#ESIC number

[kkginfo]

ESIC Recruitment 2022: Monthly Salary Rs. More than one lakh.. Huge number of jobs in Employees State Insurance Corporation.. | KKG INFO

ESIC Recruitment 2022: Monthly Salary Rs. More than one lakh.. Huge number of jobs in Employees State Insurance Corporation.. | KKG INFO

Employees State Insurance Corporation (ESIC Faridabad) in Faridabad, a public sector company in India. ESIC Faridabad Senior Citizen Recruitment 2022: Employees’ State Insurance Corporation (ESIC) Faridabad, a Public Sector Undertaking of India, invites applications from eligible candidates for filling up the posts of Senior Resident and Civil Service Medical Officer on contract basis. Other…

[ibcs]

EPF Registration in kolkata

EPF registration in Kolkata is a straightforward process essential for employers and employees alike. It entails obtaining an Employer Identification Number (EIN), submitting necessary documents, and adhering to statutory requirements to ensure legal compliance and access to employee benefits.

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EPF and ESI Practitioner Course, Learn Online Registration, Compliance, UAN Number, EPFO ESIC Payroll Law, ECR Challan, Filing, Employees Records Add and Remove

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Switchgear Installation: End-to-End Services

Installing switchgear is essential to guaranteeing the effective and secure operation of electrical systems. Leading electrical contractor AEPL (Abrasive Engineers Pvt. Ltd.) specializes in offering end-to-end services for switchgear installation. AEPL has made a name for itself as a reliable supplier of comprehensive solutions for high-voltage (HV) and low-voltage (LV) electrical switchgear thanks to its solid reputation and years of expertise in the industry.

Why AEPL is so efficient for Switchgear Installation services 

With a broad spectrum of experience in switchgear installation, AEPL serves a number of industries, including the railroad, government, communications, and industrial sectors. The business collaborates closely with its customers, providing specialized solutions that satisfy their unique needs. AEPL provides the highest level of professionalism and technical expertise in handling all aspects of switchgear installation, from design and construction to testing, commissioning, inspection, and maintenance.

A primary advantage of AEPL is its group of exceptionally skilled and knowledgeable specialists. These experts are qualified to manage challenging projects and have extensive knowledge of switchgear systems. AEPL guarantees exacting attention to detail and respect to industry standards whether it's the installation of Panels, HT Panels, VCB, ACB, or other equipment that extends throughout the substation.

Annual maintenance contracts (AMCs) and maintenance are essential components of AEPL's services. Preventive maintenance and routine inspections are crucial for ensuring that HV and LV equipment operates smoothly and avoiding system faults and breakdowns. AEPL prioritizes dependability, efficiency, and safety while providing a wide range of maintenance solutions. The business's attention to health and safety regulations and devotion to quality assurance serve as additional testaments to its commitment to provide comprehensive switchgear solutions.

AEPL is proud of its capacity to provide its clients with original and unique solutions. The company handles each installation from a different angle since it recognizes that every project is different. The staff at AEPL is very knowledgeable and skilled, and they can handle tasks including feasibility studies, upgrading old equipment, and new switchgear system design.

AEPL has a number of licenses and certifications in addition to its technical expertise, including CIN, GSTIN, IEC, A-CLASS, OHSAS, NSIC, ISO, UDYAM, EPFO, IP-I, MSME, and ESIC. These certifications demonstrate the business's dedication to upholding the highest levels of professionalism and excellence in all aspects of its operations.

With more than 15 years of experience, AEPL has earned the confidence of more than 60 pleased clients by successfully completing a number of projects. The company's high percentage of completed projects and consistently good reviews demonstrate its commitment to customer satisfaction. AEPL has gained respect and recognition in the market thanks to its solid customer connections and careful dedication to comprehensive engineering.

Conclusion 

AEPL is the company to contact if you require dependable and thorough switchgear installation services. With its end-to-end solutions, technical know-how, and dedication to quality, the company is a reliable partner for all of your switchgear installation requirements. Get in touch with AEPL right now to take advantage of their innovative solutions and guarantee the effective and secure operation of your electrical systems.

[startupfino12]

"Startupfino's Expert ESIC Services: Ensuring Compliance for Your Business"

ESI registration, or Employees' State Insurance registration, offers a multitude of benefits for both employers and employees in India. This social security initiative ensures that employees and their families have access to medical care and insurance coverage from the moment they start their employment. 

One of the significant advantages of ESI registration is the provision of maternity benefits, which can extend up to 26 weeks with the possibility of an additional 30 days based on medical advice. Employees can receive maternity benefits at 100% of their wages, covering various aspects of maternity-related situations. 

Additionally, ESI provides disability benefits to employees who suffer permanent or temporary disabilities due to unforeseen circumstances, offering them 90% of their monthly salaries as compensation. Sick leave is also covered, allowing ESI members to take up to 91 days of sick leave per year with 70% of their monthly wages during their absence due to illness.

In unfortunate cases of an employee's demise during employment, their dependents receive 90% of the employee's monthly salary, along with funeral expenses of ₹10,000. Other benefits include confinement expenses for insured women, vocational and physical rehabilitation for those with disabilities, and old age medical care for retiring employees.

