Compliance News @ Mynd: Amendment in Section-192 A of the IT Act

Please find below the summary of the circular detailing the amendments issued by office of the Central Provident Fund Commissioner on applicability of changes in Finance Act 2015 ( insertion of section 192A regarding the taxation on withdrawal of PF Accumulations). Provisions of the said circular shall take effect from 1^st June 2015. The gist of the circular is being given here under-:

1.   Hither to fore no income tax was deducted on the PF accumulations refunded by the PF authorities on the members leaving employment of their employers.

2.   

      Consequent upon amendments carried out through the Finance Act 2015, effective from 1^st June 2015, Income tax will be deducted by the PF Authorities at the time of payment of PF accumulations to the members in the following cases-;

    Where the payment of accumulated PF balance is more than or equal to Rs. 30,000/-, with service less than five years TDS will be deducted  @ 10% provided PAN is submitted but where the members fails to submit the PAN the TDS will be deducted @ maximum marginal rate i.e. 34.608%.

3.    TDS shall not be deducted in the following cases-:

·    Transfer of PF from one account to another PF account.

·    Termination of service due to ill health of member, discontinuation/contraction of business by employer, completion of project or other cause beyond the control of the member.

·   If employee withdraws PF after a period of 5 years of continuous service , including service with former employer.

·     If PF payment is less than Rs 30,000/- but the member has rendered service of less than 5 years.

·    If employee withdraws amount more than or equal to Rs. 30, 000/-, with service less than 5 years but submits Form 15G/15H along with their PAN.

·     Form 15G and 15H may not be accepted if amount of withdrawal individual and senior citizen (60 years and above) is Rs. 2, 50,000/- and Rs. 3,00,000/- respectively. For format for Form 15G/15 H please refer attached document.

 Form 15H is for senior citizens ( 60 and above) while Form 15 G is for individuals having no taxable income.

Note: The provisions of the circular will not apply to PF Trust of relaxed/exempted establishments to whom provisions as contended Rule 8 ,fourth schedule, Part A- Recognised Provident Funds shall continue to apply.(Extracts already enclosed with the attached circular ).

Offering our services on a Shared Service Centre model...Mynd SSC

Mynd believes in creating Real Business Impact by integrating it’s Analytics & Technology Competencies with Comprehensive Business Management Solutions

Continuous improvement is an essential element in any effective business strategy. Whether these improvements are large or small in scale, achieved on the factory floor or in the back office, the goal is the same—to better leverage the resources of the organization to create optimal value for customers and other key stakeholders. Enabled by rapid advances in technology, the drive to achieve world-class performance standards is resulting in innovative structures, strategies, and solutions to complex business problems. Shared services centres (SSCs) are being created in organization after organization as the optimal solution to the need to both reduce the cost and improve the performance of Mynd Solution' s Shared Service Centre(SSC) can standardize and automate process work activities, while at the same time delivering greater value through process innovation, reducing risk and revealing new sources of revenue for stakeholders.

As a Shared service centre, we can handle specific operational tasks that include various services in the Finance and Accounting and Human Resources. We work as multi-functional unit that is dedicated to a centralized point of service. It involves multiple business units to consolidate one or more than one operation into a shared one.

Our Shared Service Centre also customizes our processes with a focus to improve efficiency taking cost-effective measures. Its accuracy is focused with the help of technology on the platform of Business Process Management (BPM). We aspire to deliver our services with unique industry demands with a set of expert team working under us. Our platform stands as SaaS (Software as a Service) which complements the service delivered to suit diverse needs of customers globally also.

Benefits of Shared Services Model:

• Agreed upon service levels
• Standardization of Processes-Best Practices
• Common Technology Platform
• Economies of Scale
• Flexibility
• Scalability

HR Transaction Services by Mynd

Manage your HR Services with "Mynd"

Employee Lifecycle Management

Mynd has been implementing HR shared services that standardize and centralize the employee life cycle processes like Onboarding, Employee Transfer, Confirmation, Separation Management and HR Helpdesk. Mynd also manages end to end travel and expense claim processing thus ensuring that we are there to support each HR related transaction requirements.

Onboarding Management

The first days and weeks on the job for new employees are critical to their ability to fit in and become as productive as possible, as soon as possible. Onboarding Management ensures that Mynd takes care of all pre and post joining activities of new employees. and deliver the best first few days experience to the new employees joining your organisation. The services include document management, Induction management, employee profile creation on client system or Mynd systems, and coordination for all administration activities such as asset allocation etc.

