All about PPF and Income tax benefitClick below link :-
All about PPF and Income tax benefitClick below link :-
HAVE YOU INCLUDED THESE 5 INCOME IN YOUR ITR ? 1.Saving Bank account and Fixed Deposit interest: While filing the ITR, the salaried people generally disclose their salary income only or provide copy of form No. 16 to their Chartered Accountant presuming that interest on saving account is fully exempt and as TDS has already been deducted on their fixed deposits interest, there is not need to include them in their ITR again. Though interest on saving account is eligible for tax deduction under Section 80TTA upto Rs. 10,000/- and even if the amount of interest on saving bank account is less than Rs. 10,000/- you are still required to first include it in your income and then claim deduction u/s 80 TTA. ￼ Similarly though the banks deduct tax on fixed deposit interest but the TDS rate and the tax rate applicable in your case may be different, you need to include it in your income and discharge the balance tax liability or claim refund as the case may be. So though the tax is deducted @ 10% but the rate applicable to you may be 5%, 20% or 30%. It is your liability to discharge the differential tax liability. Even in case you are entitled to a refund, you are still required to include the fixed deposit interest in your income. Even for Fixed Deposits which have been renewed on maturity during the year and thus are not reflected in your bank account, you may omit to show the interest on such renewed FD, which is not correct. You should also include the accrued income on NSC purchased in the earlier years as well as accrued interest on fixed deposits of longer tenure. 2.Capital gains in respect of units of mutual funds switched during the year: Any switching of units from one scheme to another scheme of the same fund house does not get reflected in your bank statement and thus any profit or loss made on such switching may get unreported. The switching may happen due to poor performance of a scheme or due to Systematic Transfer Plan (STP) mandate given to the fund house. The profit/loss on switching of units may be short-term or long-term entailing different tax treatment. Even tax treatment for debt fund is different from equity oriented funds. Ensure to disclose profits/loss on such switching transaction to your Chartered Accountant for proper and correct treatment. 3.Notional rental for deemed to have been let out property: For a self occupied house the taxable income is taken at nil. However this option is available for one house property only so where you own and occupy more than one house for your self occupation or your family members, you have to treat any one of such houses as self occupied and the other/s are then treated as deemed to have been let out. Such a situation may also arise where you have a house property in your native place reserved for your occupation as and when you visit your native place and thus is deemed to be self occupied by you in addition to the property owned and used for your residence at your work place. In respect of such deemed to have been let out house, you need to offer the notional rental income for tax. Please note notional rent is not the same as nominal rent. The income to be offered for tax is the rent which is normally expected to be received for such property if let out in the open market. 4.Income of minor child: Income earned by a minor child is to be clubbed with the income of the parent whose income is higher. Parents normally invest money belonging to their minor child received as gift on several occasions. The income/interest earned by the minor on these investments is required to be included in the income of the parent. As income upto Rs. 1500/- per child is exempt per year, the amount in excess of Rs. 1500/- for each of the minor child is to be clubbed in the income of parents. The income receive by minor due to his own skills or efforts is not required to be included. 5.Gifts or other benefits received by you in case you are carrying on business: This is the age of promotion of business by discounts and gifts not only to the customer but also to the businessman. So a few of you might have been benefited by tangible and valuable gifts from the business associates. Some of you must have enjoyed foreign tours as incentives. Since such items are not reflected in your bank accounts and books of accounts and thus go unreported. Please disclose this to your Chartered Accountant to be fully compliant.
