How to Stop Covid-19 Pre-RBT (Corona Caller Tune) from your mobile number???

STEPS TO DEACTIVATE PRE-RBT (CORONA CALLER TUNE)

Hope most of us get annoyed at one point of time that Mandatory Covid Pre-RBT (Ring Back Tone) has taken too much of time to get connected from your mobile number... Here is the solution to de-activate the Covid Pre-RBT (Ring Back Tone) while ringing from your mobile.

Consumer can de-activate or Stop Covid Pre-RBT (Ring Back Tone) through a simple process by dialing or sending SMS to toll free number. 

Here you get options for your service provider to de-activate Covid Pre-RBT.

Send SMS or Call the appropriate number to de-activate the service

JIO : Send SMS < STOP > to 155223

AIRTEL: Dial *646*224# and Press 1

BSNL: Send SMS <UNSUB>to 56700 or 56799

IDEA: Send SMS <STOP> to 155223 or Call 155223

VODAFONE: Send SMS <CANCT> to 144

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ESIC may increase wage threshold to INR.30,000/- to cover majority of workforce under ESIC Scheme

In order to provide maximum relief during this pandemic situation, the Indian Government is planning to increase the wage ceiling for ESIC coverage to INR.30,000/- from existing wage ceiling for coverage under the Employees’ State Insurance Corporation Act  INR.21,000/- Month.

"The Ministry of Labor & Employment" is preparing the proposal for this revised wage ceiling to  Finance Ministry. This will enable majority of the workforce and their family members to get benefits under Employees State Insurance Corporation (ESIC). 

All the benefits including unemployment financial assistance will remains same. If this new proposal is accepted by ESIC Board and Central Ministry, this will add millions of workers under ESIC Scheme to enjoy the benefit with minimum monthly contribution of 0.75% from their earned gross wage however employers need to contribute 3.25%, which will load additional financial burden to the employers.

Unemployment Allowance to the extent of 50% wage for Members covered Under ESI for Minimum Period of 2years!!!

Atal Bimit Vyakti Kalyan Yojana 

Relaxation in eligibility criteria and enhancement in the payment of unemployment benefits under the Atal Bimit Vyakti Kalyan Yojana of ESIC.

About Atal Bimit Vyakti Kalyan Yojana:

Launched by the Employee’s State Insurance (ESI) in 2018.

Aim: It aims to financially support those who lost their jobs or rendered jobless for whatsoever reasons due to changing employment pattern.

Unemployment Allowance for ESIC Members through Atal Bimit Vyakti Kalyan Yojana Scheme

What are the latest changes?

Eligibility criteria for availing the relief has been relaxed, as under:

1. The payment of relief has been enhanced to 50% of average of wages from earlier 25% of average wages payable upto maximum 90 days of unemployment.
2. Instead of the relief becoming payable 90 days after unemployment, it shall become due for payment after 30 days.
3. The Insured Person can submit the claim directly to ESIC Branch Office instead of the claim being forwarded by the last employer and the payment shall be made directly in the bank account of IP.
4. The Insured Person should have been insurable employment for a minimum period of 2 years before his/her unemployment and should have contributed for not les than 78 days in the contribution period immediately preceding to unemployment and minimum 78 days in one of the remaining 3 contribution periods in 02 years prior to unemployment.

You are requested to share this information to your contacts who lost their job during this pandemic to claim the benefit!!!

15 High Value Transactions traced by Income Tax department!!!!

The Income Tax department is tracking the undeclared income and on high value transactions. Also, department has made it mandatory for any person to furnish PAN in case of any high value transaction. Income Tax department gets the report of transactions of all high value made either through cash or bank. The reports of High value transactions are  known as Annual Information Report or AIR.

What is called high value transaction?

There is no definition of High Value Transaction and also it does not have to be assumed on the basis of turnover or net worth, however, threshold limit has been prescribed for the High Value Transaction. The list is as follows:-

1. Aggregate cash deposit for Rs 10 lakh or more in saving bank account.

Example, If You have two saving bank account with bank X. You have deposited Rs 6 lakh in one saving account and 5 lakh in another saving account, making it a total of Rs 11 lakh. As your total deposit exceeds Rs 10 lakh in a year, Bank X is required to report this to Income Tax department.

