Mahindra 700 Out of box Vehicle Made in India- advance feature, very lucrative  look

 

Advance Driver Assist System (ADAS)- System gives enormous benefits to driver. ADAS uses camera and radar to provide alert and control to improve the overall safety and increase driver comfort.

 

Adaptive Cruise Control - ACC

Collision mitigation System (AEB/FCW)

High Beam Assist (HBA) 

Traffic Sign Recognition (TSR)

Lane Keep Assist System (LKA/LDW)

Smart Pilot Assist (SPA)  

 

 

Educational services: Tax on coaching centres in India

 Educational services: 

Tax on coaching Centres in India

Ref : Economy Times, PIB

 The incomes of coaching centres are also covered under this act and are taxable under the head “Income from Business and Profession


Profit from tuition

Compulsory Maintenance of Books of Accounts
Books of accounts have to be compulsorily maintained, where income exceeds Rs 2,50,000 or total sales, turnover, or gross receipts exceed Rs 25,00,000 in the previous three years. Books of Accounts are to be maintained for 6 years from the end of the relevant financial year.

Books of Accounts include:

Cash Book
Journal
Ledger
Copies of Bills/Receipts
Daily Cash Register
Trading Account
Profit & Loss Account
Balance Sheet 

How to calculate tax for coaching institutes

If a person wants to adopt presumptive income under section 44 ADA, then his income will be taxable on presumptive basis @50% of total gross receipts.

However, if the person claims to have higher income than above 50%, then he has to maintain proper Books of Accounts, and tax has to be paid on Net Income i.e. Gross Receipts less all expenses relating to Business. 

GST on Coaching Institutes
Since coaching centers are neither offering an acknowledged degree/diploma, nor complying with the particular academic curriculum therefore they are taxable @ 18% under GST Act. Only the supply of books is exempt. If the coaching institute is providing services like transportation, food, housekeeping services or stationery or any such other facilities, then all such facilities are taxable under GST.

Since coaching centres do not provide any recognised qualification or adhere to a certain curriculum, they will no longer be exempted from GST and will be required to pay 9 % state GST in addition to 9 % central GST.

In entry number 66 of the notification, it is mentioned that there will be an exemption to specific institutions, if those are offered by an educational institution, subject to specific conditions. The conditions are stated as follows:

The service offered is associated with education.
Education is offered as part of the academic curriculum.
Education is provided for acquiring a qualification identified by any law that is in effect for the time being. 

The Central Board of Excise and Customs (CBEC) also affirmed that private coaching institutions will no longer be regarded as educational institutions. So, private coaching establishments can’t get any tax exemption. Additionally, the coaching imparted at those private establishments isn’t regarded as a recognized qualification.

 

Conclusion
Coaching centres have to file GST returns in GSTR-1 and GSTR-3B either monthly or quarterly according to their total invoice amount. If they have opted for the Composition Scheme, then they have to pay tax in CMP-08 and file GSTR-4 once in a year.

How to calculate tax for coaching institutes

• If a person wants to adopt presumptive income under section 44 ADA, then his income will be taxable on presumptive basis @50% of total gross receipts.

Read more at:
https://economictimes.indiatimes.com/news/how-to/educational-services-tax-on-coaching-centres-in-india/articleshow/86886821.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst

the incomes of coaching centres are also covered under this act and are taxable under the head “Income from Business and Profession”.

Read more at:
https://economictimes.indiatimes.com/news/how-to/educational-services-tax-on-coaching-centres-in-india/articleshow/86886821.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst

the incomes of coaching centres are also covered under this act and are taxable under the head “Income from Business and Profession”.

Read more at:
https://economictimes.indiatimes.com/news/how-to/educational-services-tax-on-coaching-centres-in-india/articleshow/86886821.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst

the incomes of coaching centres are also covered under this act and are taxable under the head “Income from Business and Profession”.

