Release of commemorative postage stamp on O. P. Jindal

Commemorative Postage Stamp on O. P. Jindal will be released on 30/3/2016. 

Om Prakash Jindal (ओम प्रकाश जिन्दल) (7 August 1930 – 31 March 2005), popularly known as O.P. Jindal, was born in Hisar, Haryana. He established a successful business enterprise Jindal Steel and Power under the flagship of the Jindal Organization, of which he was the chairman. In November 2004, Jindal was awarded the prestigious "Life Time Achievement Award" for his outstanding contribution to the Indian Steel Industry by the Bengal Chamber of Commerce and Industry. According to the latest Forbes List, he was ranked 13th amongst the richest Indians and placed 548th amongst the richest persons of the world.

Jindal was appointed Minister of Power in the Government of Haryana. He won the Hisar Legislative Assembly seat of Haryana three times consecutively. He was also a Member of the Committee on Food, Civil Supplies and Public Distribution from 1996 to 1997.

Jindal was elected to the Haryana Vidhan Sabha (the Haryana state government) in February 2005, and was the Minister of Power in the Government of Haryana at the time of his death. He was the Chairman of the N.C. Jindal Charitable Trust; Patron and Trustee of Agroha Vikas Trust and Agroha Medical College.

His 4 sons, Prithviraj Jindal, Sajjan Jindal, Ratan Jindal and Naveen Jindal now run the steel and power empire. His widow Savitri Jindal was Minister of State for Revenue, Disaster Management, Rehabilitation and Housing in Haryana state government, while his son Naveen was a member of the Parliament of India.

Source : wikipedia

Auditors Menu options- Useful to the inspectorial staff and SBCO

Government to hand over mandate of enforcing provident fund norms to labour ministry

NEW DELHI: The finance ministry may be egging you on to buy annuities but it is itself found to be lax in regulating provident fund of employees of cooperatives, semi-government organisations, universities and recognised educational institutions.

The government has now decided to hand over the mandate of strict enforcement of provident fund norms covering close to 150 entities to the labour ministry. The Employees' Provident Fund Organisation (EPFO), which has around eight crore subscribers, reports to the labour ministry, which has been a bone of contention with North Block officials for a long time.

The move came after it was detected that in case of some top colleges, for instance, the annual payout is much lower than the interest rate offered by EPFO. Similarly, there have been complaints regarding an airline, and the Seamen's Provident Fund too faced a major scam a decade ago.

There was similarly no focused regulation of the superannuation funds  offered by insurance companies led by Life Insurance Corporation, with Pension Fund Regulatory Authority of India staking claim on it.

Although the ministry has described EPF subscribers as "hostages, rather than clients", it has done little to monitor the funds governed by the PF Act, 1925, said officials.

"Since most of them are government-affiliated entities, there have not been major complaints but the finance ministry has little time to oversee them," said an official.

An official, however, said that with PFRDA being the designated regulator, the mandate should be handed over to it. Besides, the officer said, the regulator should not be tasked with running pension schemes, such as the National Pension Scheme.

"The finance ministry has agreed to give the power to the labour ministry," said a senior official, adding that cabinet secretariat was approached to make changes in allocation of business rules.

Source : http://economictimes.indiatimes.com/

Avila releases customised stamp

Avila Convent Matriculation Higher Secondary School became the first private institution in the country to get customised My Stamp.

According to a press release from the Department of Posts, the stamp was released by Jagat Shah, advisor to the Prime Minister, at a function here on Tuesday.

It was received by the principal of the school Shalini.

The customised Avila - My Stamp was released as part of the Golden Jubilee celebrations of the school.

According to Manju P. Pillai, deputy director general, Indian Postal Service, there were several schemes in the postal department that students can benefit from, such assavings for the girl child and philately.

Source: thehindu.com

Memorandum submitted to GDS Committee by NFPE

To view the copy of Memorandum, please CLICK HERE. 

I-T Department wants you to declare all interest income in your ITR

BENGALURU: In a circular released on Tuesday, the Central Board of Direct Taxes has warned the taxpayers who do not declare all their interest income in their ITRs to correct their ways. They have been asked to re-file and rectify their returns for FY 2013-14 onwards.