2. Purchase of bank drafts or pay orders in cash for Rs 10 lakh or more.

When cash for the purchase of Purchase Orders (POs) or Demand Drafts (DDs) or Bankers Cheque is made for Rs.10 lakhs or more in a year, banks are responsible to report such transactions.

3. Aggregate Fixed Deposits of Rs 10 lakh or more in a year.

Banks are required to report the cash payment made for Fixed Deposits amounting Rs 10 lakh or more in a year. However, these fixed time deposits will not include deposits made through renewal of other fixed deposit.

4. Purchase of any pre-paid instruments issued by RBI of Rs 10 lakh or more in a year.

Purchase of RBI pre-paid instruments like RBI bonds, etc. for more than Rs.10 lakhs is also categorised under High Value Transaction.

5. Cash deposit or withdrawal amounting Rs. 50 Lakh or more in one or more current account of a person in a year.

6. Cash received for amount exceeding Rs. 2 Lakh for the sale of goods or rendering of services.

7. Expenditure in foreign currency via debit card, credit card or traveler’s cheque for the amount Rs.10 Lakh or above in a year.

When any person buys or spends Foreign currency for Rs. 10 lakh or more through debit card, credit card or traveler’s cheque, then such transactions are also required to be reported.

8. Payment by credit card amounting Rs.10 Lakh or above in a year.

If Credit Card payment in an aggregate exceeds Rs. 10 lakh in a year, then the institution issuing the credit card is required to report such transaction to the Income Tax department.

9. Credit card bill paid in cash for Rs 1 lakh or more.

When credit card bill is issued to any person and that person pays the bill in cash amounting Rs 1 lakh or more, that transaction is also considered as High value transaction. 

10. Purchase or sale of immovable property having value of Rs. 30 Lakh or above.

When someone sells or purchases any immovable property having guidance value of Rs 30 lakh or more, then such transaction is also High Value Transaction. The actual price of sale or purchase is irrelevant.

11. Mutual Fund Investment in a year of Rs 10 lakh or more.

When any person purchase units of mutual fund for Rs 10 lakh or more, then such transactions are considered as high value transactions.

12. Purchase of bonds or debentures for Rs 10 lakh or more in a year.

Similarly, when any person purchase bonds or debentures for Rs 10 lakh or more, then such transactions are also considered as high value transactions.

13. Purchase of shares of company for Rs 10 lakh or more.

When anyone purchase shares of a company through the public offer or right issue amounting Rs. 10 lakh in a year, that transactions are also required to be reported to Income Tax Authorities.

14. Share buy-back from a person amounting Rs. 10 lakhs or more.

15. Cash deposit in current account above Rs 12.5 Lakh or in any bank account more than Rs. 2.5 Lakh after Note-Ban i.e period from 9th Nov, 2016 to 30th Dec, 2016.

To Avoid any legal proceeding, it is better to declare any such transaction during individual returns filing without fail.

TDS on Cash Withdrawal w.e.f. 1 July 2020

Finance Act, 2020 tightened the existing provisions U/S 194N for those who have not been filing income tax returns. This will be applicable from July 1, 2020.

To discourage cash transactions in the country and promote digital economy, the government, in July 2019, introduced Section 194N in the Income Tax Act, 1961 for tax deducted at source (TDS) at the rate of 2 per cent on cash withdrawals over and above ₹1 crore.

The Finance Act, 2020 tightened it by lowering the threshold of ₹1 crore to ₹20 lakh for those who have not filed their income tax returns (ITRs) for the past three years. Further, the rate of TDS has also been increased to 5 per cent for these taxpayers for withdrawal exceeding ₹1 crore.

EPFO - eNominiations - Mandatory for PF Claim / Settlement

A facility for filling of online e-nomination is available at Member Interface of Unified Portal.  It is the important functionality compatible with online composite claim forms to be filed by nominee for any claims or settlements.

Following are the salient features of new e-Nomination functionality :

·        UAN should be activated

·        Verified Aadhaar should be linked with UAN

·        Mobile number of member should be linked with Aadhaar

·        Photo of member should be available in the profile of member (Member has to  upload his photo in his profile section)

·        Aadhaar of all the family members in nomination is mandatory.

