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Thursday, 26 January 2017

OROP: veterans call off fast

Three members of the ex-servicemen fraternity on 'Fast Unto Death' (FUD) at Jantar Mantar for 'full' One Rank