The CBDT has appointed the Director General of Income-tax(Systems) as e- Filing Administrator for the purpose of the Electronic Filing of Returns of Tax Deducted at Source Scheme,2003.
Monday 18 April 2011
Payments are made to employees and contractors. In such a case, TDS return is required to be submitted in a single Form or separate form is required for employees & contractors.
For tax deducted at source from salary paid to employees, the annual return for tax deducted at source up to financial year 2004-2005 is to be filed in Form 24 and from financial year 2005-2006 onwards, the quarterly returns are to be filed in Form 24Q. Similarly, in case of payments mad to contractors, Form 26 will have to be filed for deduction made up to financial year 2004-2005 and Form 26Q on a quarterly basis for deductions made from financial year 2005-2006 onwards.
What are the forms to be used for filing annual/quarterly TDS/TCS returns?
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Under what provision the e-TDS return should be filed?
An e-TDS return should be filed under Section 206 of the Income Tax Act in accordance with the scheme dated 26.8.03 for electronic filing of TDS return notified by the CBDT for this purpose. CBDT Circular No.8 dated 19.9.03 may also be referred.
Who is required to file e-TDS return?
| As per Section 206 of Income Tax Act all corporate and government deductors are compulsorily required to file their TDS return on electronic media (i.e. e-TDS returns). However, for other Deductors, filing of e-TDS return is optional. |
What is e-TDS Return?
| e-TDS return is a TDS return prepared in form No.24,26 or 27 in electronic media as per prescribed data structure in either a floppy or a CD ROM. The floppy or CD ROM prepared should be accompanied by a signed verification in Form No.27A. |
Is the procedure for filing of e TCS different from that of filing eTDS return?
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What are the due dates for filing quarterly TDS Returns?
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What are the basic details that should be included in the of e-TDS return?
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How will the e-TDS returns be prepared?
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Friday 15 April 2011
THE PUBLIC PROVIDENT FUND SCHEME, 1968
THE PUBLIC PROVIDENT FUND SCHEME, 1968
[Issued vide Government of India, MOF (DEA) Notification No. GSR 1136 dated15.6.1968 and further amended from time to time]GSR 1136;- In exercise of the power conferred by Section 3 of the Public
Provident Fund Act, 1968 (23 of 1968), the Central Government hereby makes the following scheme, namely:-
1. Short title and commencement:-
(1) This scheme may be called the Public Provident Fund Scheme, 1968.
(2) It shall come into force on Ist July, 1968.
2. Definitions:- In this scheme, unless the context otherwise requires:-
(a) ‘Account’ means a Public Provident Fund Account under this scheme.
(b) ‘Accounts Office’ means an office or branch of the State Bank of India,may subsidiary bank of the State Bank of India (excluding a pay office, a sub pay office or any other office managed by single officer or clerk) and any other office authorized by the Central Government to receive subscriptions under the scheme;
( c) ‘Accounts Officer’ means the person who for the time being is in charge of an Accounts Office.
(d) ‘Act’ means the Public Provident Fund Act, 1968 (23 of 1968)
(e) ‘Form’ means a form appended to this scheme;
(ee) ‘Guardian’ in relation to a minor, means:-‘
(i) Father or mother and
(ii) Where neither parent is alive, or where the only living parent isincapable of acting, a person entitled under the law for the time beingin force to have care of the property of minor;
(f) ‘Year’ means the financial year (Ist April to 31st March)
3. Limit of subscription:-
(1) Any individual may, on his own behalf or on behalf of a minor of whom he is the guardian, subscribe to the Public Provident Fund (thereafter referred to as the fund) any amount not less than Rs. 500 and not more than Rs. 70,000 in a year.