ESI has also introduced extended sickness benefits for members with chronic diseases and enhanced sickness benefits for those willing to undergo sterilization procedures.

The primary purpose of the Employee State Insurance (ESI) program in India is to safeguard the workforce against health-related risks that could impact their ability to work. This includes illnesses, workplace injuries, occupational diseases, and temporary or permanent disabilities. ESI ensures that employees and their dependents receive essential medical care and financial assistance in times of need, thereby reducing the financial burden caused by such situations.

ESI applicability and coverage are determined based on various factors, including the number of employees, their monthly income, and the type of business or establishment. Entities covered under ESI must secure ESI registration and comply with the relevant regulations.

To apply for ESI registration, entities must provide specific documents and information, including registration certificates, business entity details, employee details, and more. The process involves online registration through the ESIC portal and payment of advance contributions.

Recent amendments to ESI rules have expanded the coverage to include employees earning up to Rs. 21,000 per month and introduced changes in contribution rates. These amendments aim to provide more extensive coverage and benefits to a larger segment of the workforce.

After ESI registration, entities are required to comply with various regulations, including maintaining employee attendance records, wage registers, accident registers, and submitting monthly returns and challans. These compliances ensure that employees receive the benefits they are entitled to under the ESI scheme.

StartupFino offers comprehensive services for ESI compliances, including registration assistance, guidance on post-registration compliances, preparation and submission of monthly returns and challans, attestation of e-Pehchan cards, legal consultancy, and ongoing support to help businesses navigate the complexities of ESI regulations and ensure compliance. By availing these services, entrepreneurs can avoid legal issues, penalties, and operational disruptions, allowing them to focus on growing their businesses.

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Payroll services in Gurgaon

EXPATS IN INDIA OR MOVING TO INDIA FOR Work OR BUSINESS

Unfamiliar nationals visiting India for over 180 days on a business visa, research visa, or work visa are expected to get themselves enlisted with the Outsiders Territorial Enrollment Office(FRRO). An individual should get an FRRO enrollment from an Outsiders Enlistment Official (FRO) within no less than 14 days of appearance in India. The essential capability of the FRRO is to administer the enlistment and documentation prerequisites for unfamiliar nationals visiting or living in India. It fills in as the focal expert for giving visa augmentations, visa changes, and other migration-related administrations. Key liabilities of the FRRO include:

Enlistment of Unfamiliar Nationals: The FRRO commands that far-off nationals for work or Business should enroll themselves with the Neighborhood FRRO within no less than 14 days of appearance in India.

Visa Administrations: The FRRO cycles and awards visa expansions, visa transformations, and other visa-related administrations for outside nationals which incorporate changing visa types, giving new visas, and expanding the length of stay in India.

Private Grant: The FRRO is liable for giving Private Licenses (RP) or Outsider Enlistment Authentications (FRC) to far-off nationals dwelling in India for broadened periods. This archive fills in as evidence of lawful stay and is expected for different purposes, including opening financial balances, acquiring SIM cards, and getting to specific taxpayer-supported organizations.

Address Check: The FRRO conducts confirmation of the addresses given by far-off nationals during their visit to India. This is finished to guarantee the precision and credibility of the data given.

Checking and Consistence: The FRRO screens the exercises of unfamiliar nationals in India to guarantee consistency with migration regulations and guidelines. They have the power to make a move, including extradition, in instances of visa infringement or other migration offenses. Unfamiliar nationals visiting or living in India are normally expected to liaise with the FRRO for different migration-related matters. The FRRO workplaces are situated in significant urban communities across India. Method for Acquiring FRRO Enlistment Outside nationals should get an FRRO enrollment from an Outsiders Enlistment Official (FRO) in the span of 14 days of appearance in India. Ventures for FRRO Enlistment Complete the internet-based FRRO enlistment structure Create an exceptional Enlistment number Plan the meeting with FRRO Go to the FRRO interview (whenever required) and present all applicable supporting archives For additional help, if it's not too much trouble, get in touch with us. We will aid the Augmentation or Enlistment process set by Outsider Territorial Enrollment Office (FRRO) in India For India, Outsider Local Enrollment Office-related petitions incorporate

Enlistment, Augmentations

Change of Address

New identification underwriting

Change of area

Leave Grant

Abroad Resident of India (OCI) Streams Counseling Administrations for Expat Expat Finance Bookkeeping Expat ITR Filling Expat PF and ESIC Consistency Expat PF Withdrawal administrations Post route We offer Payroll Processing Services like payroll services Company, payroll consulting services, compensation consulting, paperless services, etc.

Payroll services in Gurgaon, Payroll services Company, Payroll consulting services

For More Details - https://www.payrollservicesindia.com/about-payroll-services-in-india/

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Process of subsidiary company registration in Hyderabad

Introduction

Hyderabad is the city of nawabs, with a thriving manufacturing, tourism, and information technology sector. It is the state capital of Telangana. Even though the city is rich in history and tradition, a foreign national establishing a subsidiary firm in Hyderabad is a fantastic idea. Form SPICe+ can be used to register a subsidiary company in Hyderabad online in 8–10 working days. A minimum of two shareholders are required to register an Indian subsidiary in Hyderabad, with one of them being an Indian resident. In this post, we will go through all of the procedures for registering a subsidiary business in Hyderabad, but first, we will define what a subsidiary company is?

