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statutory news
December 22, 2020

Labour Welfare Fund Karnataka Revisions Revoked

If you recall, we had published a statutory update on 18th Dec 2020 regarding the revision of Labour Welfare Fund (LWF) contribution for Karnataka State. This was as per the gazette notification dated 1st Dec 2020. The recent statutory update on LWF amendment explained the restoration of previous LWF contribution rates.

However, the government of Karnataka has now revoked the LWF amendments as per the new press release issued on 19th Dec 2020. The latest revised LWF contributions for Karnataka state are as follows:

  • Employee Contribution: Rs. 20
  • Employer Contribution: Rs. 40

Please note that we have now revoked the changes in our application as well. This is how the latest update concerns you:

  • If you have already processed the payroll for Dec 2020, you can re-process the payroll so that revised rates are effective and reflected in the December month payroll.
  • If you have already processed and finalized the payroll, do not re-process the payroll so that the changes will not affect your payroll.
  • If the payroll is finalized; however, you need to re-process the payroll, you can contact our support team to help you override the same.

For more details, view the Karnataka Labour Welfare Press Release here.

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statutory news
December 18, 2020

Revised Contribution Rates for Karnataka Labour Welfare Fund

The government of Karnataka has recently announced an amendment under Karnataka Labour Welfare Fund Act, 2017. As per the gazette notification dated 1st Dec 2020, the revised rates of Karnataka Labour Welfare Fund are:

  • Employee Contribution: Rs. 6 (Previous rate - Rs. 20)
  • Employer Contribution: Rs. 12 (Previous rate - Rs. 40)

The new amendment will be applicable to all factories which consist of 10 or more employees and establishments having 50 or more employees on any day during the preceding 12 months. We have implemented the changes in our application, and this is effective from December 2020 payroll.

For more details, view the Labour Welfare Amendment Circular here.

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statutory news
June 25, 2020

Due date further extended for Form 16 and linking of PAN & Aadhaar

Government of India (CBDT) has announced a further extension on various due dates related to Direct Taxes & Benami laws. The time limits are extended to provide relief to taxpayers in the challenges faced by them due to continuous changing statutory and regulatory compliances.

Following are the further extensions provided by CBDT:

1. Due date to issue Form 16 is extended from 30th June 2020 to 15th Aug 2020. 2. Due date to link PAN & Aadhaar is extended from 31st Dec 2020 to 31 Mar 2021.

For detailed information, you can read the Notification and Press Release issued by CBDT.

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statutory news
May 19, 2020

Due Date Extension for ESI Returns

According to an announcement made by the Employees State Insurance Corporation (ESIC) dated 18th May 2020, the due date for filing return of ESI contribution is extended up to 11th Jun 2020. This would be applicable for all the contributions during the period of Oct 2019 to Mar 2020. ESIC has taken this step to support the establishments considering their hardships through the Covid-19 pandemic. No penalty or interest or damage will be imposed on establishments during the extended period. This would offer some relief to employers following a nationwide lockdown since March 25. Click here to view the order copy issued by ESIC.

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statutory news
June 17, 2019

ESI contribution revised from 6.5% to 4%

The government of India has taken a significant move by reducing the rate of ESI contribution. The move aims at formalizing India’s informal workforce and expanding social security coverage. The reduced rate of contribution will bring about a substantial relief on take-home salary of workers as well as to reduce the financial burden of employers.

The total contribution towards ESI was reduced from 6.5% of an employee’s wages to 4%. Employers’ contribution will come down from 4.75% to 3.25%, and the employee’s contribution lowered from 1.75% to 0.75% of their wages. The reduced rates will be effective from July 1, 2019. The gross ceiling of scheme coverage will remain unchanged as 21000/-. Employees need not worry because a lower rate of contribution does not affect the benefits defined in the scheme. We have implemented the changes in greytHR and this will be effective from July payroll.

Government of India has published the draft copy of ESI Gazette Notification and you can find more details on our blog.

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statutory news
June 06, 2019

Extension of due dates for Form 24Q and Form 16

If you recall, the tax department (CBDT) at the last moment announced major changes to Form24Q and Form16 reporting formats. We had to scramble to get the changes done in greytHR so that you could do the filing as per the new requirements.

Due to the hardship caused to deductors, CBDT has extended the due date for filing Form24Q returns for the 4th quarter and for issuing Form16 to employees.

CBDT orders the following:

  • Due date for filing of Form 24Q returns is extended from 31st May to 30 June 2019.
  • Due date for issue of Form 16 for FY 18-19 is extended from 15th June to 10th July 2019.

For more details, you can view the order copy issued by CBDT.

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