Reversion to Old Pension Scheme
In accordance with the scheme for National Pension System (NPS), as notified vide Ministry of Finance (Department of Economic Affairs)'s Notification No. 5/7/2003-ECB & PR dated 22.12.2003, the System is mandatory for all new recruits to the Central Government service (except armed forces) from 01.01.2004. Accordingly, as per Rule 2 of the Central Civil Services (Pension) Rules, 1972, as amended on 30.12.2003, these rules are applicable to Government servants appointed to civil posts on or before 31.12.2003. The date on which the vacancies arose or the date on which the examination was conducted for filling up the vacancies is not relevant for deciding the applicability of the Central Civil Services (Pension) rules, 1972
Ministry of Home Affairs have not sought any advice from Department of Pension and Pensioners' Welfare on the question of having a policy to cover the paramilitary personnel appointed after 01.01.2004 under the Old Pension Scheme on the ground that the vacancies arose, or the examination was conducted, in the year 2003. However, a reference was received from Ministry of Home Affairs in a specific case relating to appointments as Sub-Inspector in various Central Para Military Forces after selection in August, 2003 on the basis of an Examination conducted in 2002. Appointments on the basis of these selections were made in Central Reserve Police Force in 2003 and the candidates appointed were covered by the pension scheme under Central Civil Service (Pension) Rules, 1972. However, in the Border Security Force, offers of appointment on the basis of the same examination/selection were issued in January, 2004. On a petition filed by some personnel appointed in the Border Security Force on the basis of that examination, Hon'ble High Court of Delhi directed to cover the petitioners under the Central Civil Service (Pension) Rules, 1972 on the grounds of administrative delay on the part of Border Security Force in making appointments. The order of Hon'ble High Court of Delhi was implemented by the Ministry of Home Affairs/Border Security Force in view of the peculiar circumstances of that case. The decision taken in that case is, however, not relevant for deciding applicability of Central Civil Service (Pension) Rules to all appointments made on or after 01.01.2004 in the Central Para Military Forces or in any other Department/organization on the basis of year of examination/selection.
This information was provided by the Union Minister of State (Independent Charge) Development of North-Eastern Region (DoNER), MoS PMO, Personnel, Public Grievances & Pensions, Atomic Energy and Space, DrJitendra Singh in written reply to a question in Rajya Sabha today.
Delinking of Qualifying Service of 33 years w.e.f. 01.01.2006 - Restoration of pension in respect of Defence Personnel i.r.o. PSU/CAB absorbed : PCDA Circular No. 602
Click below link :-
7th CPC National Anomaly Committee Meeting on 17.07.2018 – DoPT decision on Six Topics
National council(Staff Side)
Joint Consultative Machinery
for Central Government Employees
13-C,Ferozshah Road, New Delhi-110001
E Mail : email@example.com
Shiva Gopal Mishra
Dated: July 17, 2018
The All Member of the
National Council (Staff Side)JCM
The meeting of the 7 CPC National Anomaly Committee was held today (17/7/2018). Shri Chandramouli, Secretary(P), DOPT presided over this meeting. The Department of personnel had identified the following six items only for discussion:
1.Item No.3 – Removal of Condition of 3% stipulated to grant bunching benefit
2.Item No.4 – Fixation of pay on promotion
3.Item No.5 – Removal of Anomaly in pay matrix
4.Item No.8 – Lesser pay in higher level of pay matrix
5.Item No.9 – Bunching of steps in the revised pay structure
6.Item No.14 – Grant of GP 5400 to Sr section officer of Railways and AAOs of IA&AD and Organised Accounts (Civil Accounts, Postal Accounts and Defence Accounts)
The above items were subjected to discussions and the following decisions were taken.
Item No 3 – The Govt. will consider as to how the matter could be resolved after assessing financial implications
Item No 4 – The suggestion of the Staff Side to fix the pay on promotion at the next higher stage after granting one increment was not accepted. After discussion it was agreed that Govt would address the issue on case by case basis. Those who are covered by the anomaly described under this item have been advised to make representation to Fin. Ministry directly. The staff side however insisted that the entire anomaly would be resolved if two increments are granted while on promotion/MACP.
Item No. 5 & 8 – it was agreed by the official side that this is an aberration ·and shall be addressed.
Item No 9- Rejected by official side
Item No 14 – The matter is under consideration of the Govt
After completing discussions on the above items, the Staff Side insisted that the following remaining items may also be taken up for discussion.
Item No.1 Anomaly in computation of Minimum Wage
Item No.2. 3 % Increment at all stages
Item No.6 Anomaly due to index rationalization
Item No.7 Anomaly arising from the decision to reject option No. 1 in pension fixation
Item No.10. Minimum Pension
Item No.11. Date of Effect of Allowances – HRA, Transport Allowance, CEA etc.