What exactly is a subsidiary company?

A subsidiary is a business that is owned or controlled by another business. Typically, the parent business will possess more than 50% of the Indian subsidiary. This gives the parent business control of the subsidiary. In some circumstances, being the majority shareholder is sufficient to win control.

What are the different kinds of subsidiary companies?

A foreign national can establish the following categories of Indian subsidiary in Hyderabad:

Private Limited Company

Limited Liability Partnership

Liaison office

Branch office

Conditions for establishing a subsidiary corporation in Hyderabad

The following are the conditions for establishing an Indian subsidiary in Hyderabad:

There must be a minimum of two shareholders, one of whom must be a resident of India and the other a foreign national.

The Indian subsidiary’s office should be in the Indian city of Hyderabad.

The DIN of all directors involved is essential.

Registration Process of a subsidiary company in Hyderabad

When creating an Indian subsidiary, the same procedure is undertaken as when founding a subsidiary company in Hyderabad. The applicant corporation must be aware of the measures required by the authority in order to establish a company. The Registrar of Companies (ROC) must register the Indian subsidiary. The following is the procedure for registering a subsidiary company in Hyderabad:

Step 1: The first step is to gather all of the paperwork required for registration.

Step 2: Choose a name for the Subsidiary Company that was registered in Hyderabad.

Step 3: The third stage is to draught the AOA and MOA for the Subsidiary Company, which includes information such as share capital, member details, liability to members, shareholding details, and so on.

Step 4: Submit a subsidiary registration application in the appropriate form, Form SPICe+:

Spice+ is separated into two sections:

Part A: Fill out Part A of the Spice+ form to reserve the company’s name. It can be used to obtain approval for the proposed company’s name as well as to file for company registration all at once.

Part B: Fill out Part B of the Form Spice+ to request the following services:

Incorporation

DIN allocation

PAN registration is required

TAN registration is required

EPFO registration is required

ESIC registration is required

Profession Tax Registration (Hyderabad) is required.

Mandatory opening of a company bank account and allocation of a GSTIN (if applied for)

Step 5: Open a bank account in Hyderabad in the Subsidiary Company’s permitted name.

Documents required for the formation of a subsidiary company in Hyderabad

The following documents are necessary for forming an Indian subsidiary in Hyderabad:

A. Company-related documents:

Memorandum of Association and Articles of Association.

The lease agreement must be presented as proof of address if the property is rented; a copy of the ownership papers must be produced if the property is owned.

Copy of utility bills.

A copy of the resolution of the promoter firm.

Copies of the company’s capital structure

A copy of the Certificate of Incorporation of the Foreign Corporation.

B. Documents related to directors and shareholders:

A Director Identification Number (DIN) and a Digital Signature Certificate (DSC) are required for directors and authorized shareholders.

Identification and address documentation for shareholders and directors.

Photographs of the Board of Directors and Shareholders.

Investments by the First Directors in Other Entities.

Declaration of Directors and Shareholders.

Conclusion

We will end by stating that establishing an Indian subsidiary in Hyderabad is a wise decision. Because you will receive broad exposure to the Indian market and will have access to a larger pool of talent. A large number of experienced professionals, government support for business-friendly rules, and a knowledgeable workforce are just a few of the factors that make Subsidiary Company Registration in Hyderabad easier.

[uniquejobs]

Coimbatore Location Job Openings | B.E. Engineers & Diploma with Benefits | Sriram Groups

Coimbatore Location Job Openings | B.E. Engineers & Diploma with Benefits | Sriram Groups

Company Name : Sriram groups

About Company : The 1,50,000 Cr Shriram Group had its humble beginnings in the Chit Fund business over three decades ago. R Thyagarajan, AVS Raja and T Jayaraman were the “three musketeers” who ventured into these businesses. Not many in the Financial services industry thought at that time, this small Chit Funds business in Chennai would indeed be the foundation for the financial conglomerate that Shriram is today.

