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Important announcement: 1. In the interest continuous flow of information ‘News letter’ is now being posted on
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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
7.6.2011 Medical facilities to dependent relatives-Raising of income limit
3.6.2011 Correction No68 Issue of post retirement passes against next year account
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
Request for furnishing details of CDA pensioners opted for absorption in BSNL after Their retirement
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
Er.S C Maheshwari
Former DEN C.Rly.
Bharat Pensioners Samaj (Member SCOVA)
Genl. Secy. RREWA
490A/16 Gurudwara Road;Civil Lines .Gurgaon-122001
Websites : www.rrewa.org , http://www.bharatpensioner.org
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