Sunday, June 26, 2011

CBDT Press Release on exemption from filing I-T return for persons with income up to Rs 5 lakh


CBDT Press Release on exemption from filing I-T return for persons with income up to Rs 5 lakh

No.402/92/2006-MC(14 of 2011) 
Government of
India / Ministry of Finance 
Department of Revenue 
Central Board of Direct Taxes

***
New Delhi, dated the 23rd June, 2011
PRESS RELEASE

The Central Board of Direct Taxes has notified the scheme exempting salaried taxpayers with total income up to Rs.5 lakh from filing income tax return for assessment year 2011-12, which will he due on July 31,2011.
Individuals having total income up to Rs.5,00,000 for FY 2010-11, after allowable deductions, consisting of salary from a single employer and interest income from deposits in a saving bank account up to Rs.10,000 are not required to file their income tax return. Such individuals must report their Permanent Account Number (PAN) and the entire income from bank interest to their employer, pay the entire tax by way of deduction of tax at source, and obtain a certificate of tax deduction in Form No.16.
Persons receiving salary from more than one employer, having income from sources other than salary and interest income from a savings bank account, or having refund claims shall not be covered under the scheme.
The scheme shall also not be applicable in cases wherein notices are issued for filing the income tax return under section 142(1) or section 148 or section 153A or section 153C of the Income Tax Act 1961.

Friday, June 17, 2011

News letter 18.06.2011

Greeting,
Our demands should be just &constitutional and
"To obtain what you want, you must proceed gradually. Do not try to rush things or be taken by enthusiasm. To reach the desired results, go forward calm and with constancy; on the way you will mend your errors"


Important announcement: 1. In the interest continuous flow of information ‘News letter’ is now being posted on
BPS1955 yahoo group which has many options, so kindly join it.

2.‘News letter’ will be sent once a week i.e. on every Saturday evening . In-between if there is some thing important needing your attention, an alert will be sent by BPS1955 yahoo group

Flash: RELHS 97 for Rly Pensioners/Family Pensioners –Likely to be reopened by year end.- Process has been started in Rly Bd.

Documents uploaded on website www.rrewa.org : www.bharatpensioner.org

e-Kiranthi-Pensioners Portal explained. Produced by DOP & PW – Cast : RREWAs


http://youtu.be/liYfAsMNYRk



7.6.2011 Medical facilities to dependent relatives-Raising of income limit

http://www.rrewa.org/CircularDetails.aspx?cID=613

3.6.2011 Correction No68 Issue of post retirement passes against next year account

http://www.rrewa.org/Circulars/614/scan%20-CS%2068%20passmanual0001.pdf

Finance Commission says that Pay Commission Arrears is a self-inflicted distortion-So no arrears in future-Pensioners Confederation, Federations & Associations wakeup before it is too late

http://www.rrewa.org/currentIssues.aspx

Request for furnishing details of CDA pensioners opted for absorption in BSNL after Their retirement

http://www.rrewa.org/Circulars/620/BSNL%20cda%20ida%20Pension13.06.2011.pdf

Other information


Income Tax Department to provide details of tax returns of political parties under the RTI Act
The Income Tax Department has now decided to provide full details of tax returns of political parties under the RTI Act after the Central Information Commission (CIC) issued it directives in this regard. The department, according to sources, used to restrict such information, citing section 138 of the Income Tax Act, which allowed denial of such information under RTI Act as “disclosure of information respecting assessees.”
The I-T department has taken the step to bring in transparency in the funding of both big and small parties as the information will now be in public domain.
Chief Election Commissioner S Y Qureshi had earlier expressed concerns over the funding of such political parties and had asked the Central Board of Direct Taxes (CBDT) to scrutinise their accounts.
With the new development, general public will now be able to obtain the details of income, donations and expenditure by all the political parties, which file their income tax returns.
The CIC, in an order in 2008, had asked the I-T department to allow the disclosure of such information under “larger public interest” and the department has now decided to furnish this information in “full spirit”.
“Such parties which are registered but do not file their income tax returns will now have to file their details in larger public interest,” said a senior I-T officer.
Such a step has also been taken to check the flow of blackmoney in the electoral process and make transparent the funding of political parties, the officer said.
Large political parties had always furnished their returns but the new step will allow individuals to access the income and funding details of small parties as well, the officer added

Interest on Post Office savings account taxable from current fiscal

The government has decided to levy tax on the interest obtained on Post Office savings schemes from the current financial year. The Central Board of Direct Taxes ( CBDT )) has brought out a notification in this regard recently, which stipulates that any interest earned beyond Rs 3,500 (in case of individual accounts) and Rs 7,000 (in case of joint accounts) will be taxable from the running fiscal.
The CBDT– which is the administrative authority of the Income Tax Department– has issued the notification to all the tax collection ranges across the country for implementation.
Taxpayers will have to reflect this investment on their income tax returns.
“Taxpayers who now invest in the post office saving accounts schemes will now have to show the interestearned on this scheme while filing their income tax returns. Interest upto Rs 3,500, in case of single accounts and and Rs 7,000 in case of joint accounts, is exempted,” a senior I-T official said.
The Assessing Officer (AO) will compute the tax on the interest earned, beyond the exemption limit, accordingly, he said.
The current interest rates for Post Office savings deposits is 3.5 per cent per annum.
The minimum investment limit in this scheme is Rs 50 while the maximum limit is Rs one lakh for an individual account and Rs 2 lakh in case of a joint account.