Our Latest YOUTUBE Videos Link : https://www.youtube.com/channel/UCZYt-jtPk975fMuI6tLpUEg Our Telegram Channel Link: https://t.me/employmentjobs Related Jobs : - HPE Recruitment 2023 | Graduate Software Engineer Trainee - Johnson Electric Job Openings in Chennai  -  பிரபல ஸ்டீல் கம்பெனி வேலை வாய்ப்பு – B.E / B. Tech Engineering Job Interview in Pegatron Company – Diploma & B. E. Engineers | Mahindra World City | Chengalpattu Designation: Engineer & Sr.Engineer                                 Educational Qualifications: B.E. Engineer & Diploma Role: Permanent                           Year of Experience: Min Experience             Job Location: Mahindra World City – Chengalpattu                                 Apply link - Click Here Salcomp Walk-In Interview | Diploma & B.E. Engineers Designation: Engineer                                   Educational Qualifications: Diploma & B.E.Engineers Role: Permanent   Year of Experience:  Automation, Process, Testing                 Job Location: Sriperumbudur                                 Salary Details: As per the Company Standard Apply link - Click Here Latest Jobs By :         Chennai JobsClick HereCoimbatore JobsClick HereBangalore JobsClick HereHyderabad JobsClick HereAndra Pradesh JobsClick HereSalem JobsClick HereMadurai JobsClick HereTrichy JobsClick HerePondicherry JobsClick HereAcross India JobsClick HereOther Cities JobsClick HereCoimbatore Location Job Openings Designation: Junior Engineers                                 Educational Qualifications: B.E. Engineers & Diploma Role: Permanent                           Year of Experience: Fresher                  Job Location: Coimbatore                                  Salary Details: As per the Company Standard Mechanical JobsClick HereELE / ECE  JobsClick HereCivil JobsClick HereIT / Software JobsClick HereBPO / Call Centre  JobsClick HereH/W & Networking JobsClick HereHuman Resource Jobs  Click HereAcc/Fins JobsClick HereArts & Science  JobsClick HereCoimbatore Location Job Openings Coimbatore Location Job Openings Job Description :      Company Name : EMF Innovations PVT Ltd  (A Part of Shriram Groups) Electric Vehicle's Motor & Controller Production Company @ Neelambur, Coimbatore. Designation : Junior Engineers Qualification: Dip or BE - EEE/ECE Experience: Freshers or 1 year Industry : Electric Vehicle Salary - Based on experience / Candidate Profile / During Interview performance Location - Neelambur, Coimbatore. Benefits : PF/ESIC or 2L Medical Insurance Free Food Uniform yearly Bonus Yearly Increment Career Growth 1st & 3rd Saturday Holiday WALK IN !!!!! If interested, please contact this number: 9789114111 / 6380750738 How to Apply for this Job?           Details & Apply link : Contact Numbers : 9789114111 / 6380750738 Foxconn Company Off Campus Drive | Arunai Engineering College | Tiruvannamalai – Date 10th June 2023 Designation: Trainee                                   Educational Qualifications: Diploma – Mechanical, EEE, ECE, CSE, CIVIL, MECHATRONICS & OTHERS Role: Trainee                        Year of Experience: Fresher                  Job Location: Sriperumbudur     Apply link : https://myemploymentjobs.com/foxconn-company-off-campus-drive-arunai-engineering-college-tiruvannamalai-date-10th-june-2023/ 40,000 Salary – L & T Fresher Job Openings in Chennai Educational Qualifications ( L & T Fresher Job ): B.E, B.Tech Engineers – Mechanical & Civil Engineers Role: Permanent      Year of Experience: Fresher & Min Experience              Job Location: Chennai, Tamilnadu                               Salary Details: As per the Company Standard Apply link : https://myemploymentjobs.com/l-t-fresher-job-openings-in-chennai/ For more Job info, subscribe to our website & and check our website daily. Join Our Youtube ChannelClick HereJoin Our Telegram ChannelClick HereOur Linkedin PageClick HereOur Quora PageClick Here Read the full article

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What work is done in ESIC

The Employees' State Insurance Corporation (ESIC) is a social security organization ESIC Jobs established by the Indian government to provide various benefits and services to employees and their dependents. ESIC carries out several essential functions to ensure the effective implementation of the Employees' State Insurance (ESI) scheme. Let's explore the key work done by ESIC.

Registration of Employees: ESIC is responsible for the registration of employees and employers under the ESI scheme. Employers need to register their establishments and enroll eligible employees for the benefits provided by ESIC. This process involves collecting necessary information, verifying documents, and issuing unique identification numbers to the registered entities.

Collection and Management of Contributions: ESIC collects contributions from both employees and employers towards the ESI scheme. The contributions are based on a percentage of the employees' wages, and it is the responsibility of ESIC to ensure proper collection and management of these funds. The collected contributions are utilized to provide healthcare, cash benefits, and other services to the beneficiaries.

Provision of Medical Services: ESIC operates a network of hospitals, dispensaries, clinics, and medical institutions to provide comprehensive medical services to insured employees and their dependents. These healthcare facilities offer outpatient treatment, specialist consultations, hospitalization, diagnostic tests, medicines, and surgeries. ESIC ensures the availability of quality healthcare services to the beneficiaries through its medical infrastructure.

Cash Benefits: ESIC provides cash benefits to insured employees during periods of sickness, temporary disablement, and maternity. In case of sickness or temporary disablement, employees are entitled to receive a percentage of their average daily wages as cash compensation. Maternity benefits include paid leave and cash compensation during the maternity period. ESIC administers the disbursement of these cash benefits to eligible beneficiaries.

Disability Benefits: ESIC offers disability benefits to insured employees who become permanently disabled due to employment-related injuries or illnesses. The disability benefits are provided in the form of a monthly pension based on the extent of the disability. ESIC ensures the assessment and determination of disability and facilitates the regular payment of pension to the eligible individuals.

Dependent Benefits: ESIC extends its coverage to the dependents of insured employees as well. Spouses and children of insured individuals are entitled to medical benefits and cash compensation in case of the employee's disability, injury, or death. ESIC administers the provision of these dependent benefits, ensuring the welfare and support of the beneficiaries.

Compliance and Enforcement: ESIC plays a crucial role in ensuring compliance with the ESI scheme by employers and employees. It conducts inspections and audits to verify the accuracy of registrations, contributions, and other related aspects. ESIC also enforces penalties and takes necessary actions against non-compliant entities to maintain the integrity and effectiveness of the scheme.

