Human Resources

Human resource is used to describe both the people who work for a company or organization and the department responsible for managing resources related to employees. 

If the organisation has to achieve its goals the role of HR manger plays a vital role. It is the job of HR manager to heir right people to right job at right time, if the manager fails to hire the right people, then the organisation would not be able to work to its fullest potential. As a HR manager he should know one’s weakness and strengths of individuals so that optimum utilizations of his skills would be met. Selection of individuals should be done in a systematic manner which in turn helps in hiring the most deserved person to that job. 

It is the job of HR to plan and devise strategies and guidelines for recruiting suitable candidates for a required job description. They also have to serve as a mediator between the employer and the candidate and communicate company policies and terms of the contract to the candidate before he is hired.

It is the responsibility of HR to keep a track of individuals and to give feedback in regular intervals so that the employee can improve accordingly. Although the employee relations specialist is responsible for investigating and resolving workplace issues, the human resource manager has ultimate responsibility for preserving the employer-employee relationship through effective employee relations strategies. An effective employee relations strategy contains specific steps for ensuring the overall well-being of employees.

It also ensures that employees have a safe working environment, free from discrimination and harassment. Human resource managers for small businesses conduct workplace investigations and resolve employee complaints. In order to make sure employee is updated he should be given proper training when there is any change in the technology and he should be educated more often. If there is any employee who resigns from the job, it is the duty of the HR to find out the genuine reason so that the organization would make necessary changes. 

HR should also make sure that there is development of each employee in the organisation. It is Human resource manager’s key task to recognize their employees and reward them for their performance and contribution to the organization. They encourage the employees to perform well.

DATA ANALYTICS

In today’s society, technology has become more advanced than the human’s mind.In the era of information explosion, enormous amounts of data have become available on hand to decision makers. 

Data analytics (DA) is the process of examining data sets in order to draw conclusions about the information they contain, increasingly with the aid of specialized systems and software. Data analytics technologies and techniques are widely used in commercial industries to enable organizations to make more-informed business decisions and by scientists and researchers to verify or disprove scientific models, theories and hypotheses.Data analytics helps organizations harness their data and use it to identify new opportunities. That, in turn, leads to smarter business moves, more efficient operations, higher profits and happier customers.

Types of Data Analytics :

Data analytics is broken down into four basic types 

Descriptive analytics describes what has happened over a given period of time. Have the number of views gone up? Are sales stronger this month than last?

Diagnostic analytics focuses more on why something happened. This involves more diverse data inputs and a bit of hypothesizing. Did the weather affect beer sales? Did that latest marketing campaign impact sales?

Predictive analytics moves to what is likely going to happen in the near term. What happened to sales last time we had a hot summer? How many weather models predict a hot summer this year?

Prescriptive analytics moves into the territory of suggesting a course of action. If the likelihood of a hot summer as measured as an average of these five weather models is above 58%, then we should add an evening shift to the brewery and rent an additional tank to increase output.

Is data analytics only for big data?

No, data analytics is a general term for any type of processing that looks at historical data over time, but as the size of organizational data grows, the term data analytics is evolving to favor big data-capable systems.

The era of big data drastically changed the requirements for extracting meaning from business data. In the world of relational databases, administrators easily generated reports on data contents for business use, but these provided little or no broad business intelligence. For that, they employed data warehouses, but data warehouses generally cannot handle the scale of big data cost-effectively.

While data warehouses are certainly a relevant form of data analytics, the term data analytics is slowly acquiring a specific subtext related to the challenge of analyzing data of massive volume, variety, and velocity.

What is the status of the data analytics market place?

Today the field of data analytics is growing quickly, driven by intense market demand for systems that tolerate the intense requirements of big data, as well as people who have the skills needed for manipulating data queries and translating results.

Rise In Fuel Prices

In today’s scenario tending debate is hike in fuel prices. Fuel has become a very basic commodity of everyone’s life, though there is raise in price, consumption of fuel has not decreased to that extent. Petrol price a decade ago was Rs.45 which has increased to 83 there are multiple factors effecting the hike in price like; fall in currency value, high demand, government policies and so on.

 As India being fourth largest consumer of fuel, raise in fuel price has affected India as a whole. India does not have enough of oil to meet the growing demand of oil. Near about 1.4 million barrels of diesels are used per day in India especially by farmers, trucks and industry. So, to meet the growing demand, most of the oil is imported from other countries resulting more expenditure. It has been seen that petrol price has increased about 10 times within the period of three years and still rising. Ultimate result of price hike of petrol is inflation. The second major reason would be depreciating in the value of Indian currency, the condition of Indian currency is also not favorable at present. India is going through currency crisis where value of Indian Rupee is falling to US Dollar. That is why Oil Marketing Companies like Indian Oil Corporation, Bharat Petroleum are paying more for the same quantity of crude oil. Due to this, Oil Marketing Companies have lost near about 4,300 crores in the past six months for selling petrol at low cost. On the other hand, price rise of petrol can be controlled if the government reduces its revenue from the taxes on petroleum. 35% of government’s income is generated through petroleum taxes.

