Wednesday, November 10, 2010
Tuesday, October 12, 2010
1. He should ensure that his home town is correctly indicated in his service records. Otherwise he should take action to have his home town entered therein.
2. Whenever he intends to avail of the concession under this scheme, he should inform the Controlling Officer before commencement of the journeys.
3. When he intends to avail of the concession to visit “anywhere in India” by himself or by any member(s) of his family, he should declare the intended place of visit to the Controlling Officer. The official and / or member(s) of the family must visit the place to become eligible for reimbursement of the claim.
4. If there is any change in the intended place of visit, he should intimate the same to the Controlling Officer before the commencement of the journey.
5. He should produce evidence of his having actually performed the journey, for example, serial numbers of Railway tickets, etc.
6. If he takes an advance under this scheme, he should ensure that the outward journey is commenced within 30 days from the date of grant of the advance, or refund the full advance. In case of journeys by rail, advance can be drawn sixty days before the proposed date of outward journey. In all cases, Railway/Bus tickets should be produced within ten days of drawal of the advance.
7. He should see that half the advance is refunded if the period of absence exceeds 90 days.
8. He should prefer the bills adjusting the advance taken within one month from the completion of the return journey. In all cases, the claim will stand forfeited or deemed to have been relinquished if the same is not preferred within three months of the return journey. WHAT THE
CONTROLLING OFFICER SHOULD DO…
1. A record of all assistance granted under the scheme should be maintained. Entries should be made in the service books indicating the dates of commencement of the outward journey.
2. He should maintain, for his own convenience, a register of home town in respect of the staff under his control.
3. Relaxations of a minor nature, viz., waival of prior intimation of journey can be made by the Head of Department in genuine cases.
4. He should keep a watch over the position of outstanding advances paid up to the end of the previous month and issue necessary orders regarding recovery of advances due for adjustment.
Friday, October 1, 2010
Deptl. employees -- Rs.6908/-
GDS employees -- Rs.4934/- ( ceiling directorates memo No.26-04/2010-PAP dated 01/10/2010 2500)
Saturday, July 24, 2010
Friday, July 16, 2010
The new symbol, designed by Bombay IIT post-graduate D Udaya Kumar, was approved by the cabinet today -- reflecting that the Indian currency, backed by an over-trillion dollar economy, was finally making its presence felt on the international scene.
Though the symbol will not be printed or embossed on currency notes or coins, it would be included in the 'Unicode Standard' and major scripts of the world to ensure that it is easily displayed and printed in the electronic and print media.
Among currencies with distinctive identities, only the pound sterling has its symbol printed on the notes.Unicode is an international standard that allows text data to be interchanged globally without conflict. After incorporation in the global and Indian codes, the symbol would be used by all individuals and entities within and outside the country.
Thursday, June 3, 2010
Monday, May 24, 2010
NEW PENSION SCHEMES GIVES 12% AVERAGE RETURNS LAST YEAR (FIRST YEAR OF ITS OPERATION) FOR PUBLIC AND 14.82% AVERAGE RETURNS FOR CENTRAL GOVT. EMPLOYEES
The New Pension Scheme (NPS) for all citizens of India introduced in May 2009, has generated an average return of 12% in the first year of its operation, outperforming most other long-term savings scheme such as the Employees' Provident fund and term deposits. the year-old scheme for all citizens of India has a corpus fund of just Rs 10 crore with 6000 subscribers as compared with the Employees provident Fund (EPF) wich has over 4.5 crore subscribers with a corpus fund of over 262000 crore as on March 209. NPS corpus is managed by six different fund managers. The equity investments of the scheme has generated a 26% return. the new Pension scheme corpus is eqally divided amongst the six fund managers including SBI Pension Funds, UTI Retirement Solutions, IDFC Pension funds, ICICI Prudential Pension Funds, Kotak Mahindra Pension Funds and Reliance Capital Pension Fund.
Central Govt Employees who joined as a part of the contributory New Pension Scheme (NPS) have earned a weighted average returns of 14.82 % during 208-09, the first year when three fund managers managed a corpus of around Rs. 2000 crore
- Akula . Praveen Kumar
Thursday, April 15, 2010
Tuesday, April 13, 2010
Tuesday, March 30, 2010
It has been decided to declare wednesday 14th April 2010 as closed holiday on account of Birthday of Dr. B.R. Ambedkar, for all Central Govt offices through out India.
The above holiday is also being notified in excercise of the Powers conferred by Section 25 of the Negotiable Instrument Act 1881 (26 of 1881).
Saturday, March 27, 2010
Govt. of India
Ministry of Finance
Department of Expenditure
New Delhi, the 26th March, 2010
Subject:- Payment of Dearness Allowance to Central Government Employees - Revised Rates effective from 1.1.2010
The undersigned is directed to refer to this Ministry's Office Memorandum No. 1 (6)/ 2009 - E-II (B) dated 18th September, 2009 on the subject mentioned above and to say that the President is pleased to decide that the Dearness Allowance payable to Central Government employees shall be enhanced from the existing rate of 27% to 35% with effect from 1st January, 2010.
2. The provisions contained in paras 3, 4 and 5 of this Ministrry's OM No. 1 (3) / 2008 - E- II (B) dated 29th August, 2008 shall continue to be applicable while regulating Dearness Allowance under these orders.
3. The additional instalment of Dearness Allowance payable under these orders shall be paid in cash to all Central Government employees.
4. The payment of arrears of Dearness Allowance for the months of January and February, 2010 shall not be made before the date of disbursement of salary for March, 2010.
5. These orders shall also apply to the civilian employees paid from the Defence Services Estimtaes and the expenditure will be chargeable to the relevant head of the Defence Services Estimates. In regard to Armed Forces personnel and Railway employees separate orders will be issued by the Ministry of Defence and Ministry of Railways respectively.
