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Benefits of Employee Provident Fund (EPF) and Employee State Insurance Company (ESIC)

EPF stands for Employee Provident Fund Employee Provident Fund is a saving scheme which benefits the employees. This is governed by Department of Labor. An organization with twenty and twenty plus employees should have the PF code and they should enroll with EPF. An organization with less than twenty can avail for PF if the …

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Breaking it down: Corporate income tax rate cuts and what it means

In a mini-Budget of sorts, Finance Minister Nirmala Sitharaman on September 20 announced major changes in corporate income tax rates to revive growth in the broader economy. Here’s a lowdown. What has the government done? The government has slashed the corporate income tax rate from 30 percent to 22 percent for all companies. Inclusive of …

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Income Tax Dept to scrutinize 4 lakh taxpayers under new e-assessment system

The department has zeroed in on a computer-assisted scrutiny selection (CASS) cycle for FY20 and has chosen around 100 benchmarks to scrutinize returns under the new e-assessment system. The Income Tax (I-T) Department has recognized around 4 lakh taxpayers who will face inspection under the new e-assessment scheme 2019. The new scheme was notified recently …

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GST Council cracks the whip on profiteering, okays Aadhaar for registration

Plugging tax evasion and consumer welfare took center stage in the first meeting of the Goods and Services Tax (GST) Council under the chairmanship of Finance Minister Nirmala Sitharaman on Friday. The Council, during the half-day meeting, imposed stiff penalties on companies not passing on rate cut benefits to consumers, besides giving a two-year extension …

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