Public Awareness and Education: ESIC undertakes initiatives to create public awareness about the ESI scheme, its benefits, and the procedures for availing them. It conducts awareness campaigns, disseminates information through various channels, and educates stakeholders about their rights and obligations under the scheme. These efforts contribute to increasing the reach and utilization of ESIC services.

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NEET UG 2023 Counselling

NEET UG Counselling 2023: Application Fees, Official Website, Last Date, How to Apply, Exam Date, Medical Counselling Committee

NEET UG 2023 is an entrance exam for admission to undergraduate medical and dental courses in various colleges and universities in India. The exam is conducted by the National Testing Agency (NTA), and after the results are declared, the counselling process begins. The Medical Counselling Committee (MCC) conducts the counselling process for admission to 15% of the All India Quota seats in government medical and dental colleges.

NEET UG Counselling 2023: Important Dates

The counselling process for NEET UG 2023 will start soon after the declaration of results. The important dates for the counselling process are as follows:

Online registration: To be announced

Choice filling and locking: To be announced

First round of seat allotment: To be announced

Reporting to allotted colleges: To be announced

NEET UG 2023 Counselling: Application Fees

The application fee for NEET UG 2023 counselling is Rs. 1,000 for unreserved and OBC candidates and Rs. 500 for SC/ST candidates. The fee can be paid online through net banking, credit card or debit card.

NEET UG 2023 Counselling: Official Website

The official website for NEET UG counselling 2023 is www.neetugcounselling.com. Candidates can register, fill their choices and check their seat allotment status on this website.

NEET UG Counselling 2023: How to Apply

The following are the steps to apply for NEET UG 2023 counselling:

Registration: Candidates need to register themselves on website using their NEET UG 2023 roll number, name, date of birth and other details.

Payment of application fee: After registration, candidates need to pay the application fee online through net banking, credit card or debit card.

Choice filling and locking: Candidates need to fill their choices of colleges and courses in order of preference. After filling the choices, they need to lock their choices.

Reporting to allotted colleges: Candidates who have been allotted seats need to report to the allotted college within the given time period and complete the admission formalities.

NEET UG Counselling 2023: Medical Counselling Committee

The Medical Counselling Committee (MCC) is a body appointed by the Directorate General of Health Services, Ministry of Health and Family Welfare, Government of India. The MCC conducts the counselling process for admission to 15% of the All India Quota seats in government medical and dental colleges. The MCC also conducts the counselling process for admission to Deemed Universities, Central Universities, ESIC and AFMC institutes.

In conclusion, NEET UG 2023 counselling is a crucial process for candidates aspiring to study medical and dental courses in India. Candidates need to keep a track of the important dates, pay the application fee, fill their choices and lock them to increase their chances of getting a seat in their preferred college and course. The Medical Counselling Committee (MCC) conducts the counselling process and is responsible for seat allotment. Candidates need to report to the allotted college within the given time period and complete the admission formalities.

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Finance Minister Nirmala Sitharaman tabled the Union Budget 2023-2024. Like previous Union Budgets, this fiscal year focuses on Inclusive Development (financial inclusion of small Businesses and support ease of doing business), promoting Public-Private Partnerships, Skilling (teaching-upskill), and setting off medium to long-term national development programs. In the previous blog, we set specific expectations out of the Union Budget for startups and businesses. Here is a roundup of Union Budget 2023 highlights.

Key Union Budget 2023 Highlights

The ease of doing business just got easier: 

More than 39,000 compliances were reduced, and over 3,400 legal provisions were decriminalized. Govt introduced the Jan Vishwas Bill to amend 42 central acts to further trust-based governance at all levels. Decriminalizing offenses in this context means a specific number of minor economic offenses which were earlier punishable with imprisonment will now be a penalty that a governing body would levy with revised fines and penalties.

The National Data Policy will allow access to anonymous data to create risk-based profiles to further the creation of adaptive KYC for Digital India. Government bodies will leverage Business PAN as the key identifier for assessing and accessing company data. It will reduce the complexity of doing business as it will reduce the usage of over 13 different business IDs, such as EPFO, ESIC, GSTN, TIN, TAN, and PAN, used to apply for various government approvals.

MSMEs Unbound:

Union budget 2023 focused mainly on the Micro, Small, and Medium Enterprises (MSMEs) sector. 

FM Nirmala Sitharaman declared the Vivad Se Vishwas scheme for failing MSMEs. MSMEs will receive 95% of the performance security from the government under this scheme in cases of failure to execute contracts.

Another big step is to enable timely payments to MSMEs. A deduction for payments made to MSMEs will only be allowed when it is paid off.

Extension of ECLGS To focus on the hospitality sector, the Finance Minister announced the extension of ECLGS up to March 2023. The Emergency Credit Line Guarantee Scheme (ECLGS) was launched amid the Covid-19 pandemic to help MSMEs cope with pandemic losses and was extended up to March 31, 2022. Considering the following aspects, the ECLGS will be extended up to March 2023, and its guarantee cover will be expanded by Rs 50,000 crore to a total surface of Rs 5 lakh crore.

Govt. will Revamp Credit Guarantee Trust for small micro-enterprises scheme (CGTMSE) with an additional infusion of 9000 Cr. It will allow for two lakh crores of rupees in collateral-free guaranteed credit. Furthermore, credit costs will be reduced by about 1%.