SARGAM 1979 DAFLI WALE DAFLI BAJA

http://youtu.be/q3ne_dkaHbk

Er.S C Maheshwari
Former DEN C.Rly.
Secretary (Railway)
Bharat Pensioners Samaj (Member SCOVA)
Genl. Secy. RREWA
490A/16 Gurudwara Road;Civil Lines .Gurgaon-122001
Websites : www.rrewa.org , http://www.bharatpensioner.org
http://www.karmayog.org/ngo/BPSamaj/ ,
http://www.karmayog.org/ngo/RREWA
Blog : http://scm-bps.blogspot.com
Join Yahoo Group : http://in.groups.yahoo.com/group/BPS1955
Group e.mail: BPS1955@yahoogroups.co.in
facebook page BPS: http://www.facebook.com/profile.php?id=100002542807665&sk=wall
Twitter : http://twitter.com/#!/RREWA
Tele Fax 0124 2300423
Mob : 09868488199

Thursday, June 9, 2011

Man re tu Kahe na - Mohammad Rafi

kabhi kabhi mere dil me khayal aata hai

HOTHON SE CHOOLO TUM

Recommendation for increasing annual deposit limit in PPF to Rs. 100000 from existing Rs. 70000

Recommendation for increasing annual deposit limit in PPF to Rs. 100000 from existing Rs. 70000
Posted In Income Tax | 2 Comments »
Committee for Comprehensive Review of NSSF Submits its Report to Union Finance Minister Recommends Discontinuation of Kisan Vikas Patra and Continuation of other Schemes with Suitable Modification(s); Recommends Reduction in the Maturity Period of Monthly IncomeSchemes and NSC. It also Recommends upward Revision of the Ceiling on Annual Subscription in PPF from Rs. 70,000 to Rs. 1 Lakh and Revision in Rate of Interest inPost Office Savings Account from 3.5% To 4% .
The Committee set up for comprehensive review of National Small Savings Fund (NSSF) headed by Smt. Shyamala Gopinath, Deputy Governor, Reserve Bank of India submitted its report to Union Finance Minister Shri Pranab Mukherjee in his office, here today. Other members of the Committee are Shri R. Sridharan, MD, State Bank of India, Shri Shaktikanta Das, Additional Secretary (Budget), Ministry of Finance, Dr Rajiv Kumar, formerly Director & Chief Executive, Indian Council for Research on International Economic Relations and currently Secretary General, FICCI and Shri Anil Bisen, Economic Advisor, Ministry of Finance. Earlier, the aforesaid Committee was set up by the Government after accepting the recommendations of the 13th FinanceCommission in principle regarding examination of all aspects of the design and administration of NSSF with the aim of bringing transparency, market linked rates and other, much needed reforms to the schemes.
The terms of reference of the Committee, inter alia, included review of the existing parameters for the small savings schemes in operation recommending mechanisms to make them more flexible and market linked; review of the existing terms of loans extended from the NSSF to the Centre and States; recommending the changes required in the arrangement of lending the net collection of small savings to Centre and States; review of the other possible investment opportunities for the net collections from the small savings and the repayment proceeds of NSSF loans extended to State and Centre; review of the administrative arrangement including the cost of operation; and review of the incentives offered on the small savings investments by the States.
The Committee has examined all the small savings schemes, interest rates payable on them, their maturity period and other aspects. The Committee has recommended discontinuation of Kisan Vikas Patra (KVP) and continuation of all other schemes with suitable modification(s) in some of them. The Committee has recommended for reducing the maturity period of monthly income scheme and National Saving Certificate (NSC) from six to five years. Recognizing the need for a long term investmentopportunity after discontinuation of KVP, the Committee has also recommended introduction of 10 years NSC scheme. The Committee has also recommended an upward revision of the ceiling on annual subscriptions in PPF from Rs. 70,000 to Rs. 1 lakh.
The Committee has recommended revision of the rate of interest in Post Office Saving Account from 3.5% to 4% and benchmarking of interest rates on other small savings schemes to rates of G-Sec of similar maturity with positive spread of 25 basis points with two exceptions. First exception is 100 basis points spread for Senior Citizens’ Schemes keeping in view its social objective and second exception is 50 basis points spread for newly recommended 10 years NSC keeping in view of its higher illiquidity. The Committee has recommended that these rates may be notified by the Government afresh at the beginning of every financial year based on the average yields on Government Securities in the previous calendar year.
The Committee has recommended that the mandatory component of investment of net small savings collections in State Government Securities be reduced from 80 per cent to 50 per cent. The balance amount could either be invested in Central Government Securities or could be on-lent to other States on basis of requirement or could be lent for financing infrastructure projects requiring long term finance. The Committee recommended that the tenure of these loans may be reduced from the current 25 years including moratorium of 5 years to 10 years. The Committee has recommended that these loans may be extended at 70 basis points higher than the average interest payment on small savings to the subscribers on the total outstanding stock in previous financial years.
The Committee has recommended for abolition of payment of commission to agents on PPF and Senior Citizens’ Savings Scheme and reduction of commission paid on Standardized Agency System to 0.5% from current level of 1%. The Committee has also recommend reduction in Commission payable under Mahila Pradhan Kshetriya Bachat Yojana on Recurring Deposits from current level of 4% to 1% in a phased manner over a period of three years. The Committee has recommended that the total cost of operation of NSSF should be contained within 0.7 % of the outstanding small savings.