·        Photo upload of all the family members in e-Nomination is mandatory

·        Aadhaar based e-Sign by the member in e-Nomination

·        Digitally signed nomination PDF will be available in the login of member and Field Office.

A readily available Nomination in the system enables a member to easily file the online Pension Claim and in the event of demise of the member, his/her nominee will be able to file online claim based on OTP on his/her Aadhaar linked mobile.

Note: Process flow along with screenshots is available in the website www.epfindia.gov.in under Circulars.

Comprehensive Health Insurance Coverage Scheme by Central & TN State Government - Free Coverage Upto 5Lakhs

PRADHAN MANTRI JAN AROGYA YOJANA (PM-JAY)

 Central Government Health Insurance Scheme

Mission of PM-JAY:

PM-JAY aims to reduce the financial burden on poor and vulnerable groups arising out of catastrophic hospital episodes and ensure their access to quality health services. PM-JAY is the world’s largest healthcare scheme, and it seeks to accelerate India’s progress towards achievement of Universal Health Coverage (UHC).

Key features of PM-JAY:

Ø  Provides hospitalisation cover of up to Rs. 5,00,000 per entitled family per year.

Ø  More than 10.74 crore poor and vulnerable families (approximately 50 crore beneficiaries) covered across the country.

Ø  Entitlement based scheme. No formal enrolment process is required.

Ø  Poor, deprived rural families and identified occupational category of urban workers’ families as per the latest Socio-Economic Caste Census (SECC) 2011 data, both rural and urban will be covered.

Ø  No cap on family size and age of members. All members of designated families get coverage; specifically, girl child and senior citizens.

Ø  Covers secondary and tertiary care hospitalization.

Ø  Free treatment available at all public and empanelled private hospitals.

Ø  Cashless and paperless access to quality health care services.

Ø  Benefits of national portability. Eligible beneficiaries can avail services across India.

Ø  1,350 medical packages covering surgery, medical and day care treatments, cost of medicines and diagnostics.

Ø  All pre-existing diseases covered.

To check eligibility, beneficiaries can contact the helpline (14555/1800111565), visit nearest Common Service Centres (CSC) or logon to https://mera.pmjay.gov.in. This can also be checked at empanelled hospitals.

CHIEF MINISTER’S COMPREHENSIVE HEALTH INSURANCE SCHEME

 Government of Tamil Nadu Health Insurance Scheme

Mission of CMCHIS:

Chief Ministers Comprehensive Health Insurance Scheme launched by the Government of Tamil Nadu through United India Insurance Company Ltd a Public Sector Insurance Company headquartered at (Chennai) The Scheme provides quality health care to the eligible persons through empanelled Government and Private hospitals and to reduce the financial hardship to the enrolled families and move towards universal health coverage by effectively linking with public health system.

The Scheme provides coverage for meeting all expenses relating to hospitalization of beneficiary as defined in the Scope of the Scheme.

Key Features of CMCHIS:

Ø  The scheme seeks to provide cashless hospitalization facility for certain specified ailments/ procedures.

Ø  The scheme provides coverage up to Rs.5, 00, 000/- per family per year on a floater basis for the ailments and procedures covered under the scheme.

Ø  List of Procedures is also available in the CMCHISTN website. The Scheme also grants cover for Follow-up Treatment as listed under Annexure "E” in addition to any other specific procedures listed in Annexure C and Diagnostic procedures listed under Annexure "F" in the website.

HELPLINE

A 24 hour Call Centre has been set up at CMCHISTN Project Office with sufficient manpower with toll free help line. The Toll Free Number is 1800 425 3993.

REPUBLIC OF SINGAPORE - COMPENSATION & BENEFITS NORMS

SINGAPORE  - PAYROLL & STATUTORY NORMS

Payroll Concepts & Definitions:

Gross Monthly Income From Work refers to income earned from employment. 

