IMC Hosts Seminar on Wage Reforms, Compliance and Taxation under the Four Labour Codes

The IMC Chamber of Commerce hosted a seminar on the implications of the Four Labour Codes on wage reforms, compliance, and taxation. The event focused on the revised definition of "wages" under the new Labour Codes and its impact on employers, employees, taxation, and compliance. Discussions covered the new wage structure, its implications for payroll, employee benefits, and statutory compliance, as well as the need for organisations to review and restructure compensation policies.

The seminar also examined the income tax ramifications of the Codes, including the tax treatment of gratuity and employee benefit costs, such as funded and unfunded gratuity schemes, deductibility under the Income-tax Act, accounting treatment of gratuity liabilities, contribution limits, judicial precedents, and financial reporting requirements.

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