Friday, June 3, 2011

Stepping up of pay of senior PAs of CSSS appointed/promoted prior to 1.1 .2006 and drawing less pay than PAs of CSSS promoted after 1.1.2006

No.5/16/ 2009-CS-II(C)
Government of India
Ministry of Personnel, Public Grievances and Pensions
Department of Personnel and Training
3rd Floor, Lok Nayak Bhawan,
Khan Market, New Delhi-110003.
Date: 31st May, 2011.
OFFICE MEMORANDUM
Subject:- Stepping up of pay of senior PAs of CSSS appointed/promoted prior to 1.1 .2006 and drawing less pay than PAs of CSSS promoted after 1.1.2006.
The undersigned is directed to refer to this Department’s Office Memoranda No.7/7/08-CS.I(A) dated 22.12.2010 and 18.3.2011 vide which the orders. for stepping up of pay of senior Assistants/PAs of CSS/CSSS promoted/direct recruited with that of Assistants/PAs promoted after 1.1.2006 were issued.
2. A number of Cadre Units of CSSS have sought clarification on the admissibility of stepping up of pay of senior PAs of CSSS appointed/ promoted prior to 1.1.2006 and drawing less pay than PAs of any Cadre Unit of CSSS promoted after 1.1.2006 consequent upon their fixation of pay in the revised pay structure of Grade Pay of Rs.4600 in the PB-2 on the basis of Department of Expenditure’s O.M. No.1/1/2008-IC dated 16.11.2009. The matter has been examined in this Division in consultation with Establishment(Pay) Division of this Department and it has been decided that as the Department of Personnel and Training had started making promotions to the PA grade on a centralised basis since SL year 2004 on the basis of Common Seniority List issued by this Department, the grade of PA is centralised for the purpose of removing the above anomaly.
3. Accordingly, all Cadre Units of CSSS are allowed to step up the pay of senior PAs of CSSS appointed/promoted prior to 1.1.2006 at par with that of Steno Grade ‘D’ of any Ministry/Department promoted as PAs after 1.1 .2006.

sd/-
(Kiran Vasudeva)
Under Secretary to the Govt. of India


Payment of Composite Transfer Grant



Payment of Composite Transfer Grant


Government of India/Bharat Sarkar
Ministry of Railways/Rail Mantralaya
(Railway Board)


RBE No.76/2011.

No. F (E) I/2010/AL-28/46                                                                          
New Delhi, dated 26.05.2011.

The General Managers,
All Indian Railways, etc.
(As per Standard Mailing List)

Sub:- Payment of Composite Transfer Grant.

   Representations have been received from various quarters for doing away with the condition of production of documentary evidence for transportation of personal effects from one station to another for admissibility of 100% CTG, where transferee/retiree submits self declaration of having transported personal effects by own means, without availing of the facility of Kit Pass, VPU and Goods/Container.

   The matter has been examined and it has been decided by the Board that henceforth:

     (i) When transferee / retiree submits self declaration that transportation of personal effects has been made by own arrangement and facility of Kit Pass/VPU/Goods Train/ Container has not been availed of, production of documentary evidence of such tranportation of personal effects by own arrangement need not be insisted upon, Subject to fulfillment of other conditions. Proof of journey/change of residence will however continue to be required. In the cases where
Kit Pass has been availed by the railway employee for transportation of personal effects, extant provision under the rules would continue to be applicable to regulate quantum of Composite Transfer Grant.

     (ii) For short distance transfers/settlement after retirement within the same Station or to an outstation within 20 Kms., where transportation of personal effects is generally carried out by road, CTG may be granted at prescribed rates. i.e 1/3rd of Basic Pay on production of documentary. Proof of change of residence, as a result of transfer/retirement subject to fulfillment of other condtions.


sd/-
(Sonali Chaturvedi)
Dy. Director Finance (Estt)
Railway Board.