RVS Accounting solutions

21/03/2023

New update from gst department. For banquet & marriage Farm house hold .

05/10/2022

Small company compliances-India
Minimum 24+2 GST returns
12+1 professional tax returns
4+4+4 TDS returns
12+1 pf returns
2 Esi returns
1+1+1+1+2 ROC filings
1 incometax return

If taken cost per return Rs.2000 total cost would be Rs.122000 it is at lower side..

So many compliances needs to be done and Govt says it’s easy doing business in india.😊

28/03/2022

Computation of ESI

The rates of the ESI contribution are calculated on the wages paid. Currently, the employee contribution is 0.75% of wages paid/payable, and employer contribution is 3.25% of wages paid/payable.
Illustration:
Let us say Mr Hard Working with wages of Rs. 18,000 works in a factory unit.

The contribution will be as follows:

Employee Contribution – 0.75%*18,000 = 135
Employer Contribution – 3.25%*18,000 = 585
So a total contribution of Rs. 720 will be made. The onus of deducting the contribution and depositing the same is on the employer. The employer must deposit the amount within 15 days of the end of the calendar month in which the deduction is made. The same can be deposited online or to authorised designated branches of SBI or other designated branches.

Contribution Period and Benefit Period

The concept of contribution period covers the employee in the event of the wages increasing from the threshold limit of Rs. 21,000.

Let us continue with the above example, say Mr. Hard Working was earning wages of Rs. 18,000 till June 2020, the wages increase to Rs. 22,000 from July 2020. The contribution period is 1 st April 2020 – 30th September 2020 and hence the deduction will continue on the revised salary up to September and he will be eligible for the benefit up to 30th June of the following year.
Similarly, say an employee Mr Diligent earns a wage of Rs. 20,000 till October 2020 and from next month he earns Rs. 23,000. The deduction must continue on the revised salary up to 31st March 2021 and he will be eligible for the benefit up to December 2021.

28/03/2022

TDS section-wise chart f.y 2022-23

02/12/2021

02/12/2021

Be positive 🧐

14/11/2021

05/11/2021

100% Placement

20/10/2021

Learning new and unique with Tally prime