For presumptive taxation of small businesses and professionals:

The turnover limit for small businesses was expanded to Rs 3 crore from earlier Rs 2 crore, 

For certain professionals, it was broadened to Rs 75 lakh from earlier Rs 50 lakh.

Presumptive taxation can only be used when the value of cash receipts is at most 5 percent of the total value of the receipts.  Small businesses and professionals need not maintain their books of account and get their accounts audited, which relieves tedious tax filing exercises.

Reduction of customs duty on specific items and customs duty exemption on iron and steel scrap will contribute to the growth of MSMEs.

The government extends customs duty exemption to capital goods and machinery imports used to manufacture lithium-ion cells for EV batteries.​​ This cost drop will aid electric vehicle growth and help businesses produce EVs at a lower manufacturing cost.

The government extended the scope of the current DigiLocker to assist innovation in the fintech industry with Entity DigiLocker. Soon, Entity DigiLocker will allow MSMEs, companies, and charitable trusts to not only store but also share documents securely with authorities, regulators, banks, and other business entities.

Extended Tax holidays and a little more for StartUps: 

The Centre announced tax holidays along with many regulatory changes for Startups. They will be listed below:

FM Sitharaman extended the Tax Holiday Scheme for startups till March 31, 2024, which means that startups incorporated till the latest date next year can avail of tax benefits. The tax holiday scheme was earlier available for startups incorporated till March 31, 2023. Other Tax benefits are that the eligible start-ups incorporated before 1 April 2024 also stand to enjoy these tax measures, which are deferral of ESOP taxation under Section 192(1C), relaxation on carry-forward, and set-off of losses under Section 79, angel tax exemption.

The Budget 2023 provided relief to startups by giving the benefit of taking forward losses on a change of shareholding of startups from seven years to ten years. The condition of continuity of a minimum of 51% shareholding to offset carried-forward losses is relaxed for eligible startups if all company shareholders continue to hold those shares.

Govt. is widening the scope of Angel Tax to include non-resident investors. Levy of angel tax in the hands of private companies where consideration for issue of shares is higher than fair market value.  

As per the said section, the scope of this angel taxation specifically included only residents thus far.

However, the budget proposes to omit ‘resident’ from the said section with effect from 01 April 2024, thereby widening the ambit of taxation in the hands of startups to include investment received from non-residents.

Despite rapid modernization, India is deeply an agriculture-based economy. However, there are still a lot of relevant pain points within the sector that need to be solved to allow the industry to flourish. To facilitate this:

The government has created an Agriculture Accelerator Fund that will encourage new solutions and startups within the space and create a platform to promote information sharing amongst farmers.

Because of increased emphasis on digital payments, Govt. proposed the digitalization of 63,000 primary agricultural credit societies through an investment of INR 2516 crores through the Digital Agriculture Infrastructure Scheme.

Disease infestation has been a dire problem affecting 35% of total crop production. The Atma Nirbhar Clean Plant Program, with a budget allocation of Rs 2200 crore, will offer farmers access to disease-free planting material and other facilities.

The government has taken several steps to promote startups in the country. Under the Startup India initiative, the Fund of Funds for Startups (FFS) scheme, Startup India Seed Fund Scheme (SISFS), and Credit Guarantee Scheme for Startups (CGSS) are implemented to provide capital at various stages of the business cycle of a startup.

Green power was at the forefront of the 2023 Union Budget. The government is particularly keen on promoting solutions and encouraging people to avoid using non-green energy solutions. Govt. announced numerous policies to promote less disastrous alternatives – The National Green Hydrogen Mission with an allocation of Rs. 19,700 crores and 35,000 Cr. for the energy transition.

There have been few technological enhancements as pivotal as AI. Recognizing the sheer value that greater integration of AI can add to the economy, the government will create a National Data Governance Policy that will allow access to anonymized data and set up three AI research centers.

Indirect Taxes and Custom Duties were relaxed 

Indirect taxes like GST and Customs form a significant part of the government’s revenue and deeply impact daily lives and manufacturing costs. Here below are the changes announced in the Union Budget 2023:

Goods and Services Tax: ITC will not be available regarding goods or services used for activities relating to corporate social responsibility.

Customs duty: As part of rate rationalization of the customs duty rate structure, BCD, SWS, and AIDC rates on several goods, other than textile and agriculture, will be reduced to 13% from 21%. Details are awaited for the list of items covered under the 13% slab.

Certain items like polished diamonds, chemicals needed for petroleum products, camera lenses for cellular mobile phones, and steel scrap have been reduced, and eventually, these items will get cheaper.

Other things that will become cheaper include parts of open cells of TV panels, Denatured ethyl alcohol used in the chemical industry, and compounded rubber.

FM extended customs duty on camera lenses and their inputs or parts for use in the manufacture of the cellular mobile phone camera module reduced to zero and concessional duty on lithium-ion cells for batteries for another year.

Increase in CAPEX to boost Indian Infra:

Infrastructure is the backbone of any economy. To ensure that India is as robust as possible, the government has increased the capital expenditure allocation to Rs. 10 lakh crore, a massive 33% increase. It will significantly benefit logistics-heavy businesses and sectors in India and make transportation less hassle for Indian entrepreneurs. Reduction in logistics costs will give a much-needed boost to commerce in Tier 2 and 3 cities. 

