LWF Labour Welfare Fund Haryana –
Due Date of LWF Haryana
and Benefits of Labour Welfare Fund Haryana
LWF Labour Welfare Fund Haryana –
Due Date of LWF Haryana
and Benefits of Labour Welfare Fund Haryana
The concerned party has claimed ITC or not ? or if it all goes in expenses.
If claimed, hasn’t taken ITC C or S in I or…ITC I in C or S ?
If TDS has been deducted or not ?
Which section’s TDS has been deducted or wrongly deducted 2% TDS rather than 10% TDS or vice-versa ?
0.1% has been deducted or not ?
For more such information listen the video below by – Mr. Sangeet Kumar Gupta, F.C.A and Co-founder of Finsys .
Integrated Association of Micro, Small & Medium Enterprises of India
E-mail: info@iamsmeofindia.com, +91-9711123111 (Executive Secretary)
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Rajive Chawla
Chairman, IamSMEofIndia |
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Sangeet Kr Gupta
Hon. Consultant, IamSMEofIndia |
Dear Members,
Happy Republic Day 2025
Today, India, that is Bharat, is celebrating its 76th Republic Day.
On January 26, 1950, the Constitution of India was adopted,
and our country became a Republic.
Let us come together to celebrate the spirit of unity, liberty, and democracy that makes India truly incredible.
Let’s remember the sacrifices of our freedom fighters and work together for a prosperous India.
Let us also remember our Statutory Last Dates
4 days left
To give some Statutory annual payments
&
To Give contribution for the welfare of Workers in our teams
So, this is Labour Welfare Fund, Haryana
( Similar to Professional Tax, in some states, in some manner)
Last “Extended” Date for Annual payment and Annual Return
For Jan to December, 2024 : 31st Jan 2025
( As relevant to our members )
Note : Refer Detailed notifications and FAQ for Details. This Circular is for “ease of Understanding” and encouraging our members to clear the issues… where possible. For fine print you can contact your friendly Auditors and Tax Consultants.
This is the Collection part….. fine
You have to pay this… ok
But , do you know,
You can help your workers with a lot of benefits
How many of you have actually helped your staff and workers get this benefit ?
Try this now….. Some user-friendly messages from the Labour Dept..
Please forward the same to your HR Dept
And give them a target to help arrange these benefits to your workers.
In case of the unfortunate event…. above benefits are also available for the dependents
Contact details
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https://www.facebook.com/labourdepartmentharyana
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Phone helpline For LWF benefits |
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https://www.youtube.com/watch?v=NuHVEARp3O8
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Sangeet Kumar Gupta, FCA, DISA, ACMA, PGDMM, B.Com(Hons), Honorary Consultant, Integrated Association of Micro Small and Medium Enterprises of India, 93126-08426, Camp Off : TB-06, 3rd Floor, Crown Plaza, Sector-15A, Faridabad, Haryana 121007 skgupta[at]finsys.in. I am SME of India Office … Plot No.135, Sector 59, Industrial Estate Phase-II, Ballabhgarh, Faridabad- 121004, Haryana
Subscription to our newsletters/ e-circulars
Please send your details, and request e-mail to info@iamsmeofindia.com / skgupta[at]finsys.in
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The contents of this circular are for Private circulation & intended for the addressee/s only. We do not warrant that this email is free of mistakes, errors or any other defect. Care has been taken to provide authentic information, but it is advisable to confirm/verify with qualified legal practitioners, professionals before implementing any suggestions. The views expressed are not necessarily those of the Association. We encourage readers, our Members to write to us their opinions, suggestions, ideas, comments, thoughts and bring to our knowledge mistakes, omissions etc. which we’d be pleased to correct/implement.
For personalised suggestions, and solutions, contact our I am SME of India Team and Consultants
Excellent Web Based ERP Software Facilities from Finsys ERP Team
Finsys Accounting BPO Services … servicing Clients in Tamil Nadu, Gujarat, Rajasthan, UP, Haryana, Maharashtra, Uttarakhand, and of course Delhi NCR
Finsys ERP Software expands its services at Egypt, UAE, Saudi Arabia, Nigeria, Angola, Congo, Mauritius
To Join us,
click https://iamsmeofindia.com/members/
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https://www.iamsmeofindia.com/
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As we wrap up this edition of the Special Republic Day 2025 E-Circular
Once again….we wish…May the ideals of our Republic inspire us to be better citizens and contribute to the growth and harmony of India.
Let’s take pride in our glorious past and commit ourselves to an even brighter future for our nation. Jai Hind.
Yes, if you have a Subsidiary in US, or a Joint Venture, remember to file this.
Yes, You have to file, even if you have any Shares in USA, and you are holding on behalf of somebody else… So, Just like Indian Government MCA wants you to file the BEN-1 and BEN-2… the US Government has also learned this from our Indian Transparency systems. Just like we have KYC, Know your Customer norms in India, Now US has also started the BOIR form on similar level in USA, for anybody who has shares in a US Company.
Compiled for CA Students in India : Deepanshu Gupta, CA Final, 2nd year, at MLG Associates, Faridabad,
Supported by Jasleen Kaur
Not all companies are required to report BOI to Financial Crimes Enforcement Network (FinCEN) under the Reporting Rule. Companies are required to report only if they meet the Reporting Rule’s definition of a “reporting company”.
