Dear all, Pls send me Holiday list for 2014 in the Tamil Nadu as per the factory act Bala
From India, Madras
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From India, Madras
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There is nothing called Holiday List under the Factories Act. The Holiday list is under the National and Festival Holidays Act. Under this, the following National Holidays need to be declared:
1. Republic Day - Jan 26
2. May Day - May 1
3. Independence Day - Aug 15
4. Gandhi Jayanthi - Oct 2
There will not be any change on these four days. In addition, five Festival Holidays will have to be declared. Your organization, in consultation with the union, employees' committee, or employees, can decide on these five days.
From India, Chennai
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4121. Republic Day - Jan 26
2. May Day - May 1
3. Independence Day - Aug 15
4. Gandhi Jayanthi - Oct 2
There will not be any change on these four days. In addition, five Festival Holidays will have to be declared. Your organization, in consultation with the union, employees' committee, or employees, can decide on these five days.
From India, Chennai
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In addition to the above, one must plan one additional holiday for the year 2014 for the General Election for Parliament This probably will be in April or in May 2014
From India, Chennai
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From India, Chennai
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Hi,
Please find the attachment. You have to choose five festival holidays from the list in consultation with your employees and four national holidays. Submit the required forms (Form IV) to the Joint Director of Industrial Safety and Hygiene for their approval.
Hope this is clear now.
Regards
From India, Coimbatore
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Please find the attachment. You have to choose five festival holidays from the list in consultation with your employees and four national holidays. Submit the required forms (Form IV) to the Joint Director of Industrial Safety and Hygiene for their approval.
Hope this is clear now.
Regards
From India, Coimbatore
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Dear Mr. Balaji Plz. find the attachment for your information. Regards Shashi
From Germany
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From Germany
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Hi Rajneesh,
Click on the link below to learn all about NPS:
All you wanted to know about the National Pension System - NDTVProfit.com
From Germany
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Click on the link below to learn all about NPS:
All you wanted to know about the National Pension System - NDTVProfit.com
From Germany
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Hi,
If your annual basic salary is Rs 5 lakh and you are in the 30% tax bracket, you can save a neat Rs 15,045 every year even after exhausting the Rs 1 lakh exemption limit under Section 80C of the Income Tax Act.
All you have to do is ask your employer to make minor adjustments in your salary structure.
The government gives special tax exemption for contributions towards the National Pension System (NPS) by employers on behalf of employees under the corporate model.
Under this, both employee and employer's contributions are eligible for income tax deduction.
While the employee contribution up to 10% of basic plus dearness allowance, or DA, is eligible for deduction under Section 80CCD within the Rs 1 lakh limit, the employer's contribution up to 10% of basic plus DA is eligible for deduction under Section 80CCE over and above the Rs 1 lakh limit.
Even the employer can claim tax benefits for its contribution by showing it as a business expense in the profit and loss account.
All your employer has to do is register and contribute to your NPS investments. It must already be doing so by contributing to the Employee Provident Fund, a mandatory retirement savings option that companies have to offer their employees.
The NPS contribution will be in addition to your Employee Provident Fund, or EPF, investments. Does this mean your employer will have to take the extra burden? No. It can simply deduct the contribution from your salary. You gain by funneling a big part of your salary into your retirement fund and saving tax.
WHO CAN BENEFIT?
Other than central and state government employees, mandated to make contributions to NPS, those working in entities registered under the Companies Act and cooperative Acts, registered partnership firms, proprietorship concerns, trusts, and societies can avail of the additional tax exemption under this model.
The tax benefit on the employer's contribution was introduced in December 2011 after the announcement in the Union Budget early that year.
Corporate houses willing to join NPS can do so by tying up with one of the PFRDA-approved points of presence, which facilitate account opening and act as an interface between the subscriber and NPS intermediaries such as record-keeping agencies.
INVESTMENT OPTIONS
A company can either offer investment options at the subscriber level, allowing employees to choose the pension fund manager and the asset allocation, or at the company level, in which the company decides the fund manager and the asset allocation.
Under the latter, the company can opt for the portfolio mandated for central government employees (guidelines on which are issued from time to time) and choose from the three government fund managers, LIC Pension Fund, SBI Pension Fund, and UTI Retirement Solution. Else, it can choose from schemes and fund managers for the voluntary sector.
THE 'BUZZ' AROUND
According to many intermediaries, NPS has received a big boost from this tax sop.
Vineet Arora, head of products and distribution at ICICI Securities, says the exemption has been more instrumental in creating interest about NPS among investors than other changes made recently by the Pension and Regulatory Development Authority (PFRDA).
Over 250 corporate houses have already registered for NPS, says CR Chandrashekhar, CEO of Fundsindia.com.