You'll have to declare even those interest incomes where Form 15 G/H have been filed and the total exceeds the maximum amount not chargeable to tax, that is, Rs 2.5 lakh. Only interest income up to Rs 10,000 exempted under Section 10 may be left out. The deadline for this is 31st March 2016. If missed, you will be liable to pay a Rs 5,000 penalty under avoid penalty Section 271F of the I-T Act.

While form 26AS reflects only those payments on which tax has been deducted, the department can track your other deposits and interest payments received without deduction of tax too via information received from banks and other financial institutions. "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," said the circular.

  

In an online survey conducted by economictimes.com last August, 30% of the 2,168 respondents believed that interest of up to Rs 10,000 from bank FDs is tax free in a year. However, as per the rules,the exemption under Section 80TTA is only for the interest on the savings bank accounts. What one earns from on fixed deposits and recurring deposits is fully taxable. You also need to declare all those interest income where TDS has been deducted or you have filed Form 15 G/H.

Central employees get 6% D.A. as holi gift

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

On the eve of Holi festival, the government today hiked dearness allowance (DA) by 6 per cent, benefiting over 1 crore central government employees and pensioners.

Greetings......

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

Press Information Bureau

Government of India

Ministry of Finance

23-March-2016 17:29 IST

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. 

5 Year Post office Time Deposit eligible for 80C

Investment made in "five year time deposit in an account under Post Office Time Deposit Rules, 1981" will be eligible for deduction from the Gross total income, under section 80C, with the overall section treshold of 1 Lakh.

  

The additional point to be noted is "The amendment shall apply to investments, as above, made during the financial year 2007-08 and subsequent years."

Below is the summary of the Finance bill presented in the budget:

Enlargement of the scope of eligible saving instruments under section 80C

Section 80C of the Income-tax Act provides for a deduction of upto rupees one lakh to an individual or a Hindu undivided family (HUF) for,-

(i) making investments in certain saving instruments; or

(ii) incurring expenditure on tuition fee and repayment of housing loan.

With a view to encourage small savings, it is proposed to enlarge the scope of eligible saving instruments by inserting two new clauses in sub-section (2) of section 80C. 

The following investments made by the assessee, during the previous year, shall be eligible for deduction under section 80C within the overall ceiling of rupees one lakh:-

(i) five year time deposit in an account under Post Office Time Deposit Rules, 1981; and

(ii) deposit in an account under the Senior Citizens Savings Scheme Rules, 2004.

Further, it is also proposed to provide that where any amount is withdrawn by the assessee from such account before the expiry of a period of 5 years from the date of its deposit, the amount so withdrawn shall be deemed to be income of the assessee of the previous year in which the amount is withdrawn. The amount so withdrawn, accordingly, shall be liable to tax in the assessment year relevant to such previous year. The amount liable to tax shall also include that part of the amount withdrawn which represents interest accrued on the deposit. However if any part of the amount so received or withdrawn (including the amount relating to interest) has suffered taxation in any of the earlier years, such amount shall not be taxed again.

CAT Judgement : In a relief to several PAs , the Ahmedabad bench of CAT has set aside the DoP order cancelling their services

In a relief to several postal assistants (PA) and sorting assistants (SA) from Gujarat, the Ahmedabad bench of central administrative tribunal (CAT) has set aside the order cancelling their services on Tuesday.

The CAT has also asked the postal department to conduct inquiry into the alleged irregularities in the recruitment of PAs and SAs from the state and take decision within three months.

Hundreds of PAs and SAs from the state, whose recruitment was cancelled by the postal department in December last year, had approached the CAT. "The postal department had cancelled the recruitments across the country after one of the candidates who wasn't selected alleged that irregularities occurred in the recruitment process in Uttar Pradesh. Following the allegations, inquiry was conducted and hundreds of recruitments were cancelled by the postal department," said senior advocate Bhaskar Tanna who represented the PAs and SAs.

"We filed case in the CAT on behalf of 167 affected PAs and SAs from Gujarat. We argued in the tribunal that the postal department terminated all recruitments without segregating guilty and non-guilty candidates. Also, the candidates were not given any opportunity of being heard.

The bench of M Nagarajan and E K Bharat Bhushan held that the decision to cancel the recruitments was unconstitutional and violated the provisions of the constitution," Tanna told TOI. The bench has asked the postal department to conduct inquiry within three months and take those on job who are found to be not guilty. "This order is limited to Gujarat. The tribunal has also asked postal department to ensure that the guilty be booked," Tanna added.