A “Reporting Company” for BOIR (Beneficial Ownership Information Reporting) refers to any legal entity that is required to file information about its beneficial owners with the Financial Crimes Enforcement Network (FinCEN), typically including corporations, limited liability companies (LLCs), limited partnerships (LPs), and other entities formed by filing documents with a Secretary of State’s office in the United States.
FinCEN determines which entities are considered as “reporting companies” under the Corporate Transparency Act.
This includes details about the company’s beneficial owners, such as their full names, dates of birth, addresses, and identifying document numbers.
Companies created or registered on or after January 1, 2024, must file their initial BOIR within 30 days of formation, while companies formed before that date have a deadline to file by January 1, 2025.
The Reporting Rule specifies twenty-three (23) specific types of entities which are exempt to file BOIR form are as follows-
Securities reporting issuer
Governmental Authority
Bank
Credit union
Depository institution holding companies
money services business
Broker or dealer in securities
Securities exchange or clearing agency
Other Exchange Act registered entity
Investment company or investment adviser
Venture capital fund adviser
Insurance company
State-licensed insurance producer
Commodity Exchange Act registered entity
Accounting firm
Public utility
Financial market utility
Pooled investment vehicle
Tax-exempt entity
Entity assisting a Tax-exempt entity
Large operating company
Subsidiary of certain exempt entities
Inactive entity
If your company is a reporting company, your next step is to identify its beneficial owners.
• Exercises substantial control over a reporting company;
OR
• Owns or controls at least 25 percent of the ownership interests of a reporting company.
Lets understand terms used above-
SUBSTANTIAL CONTROL
The Individual is a senior offiicer.
The Individual has the authority to appoint or remove majority of Directors of Reporting Company.
The Individual is a Important Decision Maker.
The Individual has any other form of Substantial control over Reporting Company.
OWNERSHIP INTEREST
Holds Equity, stock, voting right, profit interest, convertible instruments, options, or other mechanism used to establish ownership.
Any other instrument, contract or other mechanism used to establish ownership.
The deadline for submitting a BOIR depends upon when the reporting company was created or registered to do business in the United States.
If the reporting company identifies an inaccuracy in a BOIR that the reporting company filed, the reporting company must correct it no later than 30 days after the date the reporting company became aware of the inaccuracy or had reason to know of it.
What are the penalties for violating BOIR Requirements?
FinCEN imposes two types of penalties:
sources :
US Govt Site : https://boiefiling.fincen.gov/fileboir
The mini MNC’s from India….
Come’on world…. we are coming
contact the author at click here
1.New Sales Order – https://mlgassociates.in/if-you-are-doing-your-sales-order-audit-correctly (Click and Read)
2.New Customer – https://mlgassociates.in/new-customer-creation(Click and Read)
3.New HSN/SAC code and Recording Gate Outs – https://mlgassociates.in/new-hsc-sac-code-gate-out-record(Click and Read)
4.Good’s Reach Record –https://mlgassociates.in/youtube-audit-of-goods-in-transit(Click and Read)
5.Customer’s Payment Advice & E-way Bill Audit- https://mlgassociates.in/youtube-audit-of-customer-payment-advice-e-way-bills(Click and Read)
Now here we are adding some more small yet important new points in this.
Generally manufacturing industries & B2B suppliers doesn’t face these kind of shipments but packaging industries sometimes gets bill to ship to shipment when they have to Bill to head office and ship to is made to different contractors.
What point to be checked while auditing ‘Bill to Ship to‘ Invoices ?
Place of Supply should be on Bill to basis not on ship to basis.
Any New Service invoice entered in this month or not ?
Proper SoP is followed or not ?
inter unit head office expense has been made or not. As most of the companies has multiple units now they should also have inter unit billing as its necessary.
You should know payment made by customer is against which bill. So that you can knock off the bills easily and you and your customer’s books should also gets reconcile easily.
If you have cleared your inputs as such means you procure and arrange any material and then supply it to your vendor.
How you costs it ?
How you created its Ledger heads ?
Have you included it in your sale or purchase ?
What are your companies SoP for this ?
If you sold any machine, car, truck, furniture or any other asset in this month ?
Invoice is made or not ? & GST had paid or not ?
Fixed Asset register has been updated or not ?
Proper Accrual made?
Income from Job Work
Income from Services ?
Income from FDS ?
Income from Security Interest ?
Income Tax Refund ?-Payment made from government
If return from customer is properly gets account for in your books or not ?
Again book the proper sale return.
Check what happens to customer return. Is it in inventory ?
Customer Debit note is received with material or not ?
Avoid double IRN.
Customer Reconciliation is also important once in 2 or 3 months of 80 % party.
For more information and clarity watch the video below by – Mr. Sangeet Kumar Gupta, F.C.A and Co-founder of Finsys .
Video Shot at Jaipur Marriot
What are the good things you must see during audit of the Sales Side. Debtors, Prices, Sale order and so many things.. Practical Ideas.
A company set up with global perspective in mind. Started by entrepreneurs with a vision to excel beyond horizons of the virtual information technology world, MLG is a young and ambitious team.
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