IEC - New Compliance

Attention to IEC Holders, New Mandatory Compliances

What is an IEC or e-IEC? The Importer Exporter Code (IEC) or Electronic Importer Exporter Code (e-IEC) is a key business identification number issued by the Director General of Foreign Trade (”Facilitator” of Exports/Imports), which is mandatory for undertaking any export/import activities from/to India. Existing Procedure for Updation : Prior to this notification, IEC Holder…

Exclusion portion of salary cannot go beyond 50%

Minimum Wages Applies to All Industries – Code on Wages – Lets Talk Compliance

“The Code on Wages, when getting implemented, is likely to bring in some significant changes in regards to minimum wages. Currently, the Minimum Wages Act will apply only to those industries which are listed in the Schedule attached to the Act. There is no obligation too on the employers to pay the National Floor Level…

Exclusion portion of salary cannot go beyond 50%

Exclusion portion of salary cannot go beyond 50% – Let’s Talk Compliance

One significant change that is done under the proposed labour codes is on the definition of the term ‘wages’. Currently, various legislations follow various definitions. But the term is supposed to have a uniform definition under the codes, ideally making the determination of wages easy for employers. The quantum would be the same for various purposes, say,…

How important is to comply with Environment Health and Safety regulations

How important is to comply with Environment Health and Safety regulations Economic progress, growth of Industry are parallel for nation’s development. Enhancement of advanced technologies and implementation in the industrial expansion obligates the government to be accountable to enact regulations on Environment Health and safety to fix industrial pollution standards, with objective to protect air,…

Highlights of the changes made in IR Code (1)

Highlights – The Industrial Relations Code, 2020

THE INDUSTRIAL RELATIONS CODE, 2020 HIGHLIGHTS OF THE CHANGES MADE   INDUSTRIAL  DISPUTES 1    The definition  of the  term  “industry    is modified  in line with  the Apex court  verdict  in Bangalore  Water  Supply and  Sewage Board Case. 2    Domestic services and the Institutions engaged in charitable social or philanthropic service are excluded from the term…

Link Aadhar card to Pan Card before 30th June'20

Lets Talk Compliance – Alert to PAN Card Holders! Link PAN with Aadhaar on or before June 30, 2020

The Central Board of Direct Taxes (CBDT) has stated that a Permanent Account Number (PAN) will become inoperative if not linked with Aadhaar by 30th June’2020 (extended from 31.03.2020 due to COVID-19 Lockdown). These stringent measures are taken in order to weed out fake PAN cards and accounts from the system and to track financial transactions.…