(2) Notwithstanding anything contained in sub-paragraph (1), an individual may also subscribe to the fund on behalf of:-
(a) a Hindu Undivided Family, or
(b) an association of persons or a body of individuals consisting in either case, only of husband and wife governed by the system of community of property in force in the State of Goa and the Union territories of
Dadra and Nagar Haveli and daman and Diu, by whom or on whose behalf money is deposited in an account and the deposit means money is deposited.Out of the income of the Hindu Undivided Family or an association of persons or body of individuals, as the case may be , any amount not less than Rs. 500 and not more than Rs. 70,000 in a year.Non Resident Indians are not eligible to open an account under the Public Provident Fund Scheme:- Provided that if a resident who subsequently becomes Non Resident Indian
during the currency of the maturity period prescribed under Public Provident Fund Scheme, may continue to subscribe to the Fund till its maturity on a Non Repatriation Basis. [MOF (DEA) Notification No GSR 585 (E) dated 25.7.2003]
4. Manner of making the subscription:-
(1) Every individual desirous of subscribing to Fund under the Scheme for the first time either on his own behalf or on behalf of a minor of whom he is the guardian or on behalf of a Hindu Undivided Family of which he is a member or on behalf of an Association of persons or a Body of individuals as referred to in sub rule 2(b) of Rule 3 above shall apply to the Accounts Office in Form A, or as near thereto as possible
together with the amount of initial subscription which shall be integral multiples of Rs.5
(2) On receipt of an application under sub-paragraph(1), the AccountsOffice shall open an account in the name of the subscriber and issue a pass book to him, wherein all amount of deposits, withdrawals, loans and repayment thereof together with interest due shall be entered over the signature of the Accounts Officer with the date stamp.
(3) The subscriber shall deposit his subscription with the Account Office
with challan in Form B, or as near thereto s possible. The counterfoil of the
challan shall be returned to the depositor by the Account Office, duly evidence
by receipt. In the case of deposits made by cheques or draft or pay order, the
Accounts Office, may issue a paper token to the depositor pending realization
of the proceeds.
(4) Every subscription shall be made in cash or by crossed cheques or draft
or pay order din favour of the Accounts Officer at the place at which that office
is situated.
5. Number of subscription:
The subscription, which shall be in multiples of
Rs. 5 may, for any year, be paid into the account in one lump sum or
installments not exceeding twelve in a year.
6. Transfer of Account:-
A subscriber may apply for transfer of his
account from one “Account Office” to another “Account Office”.
7. Issue of duplicate pass book, etc.:-
(1) In the event of loss or
destruction of a pass book issued by an Accounts Office, the Accounts Office
may, on an application made to it in this behalf, and on payment of rupee one
by the subscriber, issue a duplicate thereof to him.
(2) Condonation of default:- A subscriber who fails to subscribe in any year
according to the limits specified in paragraph 3, may approach the Accounts
Office for condonation of the default, on payment , for each year of default , a
fee of Rs. 50 alongwith arrear subscription of Rs. 500 for each year.
8. Interest -
Interest at the rate , notified by the Central Government in
official gazette from time to time, shall be allowed for calendar month on the
lowest balance at credit of an account between the close of the fifth day and
the end of the month and shall be credited to the account at the end of each
year.
Provided that where the interest to be credited contains a part of a rupee.
Then, if such part is fifty paise or more, it shall be increased to one complete
rupee, and if such part is less than fifty paise, it shall be ignored.
9. Withdrawals from the Fund:-
(1) Any time after the expiry of five
years from the end of the year in which the initial subscription was made , a
subscriber may, if he so desires, apply in Form C or as near thereto as possible,
together with his pass book to the Accounts Office withdrawing from the
balance to his credit, an amount not exceeding fifty per cent of the amount
that stood to his credit at the end of the forth year immediately preceding the
year of withdrawal or at the end of preceding year, whichever is lower, less the
amount of loan, if any, drawn by him under paragraph 10 and which remains to
be repaid:
Provided that not more than one withdrawal shall be permissible during any
one year.
(2) On receipt of an application under sub paragraph (1) the Accounts Office
may, after satisfying itself that the amount of withdrawal applied for is not in
excess of the limit prescribed in sub-paragraph (1) and that the applicant has,
till the date of application, been subscribing according to the limit specified in
paragraph 3, subject to the provisions of sub-paragraph (4) permit the
withdrawal and enter the amount withdrawn in the pass book.
(3) Closure of account or continuation of account without deposits
after maturity:- Notwithstanding the provisions of sub-paragraph (1), any
time after the expiry of 15 years from the end of the year in which the initial
subscription was made by him, a subscriber may, if he so desires, apply in
Form C or as ‘near thereto as possible together with his pass book to the
Accounts Office for the withdrawal of the entire balance standing to his credit
and the Accounts Office, on receipt of such an application from the subscriber,
shall subject to the provisions of sub-paragraph (4) allow the withdrawal of the
entire balance (together with interest up to the last day of the month
preceding the month in which the application for withdrawals made) after
making adjustments, if any, in respect of any interest due from the subscriber
on loans taken by him and close his account.
