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Compliance under Provident Fund

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  EPF is generally a scheme that is introduced to provide wider benefits for the employees on the completion of their employment. Every company that employs 20 or more employees falls under the EPF scheme. Here is the compliance checklist under EPF Act Eligibility Any person employed for work at an establishment or by a contractor in or in connection with an establishment and drawing a salary of Rs 15,000 per month is eligible under the EPF Act. The salary is calculated as basic salary and dearness allowance. Rate of contribution Employer – 12% Employee – 12% 1.6% to the central government Pension Fund All employees who fall under the Provident Fund become a member of the Pension Scheme. If a person earns Rs 15000 per month, 8.33% of the basic salary is contributed towards the pension scheme from the employers share of contribution. A minimum contribution of ten years is required to receive monthly pension. Compliance Checklist Employers PF dues – 15th of the following month Employ...
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Contributions from Private Limited Companies

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  Contribution  from Private Limited Companies   Although some large firms are private companies, most private limited companies (Ltd) are small to medium-sized organizations. A private limited company is one that is owned by shareholders who have been approved by the other owners; it is often a family business. A private limited company’s profits are occasionally distributed to its shareholders as dividends, but they are also sometimes reinvested back into the company. The primary goals of a private limited business are to increase revenue and profit so that shareholders can get a good return on their investment. Many private limited companies will seek to expand their business by opening new locations, producing a greater range of products, or hiring more people. When a company grows large enough, it may decide to “go public” and become a public limited company. Why are they referred to as limited liability companies? Limited firms get their name from the fact that thei...
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TECHNOLOGY BASED ACCOUNTING SERVICES AT AAVANA IN BANGALORE

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  Presently the entire nation is in the era of technology and Bangalore is referred to as the hub of technology. Aavana offers cloud-based accounting services to all types of businesses which can be accessed anywhere in the world. We use the latest software like QuickBooks, FreshBooks, NetSuite ERP, ZohoBooks and others too. This technology makes the entire  Accounting Process  quicker, reliable and effective. Aavana, being one of the best service providers, has come up with a user-friendly  ERP  software called  AODRY  that can be used by any business entity. Its customizable features will surely leave your most difficult and stressful task of accounting and billing easier than ever before. This reliable software will help you keep track of your financial reports. Its customisable features will surely leave the most difficult task of accounting and billing easier than you’ve ever imagined. If you’re running the business and want to concentrate on how ...
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