Read more at:
https://economictimes.indiatimes.com/news/how-to/educational-services-tax-on-coaching-centres-in-india/articleshow/86886821.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst

Books of Accounts include:

• Cash Book
• Journal
• Ledger
• Copies of Bills/Receipts
• Daily Cash Register
• Trading Account
• Profit & Loss Account
• Balance Sheet

Read more at:
https://economictimes.indiatimes.com/news/how-to/educational-services-tax-on-coaching-centres-in-india/articleshow/86886821.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst

BUDGET 2023- DIRECT TAXES

BUDGET HEADLINES

• Rebate limit of Personal Income Tax to be increased to Rs. 7 lakh from the current Rs. 5 lakh in the new tax regime. Thus, persons in the new tax regime, with income up to Rs. 7 lakh to not pay any tax.
• Tax structure in new personal income tax regime, introduced in 2020 with six income slabs, to change by reducing the number of slabs to five and increasing the tax exemption limit to Rs. 3 lakh. Change to provide major relief to all tax payers in the new regime.

New tax rates

Total Income (Rs)	Rate (per cent)
Up to 3,00,000	Nil
From 3,00,001 to 6,00,000	5
From 6,00,001 to 9,00,000	10
From 9,00,001 to 12,00,000	15
From 12,00,001 to 15,00,000	20
Above 15,00,000	30

Best Place to work - Best practices opted by organization to become best place to work

 Best Places to Work in India 

An Employer of Choice -How and why the organization is great for all people.

BEST PRACTICES

 

Birthday leave- To provide employees with paid time off to celebrate their birthday with their dear ones. Employees are entitled to 1 day of paid birthday leave a year for them to celebrate their birthday & anniversary. This leave can be taken on any day within the birthday month. 

 

Birthday Cake: Birthday cake for an employee. 

 

Marriage Anniversary leave off: Employees are entitled to 1 day of paid marriage anniversary leave a year for them to celebrate their marriage anniversary. This leave can be taken on any day within the marriage anniversary month. 

Celebrate Your Work Anniversary:Pick a prize or experience to recognize your work anniversaries for your first and fifth years - and every five years of service after that.

 

A Great Employee Experience. Best Place to work

Personal Development

 

 

Health & Wellness

 

Caring and understanding does not mean offering a meditation app.

 

Trusted second opinion: Get independent second opinions for a medical diagnosis or treatment options from world-class physicians for you and your family. 

 

Comprehensive benefits: Healthcare coverage, insurance, leaves of absence 

 

Support for parents: Becoming a parent is an incredible time in your life! We're here to help parents feel confident with the processes for maternity, paternity and adoption. 

Paid time to volunteer: Giving back is in our DNA! Employees get five paid days each year to volunteer for causes that matter most to you. 

 

Additional Benefits

 

Even after an employee leaves. Best workplaces extended health insurance, offered training and development

 

Policy like working from home.

Mobile Handset Allowance: INR 1500/-

Ensure continuity of communication even when the employee is not there in the office.

All employees are entitled for company mobile sim connection

All employees shall purchase their own handsets and be eligible to claim monthly reimbursement towards the cost of handset. The entitlement of employees for monthly reimbursement towards the cost of handset

Employee can replace the handset after 2 years from the date of purchase. After two years, the original handset becomes the property of employee.

Mobile Phone SIM No.All Employees must avail Company SIM.The company shall pay the monthly bills up to reasonable amount directly.

  

Great Idea  

Back to Basics: It’s very easy to sit in cabin/conference rooms and take decisions on behalf of 90% of people who work on the floor, every single process or strategy change at the organization level or
department level impact employee working at the floor and if such decisions are been made without understanding the pain of people whom this going to impact will become a failure. 

Women In Technology (WIT) Committee: Women in Technology is one of their groups that represents the interests of women working. What’s required is a passion to support and promote women, and enthusiasm to suggest ideas and experiment with new ways to get more women involved in the mission.

 

Valuable way to measure and create great workplaces

Better for Business

Better For People

Better For The World

Building of high-quality relationships in the workplace

Relationships characterized by trust, pride, and camaraderie.

Reduce employee turnover. 

 

Bring Positivity and Motivation in Employee

 

Mental health assistance, elder care support, childcare and isolation support resources.

Management sincerely cares about them as a person

Create workplaces that attract and enrich employees, not make them flee

Focused on ensuring every employee feels included.

Listen deeply 

 

 

 

A Great Employee Experience-Work Life Balance  

 

 

Offering high salaries, large sign-on bonuses and eye-catching benefits.

Matters—trust, respect, purpose and community.