Provided that a subscriber may, if he so desires, make withdrawal of the
amount standing to his credit, from time to time, in installments not exceeding
one in a year.
(3A) Continuation of account with deposits after maturity :- Subject to
the provisions of sub-paragraph (3) a subscriber may, on the expiry of 15 years
from the end of the year in which the initial subscription was made but before
then expiry of one year thereafter, may exercise an option with the Accounts
Office in Form H, or as near thereto as possible, that he would continue to
subscribe for a further block period of 5 years according to the limits of
subscription specified in paragraph 3.
(3B) In the event of a subscriber opting to subscribe for the aforesaid block
period he shall be eligible to make partial withdrawals not exceeding one every
year by applying to the Accounts Office in Form C, or as near thereto as
possible, subject to the condition that the total of the withdrawals, during the 5
year blcok period , shall not exceed 60 percent of the balance at his credit at the
commencement of the said period.
10. Loans:-
(1) Notwithstanding the provisions of paragraph 9, any
time after the expiry of one year from the end of the year in which the
initial subscription was made but before expiry of five years from the end
of the year in which the initial subscription was made, a subscriber may, he
so desires, apply in Form D or as near thereto as possible, together with
his pass book to the Accounts Office for obtaining loan consisting of a sum
of whole rupees not exceeding twenty five percent of amount that stood
to his credit to at the ends of the second year immediately preceding the
year in which the loan is applied for.
(2) On receipt of an application under sub-paragraph (1) the Accounts
Office may, after satisfying itself that the amount of loan applied for is not
in excess of the limit prescribed in sub-paragraph (1) and that the
applicant has, till the date of application, been subscribing according to
the limit specified in paragraph 3, subject to the provisions of sub
paragraph (3), sanction the loan and enter the amount in the pass book.
(3) Where the application is made by a person who has made
subscriptions to the Fund on behalf of a minor of whom he is the
guardian, he shall furnish a certificate in the following form, namely:-
‘ certified that the amount for which loan is applied for is required for the
use of ……. Who is alive and is still a minor.”
11. Repayment of loan and interest :-
(1) The principal amount of a
loan under this Scheme shall be repaid by the subscriber before the
expiry of thirty six months from the first day of the month following the
month in which then loan is sanctioned. The repayment a may be made
either in one lump sum or in two or more monthly installments within the
prescribed period of thirty six months. The repayment will be credited to
the subscriber’s account.
(2) After the principal of the loan is fully repaid, the subscriber shall pay
interest thereon in not more than two monthly installments at the rate
of one percent perannum of the principal for the period of
commencing from the first day of the month following the month in
which the loan is drawn up to the last day of the month in which the last
installment of the loan
Provided that where the loan is repaid, only in part within the
prescribed period of thirty six months, interest on the amount of loan
outstanding shall be charged at six per cent per annum instead of at
one per cent per annum from the first day of the month following the
month in which the loan was obtained to the last day of the month in
which the loan is finally repaid.
(3) The interest on the amount of loan outstanding under the proviso to
sub-paragraph (2) and any portion on interest payable, but not paid, on
any loan , the principal amount of which has already been repaid within
the prescribed period of thirty six months, may, on becoming due, be
debited to the subscriber’s account.
(4) The interest recoverable shall accrue to the Central Government .
12. Nomination and repayment after death of subscriber :-
(1) subscriber to the fund may nominate in Form E or, as
near thereto as possible, one or more persons to receive the
amount stading to his credit in the event of his death before
the amount has become payable or, having become payable ,
has not been paid.
Note:- Nomination may also be made in respect of an account opened
on behalf of a Hindu Undivided Family (HUF).
(2) No Nomination shall be made in respect of an account opened on
behalf of minor.
[MOF (DEA) Notification No. GSR 477 (E) dated 25.5.1994]
(3) A nomination made by a subscriber may be cancelled or varied by
a fresh nomination in Form F or , as near thereto as possible by giving
notice in writing to the Accounts Office in which the account stands.
(4) Every nomination and every cancellation or variation thereof shall
be registered in the Accounts Office and shall be effective from the date
of such registration, the particulars of which shall be entered in the pass
book.