Employee Database Management

As part of Human Resource outsourcing offering, Mynd also provides the centralized employee database management. A team of professionals trained on different HR systems help in keeping all your employee records up to date. All our Human Resource Outsourcing offerings are supported by weekly and monthly HR Dashboard and analytics which provide meaningful insights to the clients for taking informed decisions.

Employee Movements

Mynd can also manage Employee Transfers and Promotions within any client organisation. This shall include monitoring such transfers, updating the relevant data in the system and keeping a track of the compensation details. Mynd shall also provide an online platform for tracking these movements where required

Separation management

Separation or exit management in itself is a combination of complex sub processes, like No dues clearance, full and final settlement etc. Our team helps you manage all these processes in a timely and hassle-free manner, removing the pain of handling multiple transactions.

HR Helpdesk

Mynd offers a robust HR Helpdesk to manage your employee query providing multiple ways to interact with the employees – web, email and phone, our team of HR process experts provide the best possible solution to all employee queries. A toll free number can also be provided for the client HR helpdesk

http://www.myndsolution.com/

Business Process Management Services by Mynd Solutions

BPM Solutions by Mynd

Business and technology are in constant evolution, as are we. Global markets have created new opportunities for change and growth. Change requires agility, speed and innovation. You need to sense change and opportunity before your competition does, make smart decisions and take rapid action. You need software applications that are powerful and flexible enough to help you constantly re-invent, while preserving the unique competitive advantages of your organization.

Mynd Solutions is a new way – better and faster – to deliver innovative business applications that improve decision-making, mobilize key data and processes, and unite business and IT in driving bottom-line performance. We help overcome functional silos and roadblocks, enabling business managers to improve services offered to stakeholder, customers, and process owners.

We are a leading Business Process Management (BPM) service provider looking after the value-added services of our clients with a proper strategic plan. Our expertise in this domain is towards making an organization more effective to adapt as per changes of the corporate world. The corporate world.We have developed multiple industry frameworks that empower clients to achieve improved business value from integration investments and help them realize the benefits of greater scalability, increased flexibility, and reduced total cost of ownership.

We have collaborated extensively with product vendors to develop solutions in banking, insurance, e-commerce and other industry verticals.

We enrich the experience of all our customers with our valuable services with an aim to increase the visibility of business. As a result, it provides an enterprise, an edge over the competitive environment of corporate sector. Our aim is to impart impactful changes with different tools of process management.

Platform solutions to solve real problems faced by businesses, solution provider and productivity enabler. The Platforms are uniquely blended with customized services suitable for Global Business Environments.

Company Incorporation Services by Mynd Solutions...

Entity Incorporation Services by Mynd...

The entire business world is approaching the Indian subcontinent as a profitable opportunity. Favourable economic policies and time difference, superior trained manpower and easy availability of skilled workers are some of the beneficial factors that are driving many large MNC’s to move base to India and/or establish local entities. 

This is when Mynd’s focussed expertise and thorough knowledge of Indian Company Laws comes into the picture for thebenefit of clients. Mynd offers specialized assistance and enables the client to establish its new Indian entity with the fastest turnaround and most competitive cost.  Mynd is also adept at facilitating companies looking to establish new entities in other parts of the world including APAC and EMEA.

Mynd Solutions provides services to organizations for Initial business setup, registrations & other related services. Services are delivered as per the below scope in the Indian context (Country-wise scopes are tailor-made for International Company Incorporation services rendered by Mynd and shared appropriately with the client)

a.)    Company Incorporation

·         Structuring of Companies

·         Drafting of MOA / AOA

·         Submission of MOA / AOA and satisfying queries of ROC, if any.

·         Applying for Directors Identification No. DIN ) and Digital signatures( DSC)

·         Opening of bank account

b.)   Registrations

·         Service TaxRegistration

·         VAT registration

·         Excise Registration

·         Import export Code

·          PF, ESIC, Shops and Establishments & P Tax

c.)    Other Relevant Services

·         Compliance to RBI requirements for foreign investment compliance

·         Recruitment services

·         StaffingSolutions-employees can be on Mynd’s rolls before the client’s company isincorporated

·         Management of pre-operative expenses