Friday, August 28, 2015

Mandatory Deposit of Contribution through Internet Banking extended till December 31 for Small Employers

We would like to inform that mandatory deposit of EPF Contributions through internet Banking has been extended till  December 31, 2015 for small employers.

EPF department has earlier informed to all Employers that it is mandatory for all establishments contributing above Rupee one Lakh to make compulsory payment of EPF through online mode only with immediate effect. Further, establishments contributing less than one lakh in a month may deposit EPF contribution through offline mode till September,2015.

Now EPFO department has extended the mandatory EPF due date for small employer contributing less than one lakh in a month to 31.12.2015.

Note: From January 1, 2016 all establishments (without any minimum Limit) shall be required to deposit EPF contribution only through online banking. 

EPF department circular bearing No. Bkg.1(4)2010/Online Remittance/Vol. II/22138 dated 19th August , 2015  in this regard and ministry of labour order bearing No. Bkg.1(4)2010/Online Remittance/Vol. II/22137 dated 19th August , 2015 is attached  for your ready reference 

Saturday, August 22, 2015

Finance and Accounts Outsourcing Companies l Accounting Outsourcing Services l Finance and Accounting Management

Finance and accounting management are basically two different accounting concepts wherein financial accounting gives an overall performance of the business over a specific period of time with statements such as balance sheets and financial ratios. However, management accounting is more related with recording, plan and controls the day-to-day business activities.  Customers, investors and stakeholders are more interested in the information provided by financial management.

Finance and accounting management

Delving into finance and accounting management requires a lot of patience and time. Therefore, it is always better to outsource non core activities of the business such as finance and accounting management should be outsourced.

Presently, there are numerous finance and accounts outsourcing companies are there in the market, therefore one must ensure that they select accounting outsourcing services of an organization with great care. Mynd Solutions handling the accounting services very carefully with best management and we are having the experts to achieve our goals and accounts management. 

Mynd Solutions having a great business solutions with their global clients and provide a best customized  business solution in many different industries such as Telecom, Infrastructure, Retail, e-Commerce and BFSI etc.If you want to get best finance and accounts outsourcing companies with services then just go with Mynd Solutions.

Thursday, August 20, 2015

COMPLIANCE NEWS @ MYND: State update from Andhra Pradesh

                                          Compliance Update from Andhra Pradesh

We are forwarding herewith  a copy of notification along with a copy of order  bearing  G.O.MS.No. 18 dated  16 June , 2015, In exercise of the powers conferred under sub-section (4) of section-73 of the Andhra Pradesh Shops & Establishments Act, 1988 (Andhra Pradesh Act No.20 of 1988), the Government of Telangana hereby permit all the Shops & Establishments as defined in section 2 (21) of Andhra Pradesh Shops & Establishments Act, 1988 to keep open on all 365 days of the year in Telangana State for a period of one (1) year only, subject to the following conditions:-
(i)  The working hours of the employees shall be 8 hours per day and 48 hours in a week. Record of over time will be maintained in the Wages Register separately in respect of the employees who worked beyond normal working hours. 
(ii) Every employee will be allowed to avail a Weekly Holiday as per the list exhibited (form 24) at the main entrance of the shop on rotation basis. 
(iii) If the employees are found working on any Holiday or after normal duty hours without proper indent of Over Time, the exemption granted will be liable for cancellation.  
(iv) Working hours of the shop shall be between 9.00 A.M. to 11.00 P.M. 
(v) In case of Women employees who are required to work beyond 8:30 P.M., transport arrangements will be provided to the women employees. A notice to this effect in Telugu and English will be exhibited at the main entrance of the shop indicating the availability of transport.  
(vi) All employees will be provided with Appointment Letters and copy of the same will be furnished to the jurisdiction inspector and acknowledgement will be preserved in the shop for inspection at any time.  
 (vii) Visit Book will be maintained exhibiting a copy of the exemption for verification by the inspector for compliance with the conditions on exemption. 
(viii)The exemption will be valid for one (1) year only and subject to compliance with the conditions of exemption and also compliance with the welfare provisions applicable under various Labour Laws and renewal will be considered. 
(ix) The wages for the employees will be credited to their saving bank account. 
(x) EPF & ESI deductions shall be implemented in respect of the eligible employees. 
(xi) The Employer shall cooperate in implementing the “Duties of Inspection” under Rule 28 of the A.P. Shops & Establishments Rules, 1990 especially with regard to the implementation of the conditions and also the provisions of other Labour Laws for the workers employed in their shops. 
(xii) If any statutory violation is detected from the Employer of the Shop, the exemption will be cancelled before the sanction period. 

(xiii) The exemption will be remain in operation for a period of one (1) year from the date of publication of notification in the official Gazette unless it is revoked.

Tuesday, August 18, 2015

COMPLIANCE NEWS @ MYND: Amendments in Labour Law

Narendra Modi govt clears proposals to amend Labour Laws. what's the Bill?

