Compliance is really about demonstrating a business following regulations and best practices according to various standards. Compliance means conforming to a rule, such as a specification, policy, standard or law.
Regulatory compliance describes the goal that organisations aspire to achieve in their efforts to ensure that they are aware of and take steps to comply with relevant laws and regulations. These services include maintenance of these standards, communicating updates and changes in relevant laws, standards and regulation
Professional Tax is collected by the State Government from individuals working in government, private and non-government organizations (NGOs). The highest amount of professional tax charged in India is Rs. 2,500. A state cannot charge more than Rs. 2,500 as professional tax per year. Professional tax is determined by the income level of an individual and subject to a minimum income level. Professional tax slab rates differ from states to states.
In India, professional tax is levied as per the Article 276, Clause 2 of the Indian Constitution.Under the Professional Tax Regulations in Karnataka, an employer must obtain TWO registrations depends on the status whether there are people employed by the business or not.
1. Professional Tax Employer Registration - Certificate of Enrollment (EC)
2. Professional Tax Employee Registration -- Certificate of Registration (RC).
PF registration is mandatory for all establishments with 20 or more persons. Some establishments having less than 20 employees would also be required to obtain PF registration.More Info..
All employers having PF registration are responsible to file returns on a monthly basis. The filing of returns must be completed by the 25th of each month. This article deals with the filing of provident fund returns, and the various forms through which the purpose must be fulfilled.
Price for PF alone?
Rs.5,000 per month – 10 Employees
Rs.10,000 per month – 20 Employees
Add on Rs.500 Per employee
Issue with quote?
Employee State Insurance:
ESI stands for Employee State Insurance managed by the Employee State Insurance Corporation which is an autonomous body created by the law under the Ministry of Labour and Employment, Government of India.Read More
Any Company having more than 10 employees (in some states it is 20 employees) who have the maximum salary of Rs. 15000/- has to mandatorily register itself with the ESIC.Read More
After the registration ESI Returns have to be filed twice a year. The following documents are required for the filing of the returns: 1. Register of Attendance of the Employees 2. Form 6 – Register 3. Register of wages 4. Register of any accidents which have happened on the premises of the business 5. Monthly returns and challans Price for PT alone? – d) Rs.3000 per month – 10 Employees e) Rs.6000 per month – 20 Employees f) Add on Rs.300 Per employeeRead More
Tax Deducted Source (TDS)
Tax Deducted at Source (TDS) is one of the modes of collecting income tax in India at the very source of income, governed under the Indian Income Tax Act of 1961. It is controlled by the Central Board for Direct Taxes (CBDT) and is part of the Department of Revenue in-charge of Indian Revenue Service (IRS).
a. Section 192- TDS on Salaries:
TDS on salaries is deducted at the rate of the income tax slab for the relevant year. For the assessment year 2017-2018 the exemption limit for an individual is Rs 2,50,000.
b. Section 194B- TDS on Winning from Lottery, crossword or any game:
A TDS of 30% is deducted from any amount received by the way of lottery, crosswords or any other game if the amount exceeds Rs. 10,000. For eg- any amount won at a game show will be liable to a deduction at the rate of 30% TDS.
c. Section 193- TDS on Interest on Securities:
A TDS of 10% is to be deducted on interest from securities received if the limit of Rs. 5000 on debentures and 10,000 on others is crossed.
d. Section 194– TDS on deemed dividend:
There is a 10% TDS deduction rate on income from dividend (definition given under section 2(22) (e)) if the limit of Rs. 10,000 is crossed.
e. Section 194EE- TDS on withdrawal of National Savings Scheme:
There is a 20% TDS deduction on any withdrawal from the NSS if the limit exceeds RS. 2500.
f. Section 194I– TDS on rent:
There is a rate of 2% on Plant and Machinery and 10% on Land and Building if the limit exceeds Rs. 1,80,000 per annum.
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A company which has been incorporated in India must ensure compliance with the Companies Act,2013. 1. The Companies Act, 2013 regulates appointment, qualification, remuneration, and retirement of directors of the Company. 2. Aspects such as how to conduct Board Meetings and Shareholders Meetings. 3. The preparation and presentation of annual accounts and the regular maintenance of books of accounts. Article Link – Company Law
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