month the GST portal has came with a temporary solution and has issued an advisory regarding the temporary measure for filing GSTR-1 by composition taxpayers.