(5) If any nominee is a minor, the subscriber may appoint any person to
receive the amount due under the account in the event of the death of
the subscriber during the minority of the nominee.
(6) Notwithstanding the provisions contained in paragraph 9-
a. If a subscriber to an account in espect of which a nomination is
in force dies, the nominee or nominees may make an application
in Form G or, as near thereto as possible, to the Accounts
Office together with proof of death of the subscriber and on
receipt of such application all amounts standing to the credit of
the subscriber after making adjustment, if any, in respect of
interest on loans taken by the subscriber shall be repaid by the
Accounts Office itself to the nominee or nominees.
Provided that if any nominee is dead, the surviving nominee or nominees
shall, in addition to the proof of death of the subscriber, also furnish proof
of the death of the deceased nominee.
b. Where there is no nomination in force at the time of death of the
subscriber, the amount standing to the credit of the deceased
after making adjustment, if any, in respect of interest on loans
taken by the subscriber, shall be repaid by the Accounts Office to
the legal heirs of the deceased on receipt of application in Form
G in this behalf from them.
Provided that the balance up to Rs. 1 lakh may be paid to the legal
heirs on production of (i) a letter of indemnity, (ii) an affidavit, (iii) a
letter of disclaimer on affidavit, and (iv) a certificate of death of
subscriber, on stamped paper, in the forms as in Annexure to Form G.
(7) A subscriber to the Fund cannot nominee a trust as his nominee.
13. Power to relax:- Where the Central Govt is satisfied that the
operation of the any of the provisions of this scheme causes undue hardship to
a subscriber, it may, by order for reasons to be recorded in writing , relax the
requirements of that provision in a manner not inconsistent with the provisions
of the Act.
Thursday 14 April 2011
RECRUITMENT & SELECTION PROCESS
RECRUITMENT – Placing the RIGHT PERSON in RIGHT PLACE at RIGHT TIME.
Vacancy is known in two situations (generally):
ü An employee leaves and there is a vacancy created
ü Business Growth
The vacancy is intimated to the HR department by the concerned technical department.
Ensure that judgement of abilities, experience and qualifications is made against the requirements of the position in question.
1) Defining the Requirement - Decide what vacancy you have. If you need to fill a new role quickly you might find it helpful to adapt one of the models provided here:
- Task analysis - Draw up a detailed list of tasks that the person will have to do.
This helps in determining the qualities and qualifications genuinely required for the job.
- Job description - Produce an outline of the broad responsibilities (rather than
detailed tasks) involved in the job.
- Person specification - Decide what skills, experience, qualifications and attributes
someone will need to do the job as defined in the task analysis and job description.
2) Selection - Select your candidate being objective and unbiased. Choose the person who best fits your person specification.
- Short listing: Review applications on the basis of the person specification. Ensure
that you select for interview those who match the specifications, regardless of age, sex, race etc, and that the specifications are not themselves discriminatory.
- Interviews: Interview your short-listed candidates remembering that your job is
not only to assess the best candidate for the job, but also to create a great impression of your organization.
3) Candidate assessments - The interview will provide you with some information
but check it out before offering a job.
- Ask the candidate to show you examples of previous work, do a presentation, a case study, some tests or full assessment. Tests can be done before the interview or after the interview. It depends on the number of candidates being interviewed and the type of job.
- You must have the specific permission of the applicant to do so, particularly if you wish to contact their current employer. If you need them quickly, try phoning.
4) Making a Job Offer - If you think you have found the right candidate, it’s time to make
the job-offer.
5) Induction - Help your new recruit to settle in quickly and become productive as soon as possible.
Now, Let us see a little more in detail how this process can be divided into stages and how best to execute the process:
The Recruitment Process:
The recruitment process begins when you know you need someone new in the Department, either because an existing staff member has left, or because there is new work to be done. It doesn't finish until after the appointment has been made.
The main stages are identified in the below flow chart –
| Identify Vacancy |
| ¯ |
| Prepare Job Description and person Specification |
| ¯ |
| Advertise |
| ¯ |
| Managing the Response |
| ¯ |
| Short-listing |
| ¯ |
| References |
| ¯ |
| Arrange Interviews |
| ¯ |
| Conduct The Interview |
| ¯ |
| Decision Making |
| ¯ |
| Convey The Decision |
| ¯ |
| Appointment Action |
# Preparation of recruitment /selection document for the position
# Advertising
- Preparing advertisement
- Media selection
- Positioning
# Response handling
- Initial interview online or telephone
- Short-listing for interviews
- Interview arrangement
- Sending emails or calling short listed candidates
- Interview details to the short listed candidates
# During Interview
- HR interview
- Technical interview
- Conducting tests [Aptitude / Mathematical / Analytical etc.]
