Wednesday, 23 March 2016

Inclusion of Interest Income in the Return of Income filed by Persons liable to Pay Tax

Inclusion of Interest Income in the Return of Income filed by Persons liable to Pay Tax

Information regarding interest earned by individuals and business entities on term deposit is filed with the Income Tax Department by banks including co-operative banks and other financial institutions and State treasuries etc. Form 26AS reflects only those payments on which tax has been deducted and it can be viewed by the individual tax payer by logging in to www.incometaxindiaefiling.gov.in. The information about interest payments without deduction of tax is also filed by the payer with the Department.

Central Board of Direct Taxes(CBDT) hereby informs the persons earning interest income that interest credited/received on deposits is taxable unless exempt under Section 10 of the Income-tax Act. Such interest income should be shown in the return of income even in cases where Form 15G/15H has been filed if the earning is not exempt under Section 10 of the Income-tax Act and the total income of the person exceeds the maximum amount not chargeable to tax.

Tax payers are advised to collect correct details of interest received or credited and
· file their return of income for assessment year 2014-15 (if not filed already) on or before 31.03.2016 in case their total income exceeds the maximum amount not chargeable to tax.
· revise their return of income for assessment year 2014-15/2015-16 if the return already filed does not include taxable interest income.
· file return of income for assessment year 2015-16, if not filed so far by including taxable interest income if any, on or before 31.03.2016 and avoid penalty u/s 271F.

For more details, you may contact your Assessing Officer or Toll free number 1800-180-1961.

Source: PIB News

Cabinet approved 6% DA and DR for Central Govt Employees and Pensioners from 1.1.2016

Cabinet approved 6% DA and DR for Central Govt Employees and Pensioners from Jan 2016

Release of additional instalment of Dearness Allowance to Central Government employees and Dearness Relief to Pensioners due from 1.1.2016

The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi, has approved release of an additional instalment of Dearness Allowance (DA) to Central Government employees and Dearness Relief (DR) to Pensioners w.e.f. 01.01.2016. This represents an increase of 6 percent over the existing rate of 119 percent of the Basic Pay/Pension, to compensate for price rise.

This will benefit about 50 lakh Government employees and 58 lakh pensioners.

The increase is in accordance with the accepted formula, which is based on the recommendations of the 6th Central Pay Commission (CPC). The combined impact on the exchequer on account of both Dearness Allowance and Dearness Relief would be of Rs. 6796.50 crore per annum and Rs.7929.24 crore respectively, in the financial year 2016-17 (for a period of 14 months from January, 2016 to February, 2017).

Source: PIB News

Tuesday, 22 March 2016

Declaration of Holiday on 14.4.2016 for Central Govt Offices on account of Birthday of Dr.B.R.Ambedkar

Declaration of Holiday on 14.4.2016 for Central Govt Offices on account of Birthday of Dr.B.R.Ambedkar

Declaration or Holiday on 14th April, 2016 – Birthday of Dr.B.R.Ambedkar

F.No.12/6/2016-JCA-2
Government Of India
Ministry Of Personnel, Public Grievances & Pensions
(Department Of Personnel & Training)

North Block, New Delhi
Dated the 21st March, 2016

OFFICE MEMORANDUM

subject: Declaration or Holiday on 14th April, 2016 – Birthday of Dr.B.R.Ambedkar.

It has been decided to declare Thursday, the 14th April 2016, as a closed Holiday on account of the birthday of Dt.B.R.Ambedkar, for all Central Government Offices including Industrial Establishments throughout India.

2. The above holiday is also being notified in exercise of the powers conferred by Section 25 of the Negotiable Instruments Act, 1881 (26 of 1881).

3. All Ministries/Departments of Government of India may bring the above decision to the notice of all concerned.

(G.Srinivasan)
Deputy Secretary to the Govt. Of India

Authority :www.persmin.gov.in

Implementation of the recommendations of the 7th Central Pay Commission — 2nd meeting of the E-CoS

Implementation of 7th CPC : Minutes of the 2nd meeting of Empowered Committee of Secretaries (E-CoS)

Implementation of the recommendations of the 7th Central Pay Commission — 2nd meeting of the E-CoS

A meeting of the Empowered Committee of Secretaries (E-CoS) was held on 1 st March, 2016 in the Cabinet Secretariat under the chairmanship of the Cabinet Secretary to discuss issues raised by Staff„side of JCM

2. Welcoming the members of E-CoS and JCM Staffside, Cabinet Secretary observed that the meeting had been called to take a note of concerns of Staff-side of JCM regarding recommendations of the 7th CPC and invited the members Of Staff-side of JCM to share their views on the recommendations.

3. Opening the discussion, representative of Staff-side of JCM expressed gratitude to Cabinet Secretary for inviting them for interaction regarding the recommendations of the 7th CPC and requested that more frequent interactions of JCM may be held to resolve outstanding issues across the table. It was expressed that 7th CPC has recommended a meager increase of 14% in the minimum pay as against increase ranging up to 54% during previous Pay Commissions. It was further stated that the recommendations on minimum pay, allowances, advances etc. will cause difficulty to employees. Representative of Staff-side informed that they have already submitted a charter of demands to the Cabinet Secretary bringing out the issues. These have also been discussed in the meeting of JS (IC) with Staff-side of JCM held on 19.02.2016.