Source: Times of India

7th Pay Commission: Central govt employees narrow down charter of demands; turn reasonable

New Delhi: The Joint Consultative Machinery of central government employees--the forum for amicable settlement of grievances of the Central Government employees relating to their service matters--seems to have turned more reasonable and have narrowed down the charter of demands seeking review of the seventh pay panel recommendations.

In February, the employees' forum had decided to proceed on an indefinite strike from April 11, if their charter of 26 demands was not met.

The demands also included no privatization of government functions, no FDI in Railways and Defence and no corporatization of Defence Production Units and Postal Department.

As per reports the Empowered Committee of Secretaries headed by the Cabinet Secretary assured that fair consideration will be given to all points brought out by the Joint Consultative Machinery​ before taking a final view.

Following are the narrowed demands presented by the Joint Consultative Machinery​ before the Empowered Committee of Secretaries:

1. Revision of the minimum pay of Rs. 18000 p.m. recommended by the Commission, taking into account commodities prices as on 01.07.2015 and appropriately factoring in for social obligations & housing.

2. Withdraw the New Pension Scheme. The Centre made made the NPS mandatory for employees who joined the service on or after January 1, 2004. It has since been adopted by most state governments also.

3. To re-examine the relevance of allowances and interest free advances in certain departments before taking a decision.

4. Should increase Fixed Medical Allowance from the existing Rs 500 per month to Rs 2000 per month, as large number of cities are not covered under central government health scheme.

5.Should discouraged outsourcing of services breed inefficiency and contractors exploit contract workers.

6. Enhancement in contribution towards Group Insurance Scheme has reduced the actual increase in take home salary considerably. If the rates are to be raised, the Government should bear the insurance premium

7. 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 Child Care Leave, defeating the purpose of the welfare measure.

8. Annual increments be granted at the rate of 5% instead of existing 3% and increments may be granted on two dates i.e. 1 st of January and 1 st of July of every year against the current norm of granting of increment on 1 st July of every year.

9. 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.

10. Recommendation regarding Performance Related Incentive Scheme unacceptable as these could encourage favoritism.

Source: zeenews.india.com

Periodical meeting of JCM National Council with the Secretary Pension held on 10.3.2016

After the initial comments from the Secretary Pension and the Secretary Staff Side, the items which had been subjected to discussion in the earlier meeting and the action taken statement thereon were taken up. The following were the issues that came up for discussion in the Action Taken Statement.

1. Abnormal delay in the issue of revised PPO to pre 2006 retirees pensioners/family pensioners. (as per the minutes of the JCM held on 26.02.20125).The following information was given at the meeting:

Ministry/Deptt.     Total Cases     Revised authority issued     PPOs yet to be revised

Civil Ministries         431172                        425599                              5573

Railways                  984260                        984260                               Nil

Posts                      159675                      159675                               Nil

Telecom                   53126                           52284                               272

2.Cashless treatment to CGHS beneficiaries by empanelled private hospitals. The health Ministry officials stated that since the budgetary provisions are made separately for each Ministry it was not possible to ensure cashless treatment to serving employees. The concerned Department or Ministry has to enter into agreement with the hospitals.

3.Finalisation of Family pension cases within a specified period.

It was stated by the official side that the instructions have already been issued. Regarding the complaint from the M.P. Circle of the Postal Department, the matter has been taken up with the concerned authorities on 6.2.2015. The representative of the Postal Department said that the complaint has been attended to and the matter has been settled.

Agenda Items for the meeting:

1. Grant of Gratuity on retirement/death of a Central Govt. NPS subscriber. The representatives of the Pension department said that the Department of Expenditure has given their concurrence for the grant of Gratuity for the NPS subscribers on 8.1.2016. The requisite amendment to the rules, they added were being processed and the consultation with the Law Ministry and the Labour Ministry have already been made. They said that they would expedite the issuance of orders in the matter.

2. Extension of the benefits of full pension to pre-2006 pensioners who had completed more than 20 years of service but less than 33 years. The Staff side said that despite series of judgements in favour of the pensioners, the Government has not yet issued the orders. Recently the Nagpur Tribunal has issued a contempt notice to the Government. They also alleged that the pensioners are being dragged to litigation. The Representatives of the Pension Department informed that the Department of Expenditure had not agreed to extend the benefit generally to all which has resulted in filing appeal. The representative of the Department of Expenditure stated that in the light of the view of the Department of legal affairs, the matter would be re-examined.