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For employees, it refers to the gross monthly wages or salaries before deduction of employee CPF contributions and personal income tax. It comprises basic wages, overtime pay, commissions, tips, other allowances and one-twelfth of annual bonuses. The concepts and definitions used conform to international guidelines recommended by the International Labour Organisation. What constitutes a salary? Singapore is one of the few countries that do not have a minimum salary requirement. Based on the Employment Act of Singapore, salary refers to all remuneration, including allowances payable to an employee for work done under the basis of contact of service. This is typically based on a mutual agreement between the employer and the employee. Statutory Payroll Contributions: The Central Provident Fund (CPF) is a mandatory contribution by the employer and employee. An employee, who is Singaporean or Permanent Resident (PR) of Singapore, and employers are obliged to make CPF contributions based on the rates set by the CPF board. The rates differ based on the employee's age, and also the number of years after obtaining PR status. Employers are required to pay the employer's and employee's share of CPF contribution monthly for all employees within a time frame of 14 days after the end of the month. Employers who fail to do so might face penalties or fines.  Income Reporting and Taxes If a company has 15 or more employees for the entire year or have received the "Notice to File Employment Income of Employees Electronically", company must submit employees' income information to IRAS electronically by 1st March every year under the Auto Inclusion Scheme. This information will be used by IRAS for their assessment of employees' tax liability. Additionally, if your company hires foreign workers, you must notify IRAS and seek tax clearance for the foreign employees by filling Form IR21 at least one month before the employee ceases employment in Singapore, is on an overseas posting or leaves Singapore for a period that exceeds three months. This is to ensure that all foreigners working in Singapore duly fulfills their tax liabilities. Mandatory Itemised Payslips With effect from 1 April 2016, the Ministry of Manpower has mandated that all employers are required to issue itemised payslips with a list of key employment terms (KETs) to all employees covered under the Employment Act. The payslips must include key items such as the full name of employer and employee, date of payment, basic salary etc. A full list of the KETs can be found on the MOM website. Employers must also keep a record of all the payslips issued for at least two years for current employees, and one year after the employee leaves the company. Companies who fail to comply with this new legislation will be liable to a fine between S$100 to S$200 per employee per occurrence. (Click here to know more about the itemised payslip.) KETs must include the items below, unless the item is not applicable. For example, if the employee is a PME and overtime pay does not apply, the KETs issued do not need to include items 11 to 12. No   Item description 1 Full name of employer. 2 Full name of employee. 3 Job title, main duties and responsibilities. 4 Start date of employment. 5 Duration of employment (if employee is on fixed-term contract). 6 Working arrangements, such as: ·         Daily working hours (e.g. 8.30am - 6pm). ·         Number of working days per week (e.g. six). ·         Rest day (e.g. Saturday). 7 Salary period. 8 Basic salary. For hourly, daily or piece-rated workers, employers should also indicate the basic rate of pay (e.g. $X per hour, day or piece). 9 Fixed allowances. 10 Fixed deductions. 11 Overtime payment period (if different from item 7 salary period). 12 Overtime rate of pay. 13 Other salary-related components, such as: ·         Bonuses ·         Incentives 14 Type of leave, such as: ·         Annual leave ·         Outpatient sick leave ·         Hospitalisation leave ·         Maternity leave ·         Childcare leave 15 Other medical benefits, such as: ·         Insurance ·         Medical benefits ·         Dental benefits 16 Probation period. 17 Notice period. 18 (Optional) Place of work. Used if the work location is different from the employer's address. Although optional, you are strongly encouraged to include this info. There are many other considerations and statutory requirements that one needs to be aware of. Always ensure that you are kept up-to-date with the latest legislatives changes, so as to avoid costly mistakes. Mandatory levies, contributions and statutory requirements: Besides Central Provident Fund (CPF) contributions, employers are also required to make the following monthly contributions: Ethnic funds such as CDAC, ECF, MBMF and SINDA, which aim at helping the less privileged in the respective ethnic communities; Skills Development Levy (SDL), which provides you training grants when you send your employees for training; CPF contributions for National Servicemen even if they undergo periodic NS trainings. Employers, however, do not have to pay NS men for the days they are away. In addition, employers hiring foreigners with Work Permits of S Passes will have to pay monthly levies for each worker. Statutory reporting requirements: From Year of Assessment 2017, IRAS requires that employers who have (i) received notice to file their employment income electronically or (ii) 10 or more workers in their employment during the entire year must submit their employees’ income information to IRAS electronically by 1st Mar each year. In addition, employers with foreign employees must seek tax clearance for their foreign employees by filing Form IR21 at least one month before such employee ends his employment, commences an overseas posting, or leaves Singapore for three months or more.