4. Major concerns expressed by JCM Staff-side were as under:

The minimum pay of Rs. 18000/- p.m. recommended by the Commission is on lower side and needs to be revised upward by taking into account the prices of commodities as on 01.07.2015 and appropriately factoring in for social obligations & housing.

(ii) New Pension Scheme should be done away with. Persons governed by the NPS are deprived of Family Pension and do not have provision of provident fund. As a result they are at a disadvantageous position as compared to the persons governed by the old system.

(iii) Recommendations on allowances need to be properly examined before taking a decision.

(iv) Fixed Medical Allowance should be increased from existing Rs. 500 p.m. to Rs. 2000 p.m. as majority of cities are not covered under CGI-IS and people residing outside the CGHS covered area are unable to meet their medical needs with meager amount of Rs. 500 p.m.

(v) Recommendation regarding withdrawal of non•interest bearing advances may not be accepted.

(vi) Outsourcing of services should be discouraged as the contract workers are being exploited by contractors and at the game time the service delivery is being compromised due to inefficiency and lack of accountability of low aid contractual staff.

(vii) Enhancement in contribution towards Group Insurance Scheme, is not justified as this would reduce the actual increase in take home salary considerably. If the rates are to be raised, the Government should bear the insurance premium

(viii) The recommendation regarding grant of only 80% of salary for the second year of Child Care Leave need not be accepted as this would deter women from availing of CCL, which was introduced as a welfare measure.

(ix) Annual increments be granted @ 5% instead of existing 3% and increments may be granted on two dates viz., 1 st of January and 1 st of July of every year as in the present system of grant of increment on 1 st July of every year, employees joining/promoted after 1 st January, who do not complete 6 months services as on 1 st July, have to wait for up to 18 months for grant of increment.

(x) The Commission’s recommendation of downgrading the Assistants of Central Secretariat for bringing in parity with their counterparts in the field offices is not appropriate.

(xi) Recommendation regarding PRIS need not be accepted as no scientific mechanism has been devised to assess the performance of employees and the same could e courage favoritism.

5. Issues regarding financ al upgradation under MACPS in promotional hierarchy without grading stipulation. grant of two increments on promotion introduction of Productivity Linked Bonus, treating Grameen Dak Sevak as Government employees, removal of pap of 5% on compassionate appointment 8i full pay and allowances In case of Work Related Illness and Injury Leave improving promotional avenues for technical and supervisory staff etc. were also raised by members of JCM.

6. During the discussion, representatives of JCM also suggested that the Nodal Officers nominated by various Ministries/Departments may hold interactions with recognized Staff Associations and other stakeholders under their purview so as to identify issues specific to those Ministries/Departments for redressal.

7. After hearing the participants, Cabinet Secretary observed that the deliberations have helped E-CoS in understanding the major concerns of the Staff-side and said that all issues have been taken note of. He assured that fair consideration will be given to all points brought out by JCM before taking a final view. He further stated that the E-CoS needs to examine the Report of the Commission in entirety as well as the issues raised by JCM in consultation with all other stakeholders. As such, it may take some time to take a final call on the recommendations of the Commission.

8. Cabinet Secretary also advised the members of E-CoS to hold interactions with their Staff Associations and other stakeholders under their purview preferably within a week.

9. Meeting ended with vote of thanks to the chair.

Venue: Committee Room, Cabinet Secretariat, Rashtrapati Bhawan
Date of Meeting: Thursday, the 1 st March, 2016
Time of Meeting: 6:45 PM

Members of E-CoS present

1 Cabinet Secretary
2. Chairman, Railway Board
3. Home Secretary
4 Defence Secretary
5 Secretary, D/o Science & Technology
6. Secretary, D/o Personnel & Training
7. Secretary, M/o Health & Family-Welfare
8. Secretary, D/o Pension and Pensioner’s Welfare
9. Secretary (Security), Cabinet Secretariat
10. Secretary, D/o Posts
1 1 . Deputy Comptroller and Auditor General

Secretariat for E-CoS:
1. Joint Secretary, Implementation Cell, D/o Expenditure
2. Director, Implementation Cell, D/o Expenditure

Representatives of JCM (Staff-side):

1 . Shri Shiv Gopal Mishra
2. Shri M. Raghavaiah
3. Shri Rakhal Das Gupta
4. Shri Ch. Sankara Rao
5. Shri J.R. Bhosle
6. Shri Guman Singh
7. Shri R.P. Bhatnagar
8. Shri K.S. Murty
9. Shri K.K.N. Kutty
10. Shri C. Srikumar
11 . Shri R. Srinivasan
12. Shri M. Krishnan
13. Shri M.s. Raja

Source : Indwf.blogspot.in

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