Budget 2021: Interest on employee contribution to PF above ₹2.5 lakh a year is now taxable
https://www.livemint.com/budget/news/budget-2021-interest-on-employee-contribution-to-pf-above-rs-2-5-lakh-a-year-is-now-taxable-11612172320265.html

*The following are the Key Highlights from the Union Budget 2021, as presented by the Hon’ble Finance Minister.*

*Direct Taxes*
• Vivad Se Viswas Scheme Last Date of filing extended to 28th February, 2021.
• Citizens of age 75 years and above who have only Pension and Interest income – Need not file Income Tax Returns
• Re-opening of Assessment to reduced to 3 years from 6 years. Only where evidence of concealment of Income of Rs. 50 lakhs or more – re-opening can be made upto 10 years & only with approval of Pr.CCIT.
• Reducing Litigation for small tax payers – Constitution of Faceless Dispute Resolution Panel for people with Total Income upto Rs.50 lakh and disputed income of Rs.10 lakh
• Income Tax Appellate Tribunal to become Faceless – Only electronic communication will be done
• Relaxation to NRIs – Rules to remove hardship of Double Taxation
• Tax Audit Limit to be increased to Rs.10 crores from Rs.5 crores for those having less than 5% cash transactions
• Dividend Tax- Dividend will be exempt from TDS. Advance tax liability on dividend income will arise only after declaration or payment of dividend. For Foreign Investors – lower treaty rate benefit will be given.
• Affordable Housing – Additional Interest deduction (Sec 80EEA) of Rs.1.5 lakhs to be extended for loans taken till 31st March, 2022.
• Affordable Housing Projects – Tax Holiday extended till 31st March, 2022.
• Tax Holiday for Capital Gains for Aircraft Leasing Companies and Tax Exemption to Lease paid to Foreign Persons
• Pre-Filling of Returns – Details of Capital Gains, Dividend Income and Interest income will be pre-filled in the returns
• Relief to Trusts – Charitable trusts running Hospitals and Educational Institutions relief increased from Rs.1 crore to Rs.5 crore.
• Employee contribution not paid by employer will not be allowed as a deduction.
• Tax holiday for Start-Ups extended to 31st March, 2022. Capital Gains exemption on investment in start ups also extended to 31s March, 2022.

*MCA, Companies Act, LLP Act*
• Easing Compliance requirements of Small Companies – Threshold increased to Share Capital upto Rs.2 crore and Turnover upto Rs.20 crore will be Small Companies
• Allow One Person Companies (OPC) to grow without any restriction in Share Capital or Turnover. NRIs will be allowed to set-up OPCs. Presence in India of 120 days in a year enough to start an OPC.
• Launching MCA Version 3.0 – E-Scrutiny, E-Adjudication and Compliance management to be simplified.
• Decriminalisation of LLP Act, 2008
• Tribunals to be rationalised

5_6138611187815809605.pdf

Modi government may change rules of overtime hours after working hours pf esi contract workers rule from 1st april - तय समय से 15 मिनट भी ज्यादा किया काम तो मिलेगा ज्यादा वेतन, मोदी सरकार बदलेगी ओवरटाइम के नियम - https://www.livehindustan.com/business/story-modi-government-may-change-rules-of-overtime-hours-after-working-hours-pf-esi-contract-workers-rule-from-1st-april-3854373.html

EPFO Launches New Regulations To Prevent Illegal Withdrawals From PF
https://www.goodreturns.in/news/epfo-launches-new-regulations-to-prevent-illegal-withdrawals-from-pf-1207537.html

*GOOD NEWS ESI BENEFICIARIES*

If there are *no ESIC / ESIS Health Care Delivery Facility* (Hospital, Dispensary, IMP etc.) available, *within the radius of 10 Kms of IPs residence*;

Then such Insured Person (or enrolled Family Members) may *directly avail the facility* of such Private or Government Hospitals, *whichever are all ready empanelled with ESIC, without referral of ESI Doctor.*

The approval is issued to reduce the difficulties faced by ESI Beneficiaries in availing the medical benefits and to lessen the delay otherwise caused.

Code on Wages Creates Maze for Workers
https://www.theleaflet.in/code-on-wages-creates-maze-for-workers/

ऑनलाइन ऍडव्हान्स पीएफ कसा काढायचा? कोणत्या परिस्थितीत काढता येतो? जाणून घ्या एका क्‍लिकवर
https://www.esakal.com/arthavishwa/case-financial-crisis-employee-can-withdraw-advance-amount-epfo-411356

Deployment of electronic facility.pdf

What is Code on Wages, how will it impact Indian workforce and other questions answered
https://www.moneycontrol.com/news/business/what-is-code-on-wages-how-will-it-impact-indian-workforce-and-other-questions-answered-6602821.html

DNA Explainer: What is New Wage Code Bill 2021 and how it will impact your salary, PF contribution and
https://www.dnaindia.com/personal-finance/report-dna-explainer-what-is-new-wage-code-bill-2021-and-how-it-will-impact-your-salary-pf-contribution-gratuity-2880049

Industrial Relations Code 2020

https://prehr.com/blog/the-industrial-relation-code-2020/

#prehr #labercode #industrialcode #industrialrelationcode