Wipro Technologies was among the first to subscribe. "The response has been fairly good, especially among employees in the 30-35 year age group. This reflects the increasing financial awareness among employees," says Samir Gadgil, general manager and global head of Compensation and Benefits at Wipro Technologies.
Gadgil says regular communication by the company has been the key to creating awareness among employees. "Webinars, quiz contests, road shows, focused group discussions, and a helpdesk on our campus are some of the tools we used," he says.
EPF Vs NPS
The Employee Provident Fund is a mandatory retirement savings instrument in which one contributes 12% of basic and DA every month. The employer makes a matching contribution.
The employee's contribution is eligible for income tax deduction up to Rs 1 lakh a year.
The NPS corporate model, on the other hand, is a voluntary retirement savings scheme in which you contribute at least Rs 6,000 every year. There is no cap on investment. Like in EPF, the employee contribution is eligible for income tax deduction up to Rs 1 lakh a year. However, NPS offers additional tax deduction on employer contribution up to 10% of basic and DA. This is over and above the Rs 1 lakh limit of Section 80C.
The EPF money is not invested in equities. NPS allows up to 50% equity exposure. EPF, however, offers the option of premature withdrawal without foreclosure. It allows premature withdrawal for specific purposes such as house construction, marriage, and illness.
In NPS, any premature withdrawal will lead to closure of the account. Only up to 20% of funds can be withdrawn before you turn 60; the rest has to be used to buy annuity.
GAINS FOR ALL
By subscribing to corporate NPS, both you and your employer stand to gain:
- The employee contribution up to 10% of basic plus DA is deductible under Section 80 CCD within the limit of Rs 1 lakh.
- The employer's contribution up to 10% basic plus DA is allowed as a deduction under Section 80CCE over the Rs 1 lakh limit.
- The employer can claim tax benefits by showing the amount contributed towards the pension of employees as 'business expense.'
- The tax benefit on the employer's contribution has been offered since December 2011.
- The contribution towards NPS will be over and above the mandatory contribution towards the Employee Provident Fund.
- Over 250 corporate houses have registered with the NPS for offering pension benefits to their employees.
From Germany
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If your annual basic salary is Rs 5 lakh and you are in the 30% tax bracket, you can save a neat Rs 15,045 every year even after exhausting the Rs 1 lakh exemption limit under Section 80C of the Income Tax Act.
All you have to do is ask your employer to make minor adjustments in your salary structure.
The government gives special tax exemption for contributions towards the National Pension System (NPS) by employers on behalf of employees under the corporate model.
Under this, both employee and employer's contributions are eligible for income tax deduction.
While the employee contribution up to 10% of basic plus dearness allowance, or DA, is eligible for deduction under Section 80CCD within the Rs 1 lakh limit, the employer's contribution up to 10% of basic plus DA is eligible for deduction under Section 80CCE over and above the Rs 1 lakh limit.
Even the employer can claim tax benefits for its contribution by showing it as a business expense in the profit and loss account.
All your employer has to do is register and contribute to your NPS investments. It must already be doing so by contributing to the Employee Provident Fund, a mandatory retirement savings option that companies have to offer their employees.
The NPS contribution will be in addition to your Employee Provident Fund, or EPF, investments. Does this mean your employer will have to take the extra burden? No. It can simply deduct the contribution from your salary. You gain by funneling a big part of your salary into your retirement fund and saving tax.
WHO CAN BENEFIT?
Other than central and state government employees, mandated to make contributions to NPS, those working in entities registered under the Companies Act and cooperative Acts, registered partnership firms, proprietorship concerns, trusts, and societies can avail of the additional tax exemption under this model.
The tax benefit on the employer's contribution was introduced in December 2011 after the announcement in the Union Budget early that year.
Corporate houses willing to join NPS can do so by tying up with one of the PFRDA-approved points of presence, which facilitate account opening and act as an interface between the subscriber and NPS intermediaries such as record-keeping agencies.
INVESTMENT OPTIONS
A company can either offer investment options at the subscriber level, allowing employees to choose the pension fund manager and the asset allocation, or at the company level, in which the company decides the fund manager and the asset allocation.
Under the latter, the company can opt for the portfolio mandated for central government employees (guidelines on which are issued from time to time) and choose from the three government fund managers, LIC Pension Fund, SBI Pension Fund, and UTI Retirement Solution. Else, it can choose from schemes and fund managers for the voluntary sector.
THE 'BUZZ' AROUND
According to many intermediaries, NPS has received a big boost from this tax sop.
Vineet Arora, head of products and distribution at ICICI Securities, says the exemption has been more instrumental in creating interest about NPS among investors than other changes made recently by the Pension and Regulatory Development Authority (PFRDA).
Over 250 corporate houses have already registered for NPS, says CR Chandrashekhar, CEO of Fundsindia.com.
