Introduction of clause (h) in section 43B of Income Tax Act
LegalWiz.in Blog
by Diksha Shastri
1M ago
The Government of India has been taking constant initiatives to promote the growth of Micro and Small enterprises (MSMEs). A step further in that direction is through the Finance Act 2023. The Act provides for the introduction of clause (h) in section 43 of the Income Tax Act 1961. The initiative promotes the importance of timely payments to micro and small enterprises, realizing their constant need for working capital. Hence, the insertion of clause (h) through amendment in section 43B of income tax act to promote MSME Registration. Introduction of this new clause is not just important for gr ..read more
Visit website
Union Budget 2024 Highlights: Key Focus Areas
LegalWiz.in Blog
by Monjima Ghosh
1M ago
Introduction The Union Budget 2024, “Viksit kaal” presented by Finance Minister Nirmala Sitharaman, reflects a meticulous approach to addressing the nation’s economic challenges and fostering growth. The budget focuses on four major groups – the poor, women, youth, and farmers, demonstrating a commitment to inclusive development. It’s important to note that this is an interim budget and will only be in place until July 2024 (till election results come out). This article explores the key highlights of the budget, including strategic initiatives as well as the financial allocations designed to p ..read more
Visit website
How to Download UAN Card?
LegalWiz.in Blog
by Diksha Shastri
1M ago
Since its introduction in 2014 by the Employees Provident Fund Organisation (EPFO), UAN has made pf accounts much more accessible to the epfo members at large. The full form of UAN is Universal Account Number and it helps in maintaining a single pf account of employees over the course of their changing employment. Hence, it avoids the creation of multiple pf accounts for a single individual. Moreover, it is only after the UAN activation that employees can check their pf balance online. In association with the UAN is the UAN card. In this blog, we discuss what the uan card is, what it consists ..read more
Visit website
What is UAN in PF and How to Activate UAN?
LegalWiz.in Blog
by Diksha Shastri
1M ago
As a salaried individual, your provident fund is your window to a secured future. Usually your pf account is created by your first employer. However, employment keeps on changing over the years. To make the process of PF registration more simple in these situations, the Employees’ Provident Fund Organization (EPFO) introduced UAN for employees. UAN stands for Universal Account Number and it becomes the key for employees to access their PF account online. In this blog, we focus on what is UAN number in PF, the UAN activation process, including how to activate UAN. Additionaly, how employees can ..read more
Visit website
Union Budget 2024 Expectations: Tax Changes Anticipated by Businesses and Individuals
LegalWiz.in Blog
by Monjima Ghosh
1M ago
Introduction As the anticipation builds for the Union Budget 2024, stakeholders across various sectors are closely monitoring this crucial financial event. While the Union Budget encompasses a wide array of economic aspects, one of the key focal points for businesses and individuals alike revolves around the anticipated tax changes. In this comprehensive exploration, we delve into the multifaceted Union Budget 2024 expectations, with a primary focus on income tax budget expectations, while also addressing other crucial aspects that could shape the economic landscape. Review of the 2023 Budget ..read more
Visit website
PF registration Fees and Documents required for EPF
LegalWiz.in Blog
by Diksha Shastri
1M ago
For all organizations in India with more than 20 employees, it is mandatory to enroll with the Employees Provident Fund Organisation (EPFO). Considering the employees’ welfare, these days organizations with less than 20 employees are also undergoing the EPF registration process. As a part of this process, the employers need to register the organization, with employee details and also generate the Universal Account Numbers (UAN). To carry this on, the employers need to submit certain documents required for PF registration to the EPFO portal. Apart from that, they also need to submit the pf regi ..read more
Visit website
What are the benefits of PF?
LegalWiz.in Blog
by Diksha Shastri
1M ago
With retirement comes your golden age. To enjoy this period, and reap the benefits of your hard work, you need a lot of financial planning. Provident fund (PF) is one such saving scheme that allows you to live golden age in peace! Besides, if you are registered under the PF scheme, you can avail the pf benefits in case of death, through your successors. Hence, there are various types of provident fund schemes that make it easy for all different types of employees, government officials, freelancers, etc to create a pool of savings for their future. These come with their own set of benefits of v ..read more
Visit website
All you need to know about PF applicability
LegalWiz.in Blog
by Diksha Shastri
5M ago
Employees Provident Fund or EPF is an integral part of the safety net that employees create for their future. Besides, EPF is important for the financial planning of both the employer and employee. EPF scheme is the most common savings mechanism for employees, especially in the organized sector. So, it is vital that the employers and employees both have an understanding of provident funds. Once that is clear, there are many other aspects of Provident fund, which are important. In this blog, we discuss the various aspects of PF applicability, including who is eligible for it, the criteria for P ..read more
Visit website
EPF calculation formula: How to calculate PF?
LegalWiz.in Blog
by Diksha Shastri
5M ago
Provident Fund (PF) is one of the top ways of creating a pool of resources for your future. The PF scheme is available to different employees, free-lancers, and government officials in varied forms. However, the most impactful PF scheme is the EPF scheme which stands for employees provident fund scheme. Governed under the Employees Provident Fund and Miscellaneous Provisions Act, this scheme is the most common because it includes PF contribution from both, the employer and employee. However, this leads to confusion at times while calculating PF. Hence, it is important for business owners to le ..read more
Visit website
Simplified Guide On PF Registration Process
LegalWiz.in Blog
by Diksha Shastri
5M ago
Ensuring social security and financial planning post retirement is very important for all employees. Employees Provident Fund (EPF) is an investment concept prevalent in India that helps the employees in accumulating wealth for their retirement. EPF is governed by the Employees Provident Fund Organisation (EPFO). This EPFO is a statutory body that regulates the PF related matters of all the employers and employees subjected to it in India. Besides, the EPFO provides an online portal for all its members. For an organization to register itself as an establishment on the Member e-sewa portal of t ..read more
Visit website

Follow LegalWiz.in Blog on FeedSpot

Continue with Google
Continue with Apple
OR