- Initial final list of candidates.
- Reference check (if required)
POST-INTERVIEW
# Email or Telephone call to unsuccessful candidates
# Technical Manager approval for a start up date.
# Email or Telephone call to successful candidates
# HRM prepares a letter of appointment
BAD RECRUITMENT
We say bad recruitment occurs in three situations
Cannot do: The person lacks the skills required
Will not do: The person lacks the attitude
Does Not Know what to do: The person lacks the Knowledge
# Cost of Bad RecruitmentDirect
Recruitment Costs
- Advertising
- Travel and stay
- Time costs of people concerned
- Administrative costs
- Relocation costs
- Learning time
- Mentoring and Team time
De-motivation Cost
- Unproductive time
- Other People leaving
- Team Loss
Client Related
- Internal / External Client loss
- Future business loss
Leaving Costs
- Other people leaving
- Redundancy costs
- Handover costs
Stepwise Payroll management
Stepwise Pay roll management
Step 1
Pre-requisite before taking up the payroll process work from client.
Ø The purpose behind the re-engineering process of the entire payroll
Management would be, by visit of our personnel to not only to suggest bottle necks and improvements but also to clearly share the expectations and completely understand the scope of the payroll processing assignment .
Ø There will be trial run for a month to ensure that we are in line with the
Expectations of the client.
Step 2
Adherence to the corporate policy
Ø Ensure that procedures are in place to maintain the records of Corporate
Circulars and policies related to pay roll at the regular time intervals.
Ø Understand the salary components in terms of fixed and variable.
Ø Understand the benefits available to employees on monthly and yearly basis.
Ø Understand local laws and compliance of the same related to payroll process.
Ø Ensure that proper effect to the pay roll is given in accordance with the
Policy guidelines
defined by the Company.
Ø Receiving job details along with job code allocation. The job code
allocation is to be given
according to the type of the job description.
Step 3
Collecting time sheets with attendance sheets:
If the on line system is maintained, then it will ensure automatic checking with the attendance register and time sheets. Otherwise the attendance sheets and the time sheets are to be compared manually.
Step 4
Receiving salary details
Ø Receiving attendance details from personnel department
Ø Terms of appointment
Ø Receiving details of salary structure
Ø Receiving details of Promotion, Increment and Confirmation.
Promotion
Changes of Grade, Salary Structure, Department etc. will be initiated in case of promotion on the basis of the information received from personnel department.
Increment
The increment letter of an employee is to be forwarded to us and necessary changes are to be incorporated in the system.
Confirmation
Confirmation letters are to be forwarded to us and necessary changes are to be incorporated in the system.
Ø Details of disciplinary action taken
Every disciplinary action is based on certain terms and conditions.
That terms and conditions, if it has any effect on salary, the same to be incorporated in the system.
Ø Receiving details of Resignation and Retirement
Resignation
At the time of resignation an exit interview is to be conducted. The final settlement is to be disbursed, based on the notice period.
Retirement
Retirement can be normal or voluntary. Accordingly the final settlement
is to be made.
Ø Receiving the details of Employee Advance
Step 5
UPDATING SALARY DETAILS
Ø The terms of appointment
Ø Salary Structure
Ø Annual benefits
Ø Attendance details
Ø Overtime details
Ø The details of reimbursement
Ø The promotion, increment and confirmation details
Ø The details of departmental transfers
Ø The details of resignation, retirement and retrenchment
Ø The employee advance position
Step 6
GENERATION OF REPORTS FOR CHECKING
Ø Salary register
Ø Variance Report
Step 7
RECTIFICATION OF CORRECTIONS / MODIFICATIONS
Step 8
GENERATION OF REPORTS
Ø Salary register (Monthly)
Ø Pay slips
Ø Advance register
Ø Bank Statement
Ø Other deductions and allowance statement
MIS REPORTS
Ø As per clients requirements.
Ø Reports to comply with local authorities, if any.
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