Wipro Technologies was among the first to subscribe. "The response has been fairly good, especially among employees in the 30-35 year age group. This reflects the increasing financial awareness among employees," says Samir Gadgil, general manager and global head of Compensation and Benefits at Wipro Technologies.
Gadgil says regular communication by the company has been the key to creating awareness among employees. "Webinars, quiz contests, road shows, focused group discussions, and a helpdesk on our campus are some of the tools we used," he says.
EPF Vs NPS
The Employee Provident Fund is a mandatory retirement savings instrument in which one contributes 12% of basic and DA every month. The employer makes a matching contribution.
The employee's contribution is eligible for income tax deduction up to Rs 1 lakh a year.
The NPS corporate model, on the other hand, is a voluntary retirement savings scheme in which you contribute at least Rs 6,000 every year. There is no cap on investment. Like in EPF, the employee contribution is eligible for income tax deduction up to Rs 1 lakh a year. However, NPS offers additional tax deduction on employer contribution up to 10% of basic and DA. This is over and above the Rs 1 lakh limit of Section 80C.
The EPF money is not invested in equities. NPS allows up to 50% equity exposure. EPF, however, offers the option of premature withdrawal without foreclosure. It allows premature withdrawal for specific purposes such as house construction, marriage, and illness.
In NPS, any premature withdrawal will lead to closure of the account. Only up to 20% of funds can be withdrawn before you turn 60; the rest has to be used to buy annuity.
GAINS FOR ALL
By subscribing to corporate NPS, both you and your employer stand to gain:
- The employee contribution up to 10% of basic plus DA is deductible under Section 80 CCD within the limit of Rs 1 lakh.
- The employer's contribution up to 10% basic plus DA is allowed as a deduction under Section 80CCE over the Rs 1 lakh limit.
- The employer can claim tax benefits by showing the amount contributed towards the pension of employees as 'business expense.'
- The tax benefit on the employer's contribution has been offered since December 2011.
- The contribution towards NPS will be over and above the mandatory contribution towards the Employee Provident Fund.
- Over 250 corporate houses have registered with the NPS for offering pension benefits to their employees.
From Germany
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Halo Mr. Balaji, I an enclosing TN List of Holidays for the year 2014. Please kindly receive this mail. Thanking you, yours v.prakash.
From India, Chengalpattu
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From India, Chengalpattu
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Dear Mr. Bala,
For such a small query, you could have referred to the Factories Act book and/or contacted the concerned office in your jurisdiction. It is a fundamental matter that one can always find information in previous files within the department or by contacting the Factories Inspectorate office. Our knowledgeable members are dedicated to promptly responding to you with the necessary information, but ultimately, it is your responsibility to seek information from your personal contacts. I have reiterated this request to young or recent participants on this site numerous times. It was acceptable when the site was new seven years ago to post very basic aspects of the subject for the benefit of the audience and to raise awareness of the site. However, this may not be the case anymore. Please do not use this forum to post questions that can easily be answered through reading statutory acts, legal books, and journals. Engaging in this practice helps improve our reading habits, and while searching for one query, we may unintentionally come across many related articles or laws, which can be beneficial in the future.
It would be more beneficial if the query is particularly unique or special, allowing members to share insights and experiences that can foster critical thinking and practical application.
In any case, the deadline for submitting the Holidays list to the concerned office is 31-12-13. Many of us tend to forget this date and end up submitting it a little late.
I would also like to express my gratitude to Mr. Shashi for providing extensive details on NPS, which I believe many members will find valuable for tax planning purposes.
Best of luck.
V. Rangarajan.
From India, Pune
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For such a small query, you could have referred to the Factories Act book and/or contacted the concerned office in your jurisdiction. It is a fundamental matter that one can always find information in previous files within the department or by contacting the Factories Inspectorate office. Our knowledgeable members are dedicated to promptly responding to you with the necessary information, but ultimately, it is your responsibility to seek information from your personal contacts. I have reiterated this request to young or recent participants on this site numerous times. It was acceptable when the site was new seven years ago to post very basic aspects of the subject for the benefit of the audience and to raise awareness of the site. However, this may not be the case anymore. Please do not use this forum to post questions that can easily be answered through reading statutory acts, legal books, and journals. Engaging in this practice helps improve our reading habits, and while searching for one query, we may unintentionally come across many related articles or laws, which can be beneficial in the future.
It would be more beneficial if the query is particularly unique or special, allowing members to share insights and experiences that can foster critical thinking and practical application.
In any case, the deadline for submitting the Holidays list to the concerned office is 31-12-13. Many of us tend to forget this date and end up submitting it a little late.
I would also like to express my gratitude to Mr. Shashi for providing extensive details on NPS, which I believe many members will find valuable for tax planning purposes.
Best of luck.
V. Rangarajan.
From India, Pune
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