Harayana Minimum Wages WEF From 1st Jan 2013

Posted by & filed under Minimum Wages-Haryana.

Dear All,
The revised minimum Wages rates in the schedule employment in Haryana State effective from 01/01/2013 are as under.

Unskilled workers Rs. 5212.15 monthly or Rs. 200.46 daily
Semi skilled worker (A) Rs. 5342.15 monthly or Rs. 205.46 daily
Semi skilled Worker (B) Rs. 5472.15 monthly or Rs. 210.46 daily
Skilled Worker (A) Rs. 5602.15 monthly or Rs. 215.46 daily
Skilled worker (B) Rs. 5732.15 monthly or Rs. 220.46 daily
Highly Skilled worker Rs. 5862.15 monthly or Rs. 225.46 daily

Hence you are requested to kindly look forward and take appropriate action to kindly implement the revised minimum wages rates w.e.f. 01/01/2013 in the Factories and Establishment working in Haryana State. Kindly ignore if your establishment is not falling in the territorial jurisdiction of Haryana State.

Notification to Download  Click Below:-
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Andhrapradesh New Profession Tax Slab W.E.F From 1st Feb 2013

Posted by & filed under Profession Tax.

Dear All,

AMENDMENTS

 

In the said Act, for the First Schedule, the following Schedule shall be substituted, namely-

THE ANDHRA PRADESH TAX ON PROFESSIONS, TRADES, CALLINGS AND

EMPLOYMENTS ACT, 1987

First Schedule

(Under Section 4)

 





 Sl. No.
Description
Tax Per month (PM) or Per Annum (PA) in
(Rs)
(1)
(2)
(3)
1
 
 
 
Salary and wage earners whose monthly salaries or wages in Rs:
 
(i) Up to 15,000
Nil
(ii) From 15,001 to 20,000
150 PM
(iii) Above 20,000
200 PM



Pls Find the Respective Notification of the same

Andhra Pradesh New Professional Tax slabs WEF-FEB-2013
 

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Tax Saving Tips – Investments and Deductions Under Section 80C

Posted by & filed under Income Tax.

 

Tax Saving Tips – Investments and Deductions Under Section 80C
 

Your hard earned income is subject to taxation under the Income Tax Act. You can save a part of your income as a tax deduction; thus reducing your total taxable income. Such tax deduction options are available under the various sections of it act. Section 80 c provides that Rs 1 lac per annum can be saved from being taxed by investing in such instruments:

§ Public Provident Fund (PPF)

§ National Savings Certificates (NSC)

§ Contributions to Employees Provident Fund (EPF)

§ Fixed Deposit (FD) with Banks having a lock-in period of five years

§ Equity Linked Savings Scheme (ELSS) of Mutual Funds

§ Unit Linked Insurance Plan (ULIP)

§ Life Insurance Premiums

§ Repayment of Housing Loan (Principal)

It is applicable for individuals irrespective of their tax bracket and annual income. These are the tips under this section that will help you save your tax from your income.
 

PPF PUBLIC PROVIDENT FUND

It is the risk free government tool with a lock in period of 15 yrs and is beneficial for those seeking long term investment. You can invest up to Rs 1lac in all at the current rate of 8.8%.  . The interest earned here is not taxed. The minimum investment in PPF is Rs 500 per year and the maximum investment is Rs 1,00,000/- per year. It can be a lump sum investment or can be divided in to a 12 transaction per year. A special benefit that comes along is that in case of insolvency it will not be attached to the assets of the insolvent. PPF can be used for minors as well, who can avail benefit of the same when they turn 18.

 
NSC NATIONAL SAVING CERTIFICATES

Very secure since it is backed by the government. Interest rate for 5-year NSC delivers 8.6% whereas 10-year NSC offers 8.9%. Interest earned is subject to tax and there is no limitation on the amount of investment. NSC is eligible for use as a security in order to derive a loan from the banks. Minimum amount is Rs100.

