5 points to ponder before you give your property on rent

Real Estate Compliance - LexComply

5 points to ponder if you’re giving your property on rent.

1. CREDENTIALS – Check the credentials of the person you are renting out your property to: check the I cards, bank statements, previous history, etc.

2. REGISTRATION – Make sure proper registration has been done and stamp duty duly paid. In the event of rent agreement, less than 12 month  registration is optional, but do not evade the stamp duty. Consider it your insurance against any foul play.

3. POLICE VERIFICATION – Take his permanent address and on the basis of this, please get a police verification done.

4. PDCs – Take Post dated cheques/Neft Mandate for lock in period. This will not just reduce any chance of argument later, but also remove a big headache as a landlord.

5. POINTS TO INCLUDE IN YOUR LEGAL AGREEMENT – Make sure you have defined the period of lease and rights of re- entry. The termination clause and purpose of usage must also be clearly defined. Further, in the event of unauthorized occupation, misuse charges must be levied on a per day basis.

Disclaimer : This is an effort by Lexcomply.com to contribute towards improving compliance management regime. User is advised not to construe this service as legal opinion and is advisable to take a view of subject experts.

Employees’ Enrolment Campaign, 2017 (Amnesty Scheme for Provident Fund)

About EPF:

Companies in which twenty or more persons are employed are liable to register for allotment of the PF Code number with Regional Provident Fund Commissioner. The employees whose salary is less than Rs. 15000 are to be mandatorily enrolled under EPF. The employer shall deduct the employee’s contribution from his wages and within fifteen days of the close of every month pay to the fund by separate bank drafts or cheques on account of contributions and administrative charge.

Employees’ Enrolment Campaign, 2017:

  • Companies who has not enrolled employees and deposited PF for period beginning from 01.04.2009 to 31.12.2016 can avail the scheme;
  • This scheme is effective from 01.01.2017 till 31.03.2017;
  • Company shall furnish Declaration Form for Employees’ Enrolment Campaign, 2017 to the Regional Provident Fund Commissioner (Online facility also available);
  • Company shall, within fifteen days of furnishing the declaration, remit the employer’s contribution payable in accordance with the provisions of the Scheme and the employee’s contribution deducted from the employee’s wages along with interest payable (@12% p.a) in accordance with section 7Q of the Act;
  • The following incentives are available to the employer:
    1. The employee’s share of contribution, if declared by the employer as not deducted, shall stand waived.
    2. The damages to be paid by the employer in respect of the employees for whom declaration has been made under this campaign shall be at the rate of Rupee 1(one) per annum.
    3. No administrative charges shall be collected from the employer in respect of the contribution made under the declaration.
  • After furnishing declaration and depositing the contribution, a return will have to be filed with the Regional Provident Fund Commissioner in such form as may be specified by the Central Provident Fund Commissioner.
  • This scheme is not available for companies against whom inquiries have been initiated by PF authorities under section 7A of the Employees Provident Fund & Miscellaneous Provisions Act, 1952. (http://www.epfindia.com/site_en/circulars.php?id=sm7_officeUse)

Know More :- Employees’ Enrolment Campaign, 2017

 

Managing Human Resource (HR) Laws Compliance using Technologies

Lexcomply.com enables HR departments to identify, allocate, manage and report statutory compliances. In HR function Statutory Compliances are of immense importance. In India it is not only the Central Government but also the state governments which have enacted various Acts/Laws for welfare of workmen and governing their terms of employment. Some of the labour laws are listed here-under :

1) The Employees Compensation Act, 1923 and The Workmen’s Compensation Rules 1924
2) The Child Labour (Prohibition and Regulation) Act, 1986 and the Child Labour (Prohibition and Regulation) Rules, 1988.
3) The Employees Provident Fund & Miscellaneous Provisions Act, 1952 and Employees’ Provident Funds Scheme, 1952
4) The Employee’s Provident Funds and Miscellaneous Provisions Act, 1952 and The Employee’s Deposit Linked Insurance Scheme, 1976
5) The Employees’ Provident Funds and Miscellaneous Provisions Act, 1952 and the Employees’ Pension Scheme, 1995.
6) The Employees’ State Insurance Act, 1948 And The Employees’ State Insurance (Central) Rules, 1950 And The Employees’ State Insurance (General) Regulations, 1950
7) The Employer’s Liability Act, 1938
8) Equal Remuneration Act 1976 and Equal Remuneration Rules, 1976
9) The Payment of Bonus Act, 1965 and Payment of Bonus Rules, 1975
10) The Minimum Wages Act 1948 and The Minimum Wages Central Rules, 1950
11) The Apprentices Act, 1961 & Apprenticeship Rules, 1992
12) The Employment Exchanges (Compulsory Notification Of Vacancies) Act, 1959 and Employment Exchanges (Compulsory Notification Of Vacancies) Rules, 1960
13) The Punjab Labour Welfare Fund Act, 1965 and The Punjab Labour Welfare Fund Rules, 1966
14) Inter State Migrant Workmen (Regulation Of Employment & conditions Of service) Act, 1979 and Haryana Inter State Migrant Workmen (Regulation Of Employment & conditions Of service) Rules, 1981
15) The Punjab Shops and Commercial Establishments Act, 1958 and The Punjab Shops and Commercial Establishments Rules, 1958
16) Payment of Gratuity Act, 1972 and Haryana Payment of Gratuity Rules,1972
17) Payment of Wages Act, 1936, Payment of wages (Haryana Amendment) Act, 1985 and The Punjab Payment of Wages) Rules, 1937
18) The Minimum Wages Act 1948 and & The Punjab Minimum Wages Rules 1950
19) Contract Labour (Regulation And Abolition) Act, 1970 and Haryana Contract Labour (Regulation And Abolition) Rules, 1975
20) The Factories Act & Haryana Factory Rules

And these laws are dynamic and are changing on day to day basis. Non compliances may result in monetary penalty; closure of business operations or imprisonment. So e-HRM(Compliance) tools like LexComply.com generates due date, event based and ongoing compliances on its own hence chances of non-compliance go down.

Hence HR function can use e-HRM solutions to de-risk an organization from negative impact arising out of exit of key employees, high employee turnover and impact of regulatory non compliances.

For more details and demo please contact at info@lexcomply.com or visit at http://www.lexcomply.com