Stepping into the future

Looking at the Union Budget 2023 highlights, the government has pushed financial inclusion and digitalization of finances across industries. In this Union Budget, the FM extended financial aid to businesses, digitalized the agriculture industry, relaxed many business regulations to attract FDI, and boosted capital expenditure to support business growth. In summary, the budget is aspirational and grounding, with a plan for sustainable development and making India an economic superpower. 

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Employees’ Provident Funds and Miscellaneous Provisions Act, 1952

Having secured a job, an individual aspires for a better life, a comfortable home, health care, and a pension to take them easily through retirement blues. Key to lead the life out of retirement blues is pension planning for which the savings through Employees’ Provident Funds are important. 

Deep insights about Employees' Provident Funds are presented in this article including schemes, eligibility criterion, calculation and withdrawal.

What is the Employee Provident Fund (EPF)?

The Employee Provident Fund is a welfare scheme brought into action for securing the future of employees. It is a statutory benefit given to the employees at the time of retirement or while discontinuing the work either permanently or temporarily due to any disability. This fund is created using the contributions made by employees and employers every month encouraging them to save a portion of their salary as a form of tax-free investment. Under Section 80C, the contributions made by the employees are eligible for tax deductions. 

These contributions are stored every month in the EPF account which is further linked to the ESIC (Employees’ State Insurance Scheme). It is a multidimensional social security scheme that provides cash benefits on certain contingencies to workers, maternity benefits to female workers, and medical care to self as well as family.

The Central Board of Trustees including the representatives of the employees, employers, and Government help in performing the management and administration of EPF. This welfare scheme is administered by a statutory body developed by the government of India under the Ministry of Labor and Employment, namely, EPFO (Employee Provident Fund Organization). An organization must register with the EPFO having 20 or more permanent employees working across different branches and departments. 

What is UAN (Universal Account Number)?

UAN is a unique 12-digit number that is generated by the EPFO and assigned to a particular employee contributing to the EPF. This number remains the same throughout the service period of an employee allowing them to withdraw and transfer funds without any involvement of the employer. Universal Account Number is essential for an employee enrolled under EPF which can be obtained after logging in to the EPFO website. This will then provide different information including EPF balance on the registered mobile number via SMS.

What are the schemes under the Employee Provident Fund Act of 1952?

Under the EPF Act of 1952, the following three schemes are in operation:

EPF (Employees’ Provident Fund) Scheme, 1952.

EDLI (Employees’ Deposit Linked Insurance Scheme) Scheme, 1976.

EPS (Employees’ Pension Scheme) Scheme, 1995.

They are calculated based on one’s basic salary, Dearness Allowance (DA), and Retaining Allowance (RA). DA includes the cost of living adjustment paid by the government to the public sector employees and pensioners. RA is paid by the employer to the employee to retain resources.

What is the Employees’ Pension Scheme (EPS)?

EPS is designed as a “Benefit Defined Social Insurance Scheme” that came into effect on November 16, 1995. This scheme was framed under EPF Act, 1952, to provide retiring pension, superannuation pension, permanent total disablement pension, orphan pension, children pension, and widow or widower’s pension to whom this Act applies. 

What is the Employees Deposit Linked Insurance Scheme (EDLI)?

Employees’ Deposit Linked Insurance Scheme is an insurance cover that is provided for private sector salaried employees by the EPFO. It was framed to provide certain insurance benefits to the beneficiaries of the deceased employee which helps in maintaining the economic wealth of the family. 

What is the eligibility criterion to be a member of EPF?

The eligibility criterion to be followed for becoming a member of EPF include:

This scheme is applicable pan-India except in the states of Jammu and Kashmir.

Any individual working either in the public or private sector can apply to become a member of the EPF scheme.

It is mandatory for the employees to register for an EPF account with an income of less than Rs. 15,000 per month.

Mandatorily, a company or an organization with 20 or more employees should register for EPF scheme.

Although the upper and lower limits of employee’s salary are not mandatory; therefore employees having a salary of more than Rs. 15,000 per month can also voluntarily register for EPF. Also, companies having less than 20 employees can also register for the same.

After becoming an active member of the scheme, an employee is able to avail various benefits including insurance benefits, pension benefits and Employees Provident Fund benefits.

How to calculate EPF contribution?

Percentile contribution of the employee and the employer

The contribution is divided differently for both the employee and the employer as mentioned below: 

Employee

An employee contributes 12% of their salary to EPF. 

Employer

An employer contributes 3.67%, 8.33%, and 0.5% to EPF, EPS, and EDLI respectively. Also, 0.85% and 0.01% are also contributed for EPF and EDLI Administrative charges respectively.

Through this, it can be analyzed that there is no contribution of an employee to the insurance premium charges or administrative charges for both EPF and EDLI and solely contributes toward EPF. 

EPF calculation

If the basic salary of an employee is Rs. 13,000 per month, the employee contribution shall be 12% of 13,000, which is equal to Rs. 1,560.