 
EMPLOYEES PROVIDENT FUND

Employees provident fund is the deduction from the salary (minimum a 12%) made by the employer into a provident fund account. This deduction is mandatory on the earned income as an aid to both private and non pensionable public sector employees. A fraction of your monthly income is deducted and gets accumulated till the time employee attains the retirement age. After the age of 55, the employee can withdraw full amount at any time. Apart from monthly deduction the employee can contribute extra through VPF voluntary contributions.

 
 FIXED DEPOSITS

 
In a Fixed Deposit Saving Scheme a certain sum of money is deposited in the bank for a specified time period with a fixed rate of interest. For tax free bank deposit under section 80c, lock in period of 5 yrs is a must and premature withdrawal is not allowed. The amount under this FD is deducted from the taxable income and the maximum permissible amount is Rs1 lac. This amount can be undertaken for a loan. A safe investment option beneficial for those who want to lock their money for long. However the interest received on such deposit is taxable.

 
EQUITY LINKED SAVINGS SCHEME (ELSS) OF MUTUAL FUNDS

This market linked investment comes up with a 3 year lock in period. ELSS is your helping hand in saving tax offering high returns. With low expenses, this option ensures a high liquidity and growth in long term. Withdrawing before a 3 year period is not allowed.  Also ELSS returns are not guaranteed as they are market linked investments.

 
ULIP- UNIT LINKED INSURANCE PLAN

 ULIP is the risk free investment option that lets you flexibly invest wherein part of the premium pay goes toward the sum assured and the balance will be invested in whichever investments you choose depending upon the scheme-equity, debt or a mix of the both. The premium that is paid under these schemes is considered under this section. It can be partly exposed to stock market. ULIP schemes come in insurance cover forms as well as investment options.

 
LIC PREMIUMS

This includes the premiums that you pay for the LICs or insurance policies under other private insurance companies. The policies ensuring life of self, spouse or any child are considered. Also, insurance premiums paid for parents, is covered for deduction under 80C. Thus, the total amount for all premiums from all eligible policies can be included as the deduction.

 
REPAYMENT OF HOUSING LOAN (PRINCIPAL)

Under section 80c , the principle component that you pay for your home loan is eligible for deduction. The yearly amount that is spent under the repayment of housing loan as the principal can be deducted from the taxable income.

 
Courstesy ©2013 Sensys Blog. All Rights Reserved.

 

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EPF (Employees’ Provident Fund) Linked With Aadhaar Card

Posted by & filed under Provident Fund - (Notification -Circulars), Provident Fund Benefits.

EPF (Employees’ Provident Fund) Linked With Aadhaar Card
Trying to open an Employees’ Provident Fund Account? Ensure an aadhaar number first. The employees provident fund organization (EPFO) has mandated to provide aadhaar card numbers in order to register for an EPF account. Employees joining from March 2013 into the organised sector, looking forward to open an EPF account will call for an aadhaar card at hand.
Entry of new members under the EPF scheme will go on at the same pace, but plenty of the aspiring members might not have their aadhaar numbers. Aadhaar is basically  the unique identification number issued to the individuals for the purpose of establishing a sole identity of each. Those who have been lucky to get themselves enrolled have been awaiting their cards for quite a long. Whereas, the other workers or employees who may hail from, distant and remote areas where the idea of aadhaar has not even reached have been disadvantaged of the enrolment too. Thus leaving a large number of people deprived of their aadhaar numbers.
 Linking EPF with aadhaar card is a way of the government to push more and more people into enrolment for the UID (UNIQUE IDENTITY) cards. And the EPFO suggests the employers to contact UIDAI (UNIQUE IDENTIFICATION AUTHORITY OF INDIA) in order to lay down camps or centres nearby workplaces /industries/offices so that employees at work can easily start off with the process and avail of it at the earliest
 However, for those who do not have the cards can get an Enrolment ID (EID) as per the EPFO plan which can be later transformed into their aadhaar numbers
By June 30th,2013 the 50 million existing members must present their aadhaar numbers to the EPFO as aadhaar is now an essential Know Your Customer (KYC) credential. Besides, it will be of great help to the EPFO members and to those seeking benefits under the scheme will also be facilitated by providing your aadhaar number. All subscribers of EPFO, old or new must hurry, enroll and fetch their aadhaar card numbers.

Courtesy: www.sensystechnologies.com/blogs

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