Best Companies to Work For, where the employee experience is astoundingly

Create aspirational workplaces. They fostered a culture of

Inclusion, Purpose, Genuine listening, Caring and empathy. 

Understand the current realities of their workforce

Holistic view of workers to support their full lives, which includes their families, communities and personal lives outside of work.

 

 Happy Base of Employee

 

Encourages work-life balance.
Inclusion in HR KPI- purposefully connect company mission with employees’ jobs. 75% of employees at
workplaces find meaning in their jobs.
Inclusion in Company KPI – 90% Cut employee turnover.
Inclusion in Employee KPI - 100 Hours mandatory meaningful trainings in a years.

Measure what matters

Measure markers of innovation, growth readiness and manager effectiveness.
Build a culture where every voice is heard
Create loyal and happy employees
Boost Employee Pride.
People Companies That Care. 

 

 

Foster inclusivity: At average workplaces, 25% of employees feel lonely and 30% don’t feel like they belong. 

 
Listen deeply: This isn’t accomplished by handing out an employee survey and responding by adding a perk or two. 

 
Show genuine care and empathy- increased focus on workers’ whole 

well-being—their personal life, family life and life in their community

 
Caring and understanding does not mean offering a meditation app. 

 
Policy like working from home. 

 

Create meaningful flexibility Create Culture of high levels of trust, 

respect, credibility, fairness, pride, and camaraderie. 

 

Some great initiatives- Reward and recognition

Reward and Recognition Program

 

Silver Award:

Individual Silver Award- 10000/-

Team Silver Award- 25000/-

Gold Award:

Individual Gold Award– 25000/-

Team Gold Award- 75000/-

Platinum Award

Individual Platinum Award- 50000/-

Team Platinum Award- 100000/-

These are result impact rewards closely aligned to organization Values

The frequency of reward will be half yearly.

Supervisor can nominate their employees based on the reward criteria. An Award committee consisting of senior members from across business/function will review the nominations and decide the winners. For team rewards, the reward money will get distributed among team members.

Kudos- on-spot reward: 5000/-

These awards are to appreciate and on-spot reward an employee for his/her superior performance exceeding expectations. These awards can be given to recognize hard work or impacting initiatives.

These awards can be given by supervisors/ Manager

 Front-line staff Award

Identifies & awards 25 front-line staff (guards/janitors/cash crew members) every quarter who had demonstrated the qualities of Integrity, Commitment, Courage, Alertness & Honesty. The nominations for these 25 employees are received from each business head, customer, Dept. head, etc. These 25 employees are rewarded with certificates during the Open House Conference & also awarded Rs. 25,000/- as cash rewards for their exemplary dedication to their work.
 

High levels of achievement and creatively reward

Long Term Service Award

 The purpose is to acknowledge the relationship and loyalty of employees towards the organization. This will be a
motivational factor for an employee.

 All regular employees who have completed 5, 10, 15, 20, 25,30 yrs. are eligible for long term service awards. 

 Year of completion                         Award (INR)
Above 5 years                                 25,000/-
Above 10 years                               50,000/-
Above 15 years                             1,00,000/-
Above 20 years                             2,00,000/-
Above 25 years                             4,00,000/- 

Above 30 years                             8,00,000/-

 

Employee ambassadors

Employee Books Library & Reading Room

Considered the ‘Gold Standard’ in identifying and recognizing Great Workplace Cultures 

Monthly Open House -Khulke Bolo: Under this initiative, employees are encouraged to speak up openly, share feedback and concerns 

Central educational hub". It is a strategic instrument for the organization to train employees.Focus on self-development & self-learning.

Employees by excelling on the 5 dimensions of a High-Trust, High-Performance Culture™ – Credibility, Respect, Fairness, Pride and Camaraderie. 

Coffee with the Leaders - Coffee with the Leaders” is an initiate, with the objective of creating a forum for interaction between the leaders and new members

Improvement Area

 

Tolerating bad bosses,
Inequities,
Burnout,
Lack of purpose and meaning at work.
Listening and empathy without action weakens trust.
Words without action weaken trust. Benefits without behavior fall short.
Listen deeply: This isn’t accomplished by handing out an employee survey and responding by adding a
perk or two.