6. In so far as the persons serving in the Indian Audit and Accounts Department are concerned, these orders issue after consultation with the Comptroller and Auditor General of India.
Under Secretary to the Government of India.
Thursday, February 25, 2010
Wednesday, February 24, 2010
Thursday, February 18, 2010
Monday, February 15, 2010
Wednesday, February 10, 2010
What is an Assessment Year?
It is the twelve-month period 1st April to 31st March immediately following the previous year . In the Assessment year a person files his return for the income earned in the previous year. For example for FY:2009-10 the AY is 2010-11.
What does the Income Tax Department consider as income?
The word Income has a very broad and inclusive meaning. In case of a salaried person, all that is received from an employer in cash, kind or as a facility is considered as income. For a businessman, his net profits will constitute income. Income may also flow from investments in the form of Interest, Dividend, and Commission etc. Infect the Income Tax Act does not differentiate between legal and illegal income for purpose of taxation. Under the Act, all incomes earned by persons are classified into 5 different heads, such as:
Income from Salary
Income from House property
Income from Business or Profession
Income from capital gains
Income from other sources
A child living abroad send Rs.20000/- per month for parent's maintenance. Would this be considered as income?
What is a return of income?
It is a prescribed form through which the particulars of income earned by a person in a financial year and taxes paid on such income is communicated to the Income tax department after the end of the Financial year. Different forms are prescribed for filing of returns for different Status and Nature of income.
From where one can get a return form?
The Public Relation Officer [PRO] can be contacted for this purpose. The form can also be downloaded from the site http://www.incometaxindia.gov.in/.
How can one know which form is applicable for the income?
One should choose a return form according to the status and nature of income from the following:
ITR1 – For Individuals having Income from Salary/ Pension/ family pension & Interest
ITR2 – For Individuals and HUFs not having Income from Business or Profession
ITR3 – For Individuals/HUFs being partners in firms and not carrying out business or profession under any proprietorship
ITR4 – For individuals & HUFs having income from a proprietary business or profession
ITR5 – For firms, AOPs and BOIs
ITR6 – For Companies other than companies claiming exemption under section 11
ITR7 – For persons including companies required to furnish return under section 139(4A) or section 139(4B) or section 139(4C) or section 139(4D)
ITR8 – Return for Fringe Benefits
ITRV – Where the data of the Return of Income/Fringe Benefits in Form ITR-1, ITR-2, ITR-3, ITR-4, ITR-5, ITR-6 & ITR-8 transmitted electronically without digital signature
If one fails to furnish the IT return within the due date of filing, will he be fined or penalized?
Yes. This may take the form of interest if the return is not filed before the end of the assessment year. If the return is not filed even after the end of the assessment year, penalty may also be levied.
If one have paid excess tax how and when will it be refunded?
The excess tax can be claimed as refund by filing the income tax return. It will be refunded by issue of cheque or by crediting to the bank account. The department has been making efforts to settle refund claims within four months from the month of filing return.
There are various deductions that have not been reflected in the Form 16 issued by the employer. Can one claim them in his return?
What is considered as Salary income?
Whatever is received by an employee from an employer in cash, kind or as a facility [perquisite] is considered as Salary.
What are allowances? Are all allowances taxable?
Allowances are fixed amounts, apart from salary, which are paid by an employer for the purpose of meeting some particular requirements of the employee. There are generally three types of allowances for the purpose of income tax- taxable, fully exempted and partially exempted.
Even if no taxes have been deducted from salary, is there any need for the employer to issue Form-16 ?
Form-16 is a certificate of TDS and in this case it will not apply. Howeverthe employer must issue a salary statement.
If one is getting pension through a bank/Post office who will issue Form-16 or pension statement - the bank /Post Office or the former employer?
The bank/P Office.
Are retirement benefits such as PF and Gratuity taxable?
No. They are exempt subject to conditions and limits laid down in the Income Tax Act.
Can the employer consider relief u/s 89(1) for the purposes of calculating the tax liability?
Is leave encashment taxable as salary?
It is taxable if received while in service. Received as retirement benefit, it is exempt subject to certain conditions.
What is TDS?
TDS means Tax Deducted at Source. It is the amount withheld from payments of various kinds such as salary, contract payment, commission etc. This withheld amount can be adjusted against your tax due.
Some demand has been raised by the Assessing officer after assessment. Can one pay this demand in installments or seek time till the appeal is settled?
Yes. the individual may approach the Assessing officer within 30 days of receipt of demand notice for installments or stay or seek time for payment. However it is liable to pay interest for delay in payment of demanded tax.
Monday, February 8, 2010
Sunday, February 7, 2010
Department is in the active consideration to examine the feasibility of extending RSBY (Rashtriya Swasthya Bima Yojna - a scheme formulated by the Ministry of Labour and Employment) to the regularly appointed GDS and his/her family members not exceeding five including the GDS and his/her spouse.
Hence, the Department has issued orders to collect the details of the GDS in the Department as on 1.1.2010. The GDS has to give information about the family members. He/She should also give his/her photograph.
Bio-matric smart cards are likely to be issued to the beneficieries
Sr. Postmaster [116 ] 9300-34800 + Grade Pay of Rs. 4800/- [ 5400/- after 4 years]
Postmasters Grade III  9300-34800+ GP 4600/- PB-2 [ Earlier designation HSG I]
Postmasters Grade II  9300-34800+ GP 4200/- PB-2 [ Earlier designation HSG II ]
Postmasters Grade I [ 2097] 5200-20200+ GP 2800/- PB-2 [ Earlier designation LSG SPM]
However Recruitment Rules are yet to be notified.