Item No.18. Anomaly in the grant of D.A. installment w.e.f. 1.1.2016
After discussion on the above items, the official side informed that the DOPT had already examined those issues and have come to the conclusion that those items will not come under the ambit of the definition of Anomaly. The Staff Side contested this. It was decided that the DOPT will convey the reasoning to the staff side and hold meeting with the Staff Side to sort out the differences.
The following items has been referred to Departmental Anomaly Committeeof the respective Department/Ministries.
Item No.15. Technical Supervisors of Railways
Item No.16. Anomaly in the assignment of replacement of Levels of pay in the Ministry of Defence, Railways, Mines etc in the case of Store Keepers
Item NO.17. Anomaly in the assignment of pay Levels in the case of Research Assistants in Ministry of AYUSH, Homoeopathic Department.
The staff side then raised the following other issues.
I. Central Govt employees may be granted one more option to switch over to 7 CPC from a date subsequent to 25th of July 2016 — the official side informed that the matter is under consideration and a decision would be taken shortly.
2. The issue of pay fixation of ex-servicemen in the last pay drawn by them before retirement from armed forces is remitting unsettled — the official side informed that the matter has been referred to Min. of Defence by DOPT for their comments. Decision would be taken after receipt of comments from MOD.
3. The Staff side raised the issue of not convening meetings of the National Council, JCM and Standing Committee.
4. The staff Side also informed of the decision taken by the NJCA in its meeting held on 3-7-2018 of the revival of the deferred indefinite strike by the Central Govt Employees if no settlement is brought about on major demands like upward revision of minimum pay, fitment factor and NPS before 7-8-2018.
(Shiva Gopal Mishra)
Source : NFPE
Steel CPSE Employees Pension Scheme Announced
Ministry of Steel has agreed to the proposal received from various CPSEs under its control to introduce the pension scheme with effect from 1stJanuary 2007 in case of executives and 1stJanuary 2012 in case of non-executives or from a subsequent date as decided by the company. The agreement was reached after detailed consultation with representatives of employees unions and officers associations belonging to SAIL, RINL, MSTC, FSNL, MECON and KIOCL.This was announced by the Union Minister of Steel, Chaudhary Birender Singh in New Delhi today.
During the meeting with the Minister, the representatives of employees unions and officers associations discussed various issues concerning them, including the introduction of pension scheme as part of the superannuation benefits, provident fund, gratuity andmedical benefit. The Minister informed that medical benefits have already been extended to employees of CPSEs under the Ministry of Steel. NMDC and MOIL have also introduced the pension scheme to its employees as per the Second Pay Revision Committee recommendations. He said that there has been a long standing demand from the employees of other CPSEs for introduction of pension scheme.
Chaudhary Birender Singh said that the pension scheme will benefit over 94,000 serving and 56,000 retired employees of CPSEs under the Ministry of Steel and put an additional financial burden of Rs. 45 crore per month. He said that the pension scheme will be subject to factors like affordability, capacity to pay and sustainability by the CPSEs. Government budgetary support will not be provided to operate these schemes. The rate of contribution will be decided by the respective boards of CPSEs each year depending upon the profit made and employee cost to the company subject to upper ceiling of 30% (Basic Pay plus DA) of superannuation benefits. The actual details of the pension scheme and road map of implementation will be worked out by the management of each CPSEs.
Guidelines for Settlement of Claims for Compensation on accidents – DPE ORDER
Government of India
Ministry of Heavy Industries & Public Enterprises
Department of Public Enterprises
Public Enterprises Bhawan
Block No – 14, CGO Complex,
Lodhi Road, New Delhi-110003
Dated the 11th July, 2018
Subject :- Guidelines for Settlement of Claims for Compensation on accidents applicable to the Department of Public Enterprises :- Reg.
The undersigned is directed to refer to above said subject and to say that this Department has framed the guidelines for settlement of compensation claims arising out of accidents resulting into loss of life or permanent disability to a member of general public where the accidents happens in any premises where any official activity of the Department is being carried out of which a copy is enclosed herewith for information.
2. The guidelines has the approval of the competent authority.
Encl: As above
Under Secretary to the Govt. of India
Click below link for detailed guidelines :-
Procedure for extending the benefits of Old GPF / Pension Scheme to those casual workers covered under the Scheme of 1993 and regularized on or after 01.01,2004.