Highlights of the proposed amendments

·       The Union Cabinet has approved 54 changes in the Factories Act 1948, the Apprenticeship Act 1961, Labour Laws (Exemption from furnishing returns and maintaining of registers by certain establishments 1988). The Government will now table the proposed amendments in the Parliament and given the majority it enjoys it won't be facing any problem to get them approved.
·         The amendment is expected to allow women for night duty with adequate safety and also ensure provision for transport after work.
·         The proposed amendments also aimed to increase the overtime hours from the current limit of 50 hours per quarter to 100 hours per quarter. With the approval of state government, the amendment also proposes this limit to be increased to a maximum of 125 hours per quarter.
·          Ensuring safer working conditions for employees working in hazardous environment as well as provision of canteen facilities.
·         Factories employing 200 or more workers would have to provide canteen facilities instead of the present provision of 250 workers.
·         It also provides for shelters or restrooms and lunchrooms in factories in which 75 or more workers are employed instead of the present stipulation of 150 workers.
·         The changes also aim to prohibit pregnant women and physically handicapped people from being assigned to machinery-in-motion. Reducing the eligibility for entitlement of annual leave-with-wages to 90 days from the existing 240 days.

The Apprenticeship Act, 1961:

·         Getting rid of the clause that allows arrest of employers for not implementing the Act.
·         Addition of 500 new trades to the list of 238 in the Act.
·         Companies might also be permitted to begin new trades without waiting for the Centre to notify those.

The Factories Act of 1948:

·         Double overtime of workers to 100 hours per quarter from 50 hours per quarter.
·         Ensuring safer working conditions for employees working in hazardous environment
·         Provision of canteen facilities in factories having 75 or more workers.
·         Allow women for night duty with adequate safety and provision for transport after work.
·         Prohibit pregnant women and physically handicapped people from being assigned to machinery-in-motion.

        The Labour Laws Act 1988:

·         Exemption to small firms with up to 40 workers, against 10 currently from filing compliance reports.
·         The Government is also considering amendments to the Child Labour (Regulation and Abolition) Act, 1986, and the Minimum Wages Act, 1948.

What was dropped?

·         The clause allowing employers' imprisoned for not implementing the Apprenticeship Act is to be dropped; Rs 500 fine per shortfall of apprenticeship month to be imposed.

What was added?

·         E-Records to be maintained in electronic media.
·         Contractual workers, daily wagers, agency workers and casual workers also to come under Apprenticeship Act.
·         Companies could add new trades under the Apprenticeship Act without the Centre's approval. 

         Impact of the changes:

·         The changes in Factories Act of 1948 will ensure ease in doing business for companies, enhanced benefits for workers as it will double overtime of workers to 100 hours per quarter and improve workers' safety.
·         More companies will hire apprentices this will boost formal skilling of workers.
·         Small firms will hire more workers and lower regulatory compliance burden.

Why was a need for change in these Acts/Laws?
·         The prime reason for amendments in these laws is that they have become outdated and redundant. Amendments in these laws will be giant step towards achieving both political as well as economical innovation  in labour reforms. India needs flexible labour laws to ensure freedom from unemployment where as many as 12 million are added to the workforce annually. Labour market reforms will undoubtedly bring down the divide between the formal and informal employment.

·         Changes in labour laws will pave the way for each state to have their own socio-economic background and take decisions to create more jobs within their boundaries.

Wednesday, August 5, 2015

Mynd Solutions, the Quick Fix for your Finance and Accounting Outsourcing Services

The new age advancement and the stiff competition among Business associates are so high that looking deep into each and every parameter of business has become enormously challenging. This situation has forced many top-notch companies to get their finance and accounting services outsourced. This has not only reduced the functions of the company, but also gives it more time and space to be more focused on other important aspects of the company for its advancement. Finance and accounts outsourcing is the new age solution for all your business problems.

Mynd Solutions is a well established finance and accounts outsourcing service provider in the country with an experience of over 10 years. It uses easy, user friendly portals to handle all your financial and accounting needs. With an experience of handling National and International organizations, Mynd Solutions has a team of experts in the area of finance and accounting management working hard and smart for all its clients.

Mynd Solutions integrate domain expertise, global delivery network and technology solutions to assist clients in identifying, transitioning, transforming, executing and continually adding value to finance and accounts outsourcing services. It provides low cost and efficient finance and accounting management solutions without sacrificing on the quality. Mynd Solutions finance and accounting services outsourcing is highly trusted by its client’s with100% repeat customers.

Mynd Solutions deal with global clients and provide customized solutions for many industries, namely Telecom, Retail and e-Commerce, BFSI, Infrastructure, and Healthcare etc. Mynd Solution is 100% transparent with its clients, giving them the best possible finance and accounting services outsourcing solution out there and complimenting the client’s on-site and off-site solution in the minimum possible time.

If you are looking for finance and accounting services outsourcing, look no further, Mynd Solutions is the best solution for all your finance and accounting management services. It analyses the core problem and provides an expert based timely solution. Chief Financial Officers (CFO) of leading organizations are leveraging finance and accounting outsourcing as a strategy to change their operating models.

With the ongoing race in the market the key focus is given to the company’s development and finance and accounting services are given secondary priority, which, if outsourced will not only be well managed but also be given primary focus. Mynd Solutions not only handles Finance and accounts outsourcing services, but also plays an integral role in the development of your company.