Best Practices Fixed Assets Management Services Team Must Ensure

In order to provide the top fixed assets management services, we should chase specific best practices as slice of our tub of services. Out of those best practices, we have catalogued down 5 of them.

• Well planned and organized documentation of assets for fixed assets management services. It will comprise policies and procedures in writing for the acquisition as well as disposal of assets. Documentation should be supported by authorized vouchers.
• Categorization of assets is done once the documentation is finish. Every single asset should be properly marked as well as tagged with exceptional identification for individual vertical or division.

• Complete and proper physical verification of assets is needed at the time of fixed asset management to make sure all assets are physically mapped as well as marked against their relevant heads in the books of accounts.
• Reporting of fixed assets will be complete only after the physical counting of the fixed assets in the area is complete and they are then double checked with their relevant entries in the books of accounts.

• The panel conduction the Physical counting as well as mapping of fixed assets in the books of accounts must be separate from the panel who are the custodians of those fixed assets.

Megasoft Solutions is the leading and top fixed assets management services provider not only in India but all across the world. With more than thousands of thousands happy as well as satisfied clients from diverse industries and verticals, Megasoft has a strong foothold in a spectrum of business processes in Human Resources, Finance & Accounting, Information Technology, Consulting & Audits, etc. 
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Social Media & HRIS Recruiting: A Perfect Marriage

HRIS can facilitate to simplify recruiting by making it simpler for employees to fill out applications from the ease of home – or whenever they might roam with their mobile number if your HRIS comprises mobile accessibility. Though, if you easily endeavour to attract candidates by using old school techniques you might be missing the blotch even with dynamic HRIS recruitment functions in play. Acquiring the time to hook up your HRIS to famous social media sites might help you to get the best out of your recruitment procedures.

Select the Right HRIS for the Job

First and initial, you will have to search an HRIS that proffers advanced recruiting as well as applicant tracing options. If employees can’t stuff an application online, you are going to have more complex time attracting top talent and getting them through the door. 

The best HRIS solutions must make it exceptionally simple to post jobs ads via social media and exceptionally funnel interested employees into the appropriate position to apply when they clack.

Create a Real Social Media Presence

When companies create social media page or profiles merely to try to make an online presence, it is glaringly obvious. Even if your sole aim of making company social media accounts is to use them for recruiting, keeping the pages periodically and doing amazing to make the pages exclusive and fun fosters a better company image and is more likely to appeal smart as well as savvy candidates. It is great to switch up the posts, as well, as a salvo of job postings can seek desperate.

Include Your Employees in Recruitment Efforts

Employees have always been a best source for job candidates and that is not likely to modify. When social media is incorporated, although, it opens up complete new realms of possibility for recruiting through employees and comprising of employees in the search. Employees can share job vacancies with their friends, message employers to check out specific applications, and help in a myriad of other ways.

Use Social Media as another Screening Tool

Social media gives a concise snap of people, so it could be very helpful when used as a viewing tool. While most social podiums have the alternative to make profiles private, not everyone uses these selections. If you can search out more about a candidate to support you decide if that person will be a perfect fit, it will only facilitate enhance your recruitment procedures and save you time weeding out people which it otherwise might have taken you three interviews to filter out.

Select the Social Media Platforms That Work for You

Since it takes a lot time as well as effort to begin and sustain social media pages, it doesn’t make sense to get on all available podiums and begin a page. Probability is good that merely two or three social media sites really suit with your company culture and work with your recruiting plan. Instead of going crazy researching, just ask your present employees what places they are on to perpetuate the culture that you already have functioning for you.

If you may seek any further information, please log on to www.megasoftsol.com or Call 011-46067710

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New ITR Form - For Individuals – To Declare Their Assets & Liabilities

(Individuals & HUF earning more than Rs.50 lacs in a year)

1. In a set of ITR Forms launched on 31/3/2016 evening, the CBDT has added a new schedule – Schedule AL to all ITR Forms (including ITR-1).  Under this new section, individuals have to declare all their assets and liabilities as on end of F.Y. 2015-16.

2. The assets have been classified under two categories:-

a) Movable: Cash in hand, Savings Bank A/c balance, vehicles (including Yachts, Boats and Aircrafts), jewellery, bullion and other valuable metals.

b)  Immovable:  Land or Building (including House Property)

3. Liabilities will include any outstanding loans.

Difficulties At The Moment

1. Further instructions are awaited by the tax payers to value their assets themselves especially jewellery and vehicles.

2. Professionals earning upto Rs.50 lacs in a year are covered under presumptive tax as per the amendments announced in the budget this year and have to pay taxes at a pre-determined rate of 50% of gross receipts.

3. Earlier, this process of filing tax return apart from profit declaration, no other details were required.  The new forms will change this, in case of multiple businesses.

Conclusion

Filing of tax return will be more difficult and requiring more details in view of the new compliance specified by CBDT and would entail;

i) Declaration of foreign assets, all the bank A/c maintained in F.Y. , ESOPS and other details.

ii) Declaration of net worth i.e. assets and liabilities by individuals and HUF.

iii) Other requirements remain as it is.

If you may seek any further information, please log on to www.megasoftsol.com or Call 011-46067710

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Inoperative EPF Accounts To Earn Interest From 1 April

Retirement fund body EPFO on Tuesday decided to provide interest on inoperative accounts from April 1, a move which will benefit over nine crore such account-holders having total deposits of over Rs 32,000 crore.

The decision was taken by the Employees' Provident Fund Organisation's (EPFO) apex decision making body Central Board of Trustees' headed by labour minister Bandaru Dattatreya.

"UPA government stopped interest on inoperative accounts. Now we have taken a pro-worker decision. The UPA government which was claiming to be a pro-worker, stopped the interest on inoperative accounts.

"Now, we have decided to credit interest in inoperative accounts. There will not be any inoperative accounts," Dattatreya told reporters after the CBT meeting here.

He also informed that interest on deposits in inoperative accounts will be credited from April 1.

Inoperative accounts are those wherein the contribution has not been received for 36 months.

EPFO had stopped payment of interest to such accounts from April 1, 2011. The move was aimed at discouraging parking of funds with EPFO in these dormant accounts.

The decision will benefit over nine crore such account holders having total deposit of around Rs 32,000 crore.

When asked about a proposal on enhancing proportion of incremental investments of the EPFO in government securities (G-Sec) from 50 per cent to 65 per cent, labour secretary Shankar Aggarwal said, "It has already been decided by the ministry of finance."

The secretary said that the limit of 50 per cent was enhanced as they were getting good offers but unable to invest in such instruments as the limit had been exhuasted.

"If we get higher returns in G-Secs then we should be allowed to invest more in these instruments," he said further.

The Board also gave in-principle approval to restructuring of the EPFO as recommended by a sub-committee.

"We have taken decision regarding (cadre) restructuring of the EPFO. There will be a Career Advancement Scheme for over 20,000 employees of EPFO. They are waiting their due promotions for 19 years," Dattatreya said.

Dattatreya said that an implementation and anomalies committee has been formed which will look into grievances of employees. "The implementation of the scheme will be started within one month and will go very fast. A small committee under the Central Provident Fund Commissioner will address all anomalies in a month's time," he said.

About the CBT's decision to provide 8.8 per cent rate of interest on PF deposits for current fiscal, the labour secretary said, "The decision taken last month at CBT's meeting at Chennai has been sent to finance ministry and their approval is awaited."

On the proposal to provide insurance cover to EPFO's subscribers for three years after cessation of employment, he said, "The proposal is deferred."

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