Click below link :-
LIC board has approved the proposal for the insurer to hold 51% stake in IDBI Bank, said Subhash Chandra Garg
New Delhi: The board of Life Insurance Corporation of India (LIC) has approved the proposal for the insurer to hold a 51% stake in IDBI Bank, said Subhash Chandra Garg, Secretary, Department of Economic Affairs.
The life insurer has around 7.5% stake in LIC at present and will acquire the remaining stake from the government, Garg said, adding that in most probability IDBI Bank will issue preference shares to LIC to complete the deal.
Using this route rather than LIC directly buying the government's stake in IDBI Bank will ensure that the bank receives the capital, Garg added.
Also Read: A little bit of IDBI Bank in my LIC policy
He added that an open offer may not be required as the public shareholding in IDBI Bank is very small at 5%. "LIC will go through the process and make the open offer if necessary, but it is not very material." He said the pricing of the deal will depend on the formula of the preference share issuance.
When asked if the deal will require the government's nod, Garg said the deal will require the nod of the government.
The government has a 85.96% stake in IDBI Bank.
Mint was the first to report on 11 June about the government looking at financial institutions like LIC to pick up a stake in IDBI Bank and then let a professional board run the bank.
The government has been trying to privatize IDBI Bank for the past couple of years in the wake of mounting losses and rising bad debts. IDBI Bank's loss widened to ₹8,237.92 crore in the fiscal year ended 31 March from ₹5,158 crore in the previous year.
Also Read: Who needs a bad bank? We have LIC
Its gross bad loans almost doubled to ₹55,588.26 crore during 2017-18, which were 32.36% of the bank's gross
LIC board approves IDBI Bank buyout proposal The board of LIC, India's largest life insurer, on Monday approved the proposal to acquire a majority stake in IDBI Bank, ET Now reported. LIC, which held 7.98 per cent stake in the bank as of June 30, would buy out 43 per cent more. ET Now | 16 Jul 2018, 05:28PM
Sub: Consultation fee for medical aid to passengers
Incentive Scheme for Railway Employees
GOVERNMENT Of INDIA
MINISTRY OF RAILWAYS
No.2018/Transf.Cell/MR Dash Board/Motivation
The General Manager,All Indian Railways/PUs,NF(con), CORE
Sub: Incentive Scheme for Railway Employees
Ref: (i) This office letter of even No.dated 27.12.2017
(ii) Presentation made to the Board on 06.03.2018
(iii) This office letter of even No. dated 23.03.2018
Pursuant to the presentation made by the GM/NWR to full Board on 06.03.2018, recommendations of the Committee have been considered by the Board (ME,MT,MS,FC,CRB) Following key recommendations have been approved by CRB.
1. At the time of exercising option for fixation of pay the employee shall be provided with two options for calculation of pay so that he is able to pick up the best. As the employee would be exercising the option in a more informed manner, a wider window be provided to them, if they seek to change the option, and Master Circular for the pay fixation should be suitably amended.
2.Zonal Railways can consider providing accommodation (not leased) strictly for family of field level staff at a nodal station generally within 50-100 kms of the way side station where he or she is posted. The Zonal Railway may chose the nodal station on their own where they want to operate this scheme as per feasibility and allot vacant quarters at the nodal stations on the first come fist serve basis. If required some of the way side station quarters can be converted into transit camp or dormitories at the discretions of Zonal Railways. This would alleviate a major concern of out field staff who face problems on this account. GM's may take necessary action based on the above.
3. It would be better to provide resting facility with toilets at manned level crossings for use by the trackmen and other field staff. This facility can be a temporary structure made up of porta cabins and be provided within the sanctioned budget of the Zonal Railways.
4. All other items which are apparently of general nature may be taken up as a pilot project by GM/NWR for which he is being fully authorized. The result of the pilot project be sent to Board for further action.
Concerned Directorates will issue necessary detailed instructions in respect of items at 1,2 & 3 above in particular and other items listed in the Annexure wherever necessary.
This issues with the concurrence of Associate Finance of Transformation Cell.
Source : NFIR