3. Delay in the finalisation of Family pension cases by the PCDA (Pension) Allahabad. In response to the complaint the representative of the Defence Ministry informed that only in a few cases, the finalisation has been delayed due to the documentation difficulties. They assured to sort out the matter.

4. Grant of modifed parity to all those who retired prior to 1.1.2006 with reference to the upgraded post. The Staff Side stated that the Department of Pension has taken a very narrow view of the matter and the cases are dragged to the courts of law. The very spirit of the recommendation of the 5th CPC to bring about atleast modified parity if not full parity has not been appreciated by the Govt. The issue was discussed at length. The official side pointed out the decisions of the Court in favour of the position taken by the Government in the case of K.S. Krishnaswany in CANO. 3174/3006, which has been upheld by the Honourable Gujarat High Court. In reply the Staff Side pointed out that the said decisions quoted by the official side had come about due to the phrase employed while issuing the original order viz. corresponding replacement scale. After some discussions, the Chairman agreed to look into the matter afresh and revisit the order of the Department of Pension in the matter.

5.The meeting also discussed the difficulties of Pensioners during the hearing of Pension Adalats. The Staff Side pointed out the need to engage some knowledgeable person to assistant the complainants. The official side said that there had been no prohibition in the matter. The Petitioners are entitled to seek the assistance of another pensioner in presenting his case. If specific complaint of denial of this facility is brought to their notice, the Pension Department will issue the necessary instruction in the matter.

The meeting ended with a vote of thanks to the Chair

Uploading of RTI Replies on the respective websites of Ministries/Departments.

To view, DoPT OM No. 1/1/2013-IR dated 23rd March 2016 please CLICK HERE. 

Office Memorandum of Ministry of Finance on revision of interest rates for small savings schemes

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

Press Information Bureau
Government of India
Cabinet

23-March-2016 16:29 IST  

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).

Post Offices leave SBI behind in core banking: RS Prasad

New Delhi | Tuesday, Mar 22 2016 IST

Union Minister for Communication, Information and Technology Ravi Shankar Prasad today said that the core banking business of India Post Offices has become bigger than the leading public sector lender State Bank of India (SBI)."Today Post Office's core banking has become bigger than SBI. 

In June 2014 it was only 230 and now it is more than 20,000. 

The parcel revenue which was -2 per cent in 2013-14 has increased by more than 100 per cent in 2015-16, Ravi Shankar Prasad, Minister for Communication and IT said at Digital India Summit.

Mr Prasad added that the number of ATMs in post offices has increased from four when he took over as the minister to 850 today and by April the number will rise to 1000. "By March next year we will bring in the payment bank of the postal department," Mr Prasad said.

The minister also said that the government is focused on to create employment in rural and small town areas."We are taking BPOs to small towns of India to provide employment to youth of small towns so that they don't have to migrate to cities for job", Mr Prasad said. On IT exports, Mr Prasad said it has crossed the business of one billion dollars. Today India's IT export has crossed one billion dollars," he added. 

Source : http://news.webindia123.com/news/Articles/India/20160322/2821939.html

Regarding inclusion of 'chain vacancies' --Implementation of guidelines issued vide Directorate letter No. 25-10/2014-SPG dated 09-07-2014

Grant of special allownace for IP/ASPs working in RO/CO - regarding

7th Pay Commission: Cheers for govt employees! Centre to start paying increased salary from July

Zee Media Bureau, March 22, 2016

New Delhi: In what could bring smiles to lakhs of central government employees, the Centre might start paying the increased salary, recommended by Seventh Pay Commission, from July onwards, as per media reports.

Added to the pleasure will be the government decision to also pay arrears to the employees along with the hike in salary.

The 'increased pay', which is due from January 1, 2016, will mean a total of six months' arrear.

As much as Rs 70,000 crore has been provisioned in the Union Budget 2016-17 for implementation of Seventh Pay Commission for government employees.

Implementation of the pay commission report in toto is to cost the government Rs 1.02 lakh crore.

The government in January set up a high-powered panel headed by Cabinet Secretary P K Sinha to process the recommendations of the 7th Pay Commission which will have bearing on the remuneration of 47 lakh central government employees and 52 lakh pensioners.