Filing the Employee State Insurance (ESI) return is a crucial responsibility for businesses in India with a specific workforce threshold. Ensuring accurate and timely submissions not only keeps companies compliant but also prevents potential penalties and legal complications. Here’s a comprehensive guide on the most common mistakes made during ESI return filing and effective ways to avoid them for smooth,
In recent years, Limited Liability Partnerships (LLPs) have emerged as a preferred choice for small businesses worldwide. Not only does an LLP safeguard the personal assets of its partners from business obligations, but it also provides a flexible business structure that appeals to various professionals, including consultants, lawyers, accountants, and doctors. Established in 2008, LLPs have gained popularity globally, including
The Employee State Insurance Corporation (ESIC) mandates that all employers under its jurisdiction file returns, including “ESIC Nil Return” if there are no contributions to report for a given period. Missing the filing deadline for an ESIC Nil Return can lead to significant legal and financial penalties for businesses, emphasizing the importance of timely compliance. This article covers the legal
In today’s corporate landscape, directors play varied and influential roles across all types of organizations. Each director brings unique skills and perspectives that shape a company’s strategic direction, governance, and performance. Besides the well-known roles of Chief Executive Officer (CEO), Chief Financial Officer (CFO), or Chief Operating Officer (COO), there are many distinct types of directors with specific duties. Let’s
In a significant move towards promoting professionalism and enhancing the quality of corporate compliance, the Institute of Company Secretaries of India (ICSI) has announced new guidelines that will impact the role of Company Secretaries in Practice (CS). During its 312th Council Meeting, held on October 8-9, 2024, ICSI introduced a cap on the number of Annual Returns (E-form MGT-7) that
India is gearing up for a significant overhaul of its tax system by aligning with the OECD/G20 Inclusive Framework on Base Erosion and Profit Shifting (BEPS). A key part of this alignment is the adoption of Pillar 2, which mandates a global minimum corporate tax rate of 15% for multinational corporations (MNCs). This move is expected to be integrated into
Provident Fund (PF) Overview The Provident Fund (PF) is a critical retirement savings tool designed to ensure financial security for employees after retirement. It is a mandatory, government-regulated scheme where both employees and employers contribute a specific percentage of the employee’s salary each month. These funds are then invested and grow with interest over time. Different forms of provident funds
NFRA Imposes Rs 2 Crore Fine on Auditor, Debars CAs for Lapses in Coffee Day Enterprises Audit The National Financial Reporting Authority (NFRA) recently imposed severe penalties on the auditors of Coffee Day Enterprises Limited (CDEL), a major player in India’s coffee business, for serious lapses during their audit of the company for the financial year 2019-2020. The NFRA’s investigation
Record E-Way Bill Surge in September Signals Festival Season Boost India’s supply chain activity surged in September, with e-way bill generation reaching an all-time high of 109 million, marking an impressive 18% growth compared to the same period last year. This growth reflects the country’s robust economic activity as businesses prepared for the festival season, which is anticipated to further
Understanding the Ministry of Corporate Affairs Notification: G.S.R. 630(E) In July 2024, the Ministry of Corporate Affairs (MCA) issued a notification that directly impacts the Companies (Adjudication of Penalties) Rules, 2014. If you are wondering how this affects companies, adjudicating officers, and corporate professionals, we’ve got you covered. This notification introduces amendments that modify the way penalties are managed under