Out of 12%, the employer is required to contribute 8.33% to the Employee Pension Scheme while the remaining 3.67% must be contributed to the EPF so the 3.67% of Rs. 13,000 is Rs. 477.

How to perform a withdrawal from the EPF account?

Funds from the EPF account can be withdrawn under certain circumstances which are discussed in brief as follows:

Withdrawal of full funds from EPF account

When an employee attains the age of 58 years.

At the time of employee’s retirement.

When an employee is unemployed for a period of two months or more.

Nominees or legal heirs can withdraw the funds in case of the death of an employee still in service.

Withdrawal of funds while working 

Technically, the withdrawal of full EPF amount while an employee is still working is illegal but it can be done under certain circumstances (followed by specific rules) which are listed as follows:

To repay a home loan in your name, your spouse’s name or owned by both. This can be done only when an employee has completed 10 years of service or more whereas 36 times their basic pay is the withdrawable amount.

For marriage or education of children but with a precondition that the service period should be of atleast 7 years. Only 50% of the contributed EPF amount is withdrawable by providing legal proof of the wedding or education.

To pay for medical treatments (surgery) such as cancer, TB, mental ailments, leprosy and heart illness for yourself and your family. The maximum withdrawable amount for this is 6 times the basic salary. 

Along with this, funds in the EPF account can be withdrawn in case of constructing or purchasing a house and to repair the existing home in the name of self, spouse or jointly.

Case Laws

Manipal Academy of Higher Education v. Provident Fund Commissioner.

West Bengal v. Vivekananda Vidyamandir & Others.

Conclusion

Employees’ Provident Fund helps employees working in either public or private sector to secure their future by contributing a small portion of their salary to the EPF account. This account is also linked to the ESIC, a social security scheme that delivers cash benefits to workers and their families. EPF is managed and administered by a statutory body, Employee Provident Fund Organization. There is an eligibility criterion to be followed for becoming a member of EPF whereas the main point is that it is only applicable pan-India. Moreover, the full withdrawal of funds can be performed only when an employee is retired. In the case of a deceased employee, spouse or legal heirs have the authority to withdraw the funds. To sum up, it can be stated that for a better life and to eliminate retirement blues EPF plays a significant role.

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Best Optical Fibre Network Solutions in India

The optical fibre network is among the fastest communication networks. By converting an electrical signal into light pulses, it may send those pulses to a receiving device via a fibre optic connection. A signal is converted to an electrical signal by an optical receiver device and forwarded to a destination node. Reliable and fast connectivity is crucial for both individuals and enterprises in the modern digital world. Abrasive Engineers Pvt. Ltd., or AEPL, has become a prominent supplier of optical fibre network solutions, providing state-of-the-art technology and knowledge to satisfy the expanding needs of the communication sector.

Optical fibre network solutions provided by AEPL in India

This post will examine the top optical fibre network options offered by AEPL and go over why they are the best option for your connectivity requirements.

Unmatched Expertise: AEPL has been a reputable brand in optical fibre network solutions for over 17 years in the industry. Their group of highly qualified experts has a great deal of experience installing, connecting, and maintaining fibre optic lines. Their expertise enables them to manage challenging projects and produce an exceptional result.

Advanced Optical Network Technology: Known for its blazing-fast communication speeds, optical networks are utilized by AEPL. The optical transmitters from AEPL guarantee effective data transfer over fibre optic cables by transforming electrical impulses into light pulses. With the help of this technology, you may have better connectivity with high bandwidth speeds, long-distance coverage, and immunity to interference.

Reliable and Secure connection: To address the needs of contemporary enterprises, AEPL offers optical fibre network solutions that offer dependable connection. Because optical repeater devices prevent signal loss over long distances, optical networks are able to transport data over longer distances than traditional copper-based networks. By reducing downtime and increasing productivity, this function guarantees reliable, high-quality connectivity.

Future-Proof and Scalable Solutions: As the internet develops further, there is an increasing need for quicker and more effective connectivity. Acknowledging this need, AEPL provides solutions that are scalable and flexible enough to meet evolving needs. With their optical fibre network solutions, organizations can easily increase the capacity of their networks as data traffic volumes rise.

5. Broad Project Portfolio: With a history of effectively finishing more than 150 projects in 60 countries, AEPL has won the confidence of many happy clients. They have extensive experience in many different areas, such as infrastructure, IT, and telecommunications. This wide range of projects demonstrates AEPL's capacity to provide customized optical fibre network solutions that address particular business requirements.

6. Licenses and certificates: AEPL possesses a number of licenses and certificates, such as ESIC, CIN, GSTIN, IEC, A-CLASS, OHSAS, NSIC, ISO, UDYAM, EPFO, IP-I, MSME, and A-CLASS. Their dedication to upholding the highest levels of professionalism, quality, and safety is evident from their qualifications. Selecting AEPL guarantees that you are working with a respectable business that follows industry best practices.

Conclusion

As a dependable and creative supplier of optical fibre network solutions, AEPL stands out. They are the best option for companies and people looking for seamless communication because of their knowledge, cutting-edge technology, and dedication to meeting consumer needs. AEPL can satisfy your needs whether they include scalable solutions, high-speed data transfer, or a resilient network architecture.

Trust AEPL to deliver top-notch optical fibre network solutions and unlock the true potential of your connectivity needs.