With increase in price day by day one must look for alternate methods to reduce the usage of fuel, few of them are :

·    1.Use Eco friendly transportation like bicycles, electric vehicles.

·    2.Take public transport like government buses or metros.

·    3. Avoid using vehicles for short distances.

·    4.Make a habit to turn of the vehicle at signals.

  

Taxes On Investments

Are you considering these tax provisions before investing in stock market? You should.

Tax is a major factor when it comes to making investment decisions. In fact, many invest in certain funds just to ensure a lower tax liability.

When it comes to investment in equity markets or equity oriented mutual funds, the tax can get a little complicated. Why? Because you can have two sources of income from investing in stocks - dividends and profits.

This article will attempt to improve your understanding of the tax matters associated with investments in equities.

So, without any further delay, let’s dig right into it.

  Tax on Equity Investments and  Equity Oriented Mutual Funds :

    The equity market is one of the most lucrative avenues for investment. This is mainly because of its potential to give you high returns. 

That’s the biggest reason why so many want to buy shares. But then making up your mind about which company’s stock to buy can be a daunting task. Add to that the tax implications on the dividend income and gains.

Let’s break them down.

Dividends :

You don’t have to pay taxes on your dividend income, provided the company that paid you this dividend is an Indian company and has paid the Dividend Distribution Tax. This is clearly clarified under section 10(34) of the Income Tax Act, 1961.

However, if the Dividend Distribution Tax isn’t paid by the company, then the entire dividend amount will be added to your total income and get taxed under the tax slab your income falls.

The tax rate on Sale of Shares :

All gains from the sale of equity shares come under the head Income from Capital Gains. This head divides the term of holding the asset into short-term and long-term.

In case of equity shares, if you have held the shares for 12 months or above, it’s classified as long-term investment. Otherwise, it’s considered as a short-term investment.

Now for the tax effect. It depends on whether your gain is a short-term gain or a long-term gain, whether it’s trading at a recognized stock exchange and whether Securities Transaction Tax has been paid on it.

Short-Term Gain :

●     Taxable @ 15% (plus surcharge and cess as applicable) 

○     Securities Transaction Tax is paid on purchase and sale of the equity shares, and,

○     The shares are trading in a recognized stock exchange.

●     Otherwise, it will be charged as per the rate in the Income Tax slab under which your income falls.

Long-Term Gain :

●     Exempt from tax if,

○     Securities Transaction Tax has been paid on purchase and sale of the equity shares, and,

○     Your long-term gain doesn’t exceed Rs. 1 Lakh.

●     Taxable @ 10% (plus surcharge and cess as applicable) if,

○     Securities Transaction Tax is paid on purchase and sale of the equity shares, and,

○     Your long-term gain exceeds Rs. 1 Lakh.

●     Taxable @ 10% (plus surcharge and cess as applicable) if your transaction doesn’t fall under any of the above two categories and you choose NOT to take the benefit of indexation.

●     Taxable @ 20% (plus surcharge and cess as applicable) if your transaction doesn’t fall under any of the above three categories.

What About Losses?

Sure, it’s amazing if you are able to sell your shares at a profit. But what if you suffer a loss? It doesn’t feel good. Thankfully the Income Tax Act, 1961 has provisions where you can not only set off your losses against certain incomes but also be able to carry forward these losses so that you can set them off against future incomes.

Set Off Provisions for Losses :

Now, just like taxes related to profits, set off provisions related to losses are also dependent on whether they are short-term or long-term.

●     Short-Term Losses - Short-term losses can only be set off against either short-term capital gains or long-term capital gains.

●   Long-Term Losses - Long-term losses can be set off only against long-term capital gains.

If for any reason there are no capital gains or the capital gains are insufficient to absorb the losses, they can be carried forward for 8 years.

However, in the subsequent years you can only set off capital losses in the manner mentioned above.

Also, the losses can be set off only if you have filed income tax returns on or before the due date in the year in which you had incurred losses.

Conclusion

Understanding the impact of income tax on your gains or losses isn’t as hard as everyone makes it to be. The best part of it is that if you understand it and understand it well, it can make your investment decisions even better.

After all, who doesn’t like to enjoy their profits. 

Reporting of GST, GAAR details in tax audit report deferred till Mar 2019

The CBDT in the new ITR forms and 3CD for AY 2017-18 had required prescribed persons to furnish the tax audit report along with the disclosures related to General anti tax avoidance rules (GAAR), Specified financial transactions (SFT), expense break up related to entities with regards to GST and among others.

The same has been deferred to AY 2018-19 for those people to whom tax audit is applicable i.e., in 3CD. In case of those assessee’s who file ITR-6, they have to declare the details of expense break up related to entities with regards to GST and among others only.