The Compliance Calendar: A Guide to Crucial Dates for HR Managers

December 4, 2019

The new year is fast approaching, and with it come afresh set of tasks and challenges. Below are some important dates to be taken note. These dates are as per Labour Compliance in India and are consistent across all companies.

TDS is tax deducted at the source; This means that employees whoa repaid a certain amount of money will have a small percentage of deducted as per managers can quickly finish this task by using the ITNS 281 challan.

The ITNS 281 challan is a tax payment challan that is used for the payment of taxes online regarding the TDS. The challan is then filled away, and this is used in the filing of quarterly returns. 

In many cases, statutory compliance services, third party concerns help managers fulfill Labour Compliance in India.

The 7th of every month is the due date for which employers must deposit the TDS of the salaries with the government for the previous month. The only time the deduction date for the filing of TDS changes is in March, for which is the due date is the 30th of April. 

  • The Employee Provident Fund (EPF or Provident Fund) act of 1952 is a savings device for the workforce, overseen by an organization called the Employee Provident Fund Organization (EPFO). Under the scheme, an employer, as well as an employee, contribute a designated amount from the salary of the employee. The employee can then claim a lump sum after the termination of employment after 2 months. 
  • EPFO has made things easier for the fulfillment of Labour Compliance in India with the introduction of the ECR- electronic challan cum return where employers can register and handle all EPF related tasks. All it takes is the uploading of a single text document. 

The due date for EPF is the 15th of every month.  

  • The Employees’ State Insurance Act (ESIC), 1948, is integral in protecting the needs of the workers and employees. The Fund managed by the Employees State Insurance Corporation (ESIC) is a social insurance scheme that looks after the wellbeing of workers and immediate families.

Like the EPF, the ESIC portal allows employers to register in their online portal, process ESIC related tasks as well as pay the ESIC via ECR as well as the uploading of an excel file with relevant details. The due date for completion of this process is the 15th of every month.

  • The 31st of May, July, and October are especially important for managers to take note of. They are the dates for the filing of the quarterly income tax returns for the 4th quarter, 1st quarter, and 2nd quarter respectively. Forms 24Q and 27A must be filed in paper forms as well as a soft copy of a File Validation utility (a software) at Tax Information Network Centres.
  • October also sees the Employment Exchange act or Compulsory Notification of Vacancies (CNV), 1959, as well as the Contract Labour Act, 1970 come into effect at this time. Employers must submit quarterly returns that ended on the 31st of September to the local employment exchange for the CNV and apply to relevant state bodies for the renewal of licenses and pay their license fees. 

The due date for the CNV is the 15th of October, and for the Contract Labour Act, it is the 31st of October.

Finally, in December, the Payment of Bonus Act, 1965, is an important act that takes effect on the 30th of December. The concerned inspector under the act must be notified. The necessary documents include annual returns within 30 days. These must be after 8 months have expired since the accounting year has closed. 

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