Firms to forego deduction if they delay deposit of employees social security contributions
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Last Updated: Feb 01, 2021, 04:00 PM IST
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Synopsis
Besides it is proposed to tax interest earned on annual provident fund contribution of over Rs 2.5 lakh from April 1, 2021. At present there is no tax on interest earned on provident fund deposits.
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NEW DELHI: The government on Monday said the employers who delay the deposit of workers share of social security contributions like employees provident fund will not be able to claim the amount as deduction from their income.
An amendment in this regard is proposed in the Finance Bill 2021, to ensure that firms deposit the social security contributions of their employees like Employees State Insurance (ESI) well in time.
The chief executive officers of some of the top Indian startups and tech companies have welcomed the tax breaks and incentives in Finance Minister Nirmala Sitharaman’s Budget presented on Monday. They said coming in the wake of the Covid-19 pandemic, the Union Budget looks to strengthen many of the important pillars for economic recovery and future growth. Kalyan Krishnamurthy, CEO at e-commerce company Flipkart Group said there is a clear focus on attracting greater investments into infrastructure, boosting domestic output and creating jobs. He said it is focused on accelerating the adoption of digital technologies, and giving a much-needed boost to MSMEs (micro, small and medium enterprises) and startups.
Highlights
Budget to go paperless this time.
Budget session will be held in two phases Jan 29 to Feb 15 and March 8 to April 8.
New Delhi: As millions of salaried individuals are eagerly waiting for Finance Minister Nirmala Sitharaman s Union Budget 2021 announcement, the government s notification on Code on Wages 2019 may reduce the take-home pay of employees next financial year ie, April 2021 while components like PF and Gratuity might rise.
A couple of months ago, the government notified draft rules under Code on Wages 2019, following which take-home pay of employees may be reduced from next financial year ie, April 2021 because the draft rule required companies to restructure their salary break up.
Employees State Insurance Corporation (ESIC) insured persons (IPs) would get access to health services under the ESI scheme in all 735 districts of the country from April 1, an official said. At present, ESIC s health services are fully available for its IPs in 387 districts and partly in 187 districts, while there are 161 districts that do not have such services at all. The ESIC provides health services to IPs through its health centres and hospitals as well as empanelled hospitals. The ESIC has planned to provide health services to IPs through hospitals and health centres empanelled under the Ayushman Bharat Pradhan Mantri Jan Arogya Yojana (ABPMJAY). An agreement for the purpose was inked a few months ago.
ESIC Beneficiaries to Get Health Services in All 735 Districts of India from April 1
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Employees State Insurance Corporation (ESIC) insured persons (IPs) would get access to health services under the ESI scheme in all 735 districts of the country from April 1, an official said. At present, ESIC s health services are fully available for its IPs in 387 districts and partly in 187 districts, while there are 161 districts that do not have such services at all. The ESIC provides health services to IPs through its health centres and hospitals as well as empanelled hospitals. The ESIC has planned to provide health services to IPs through hospitals and health centres empanelled under the Ayushman Bharat Pradhan Mantri Jan Arogya Yojana (ABPMJAY). An agreement for the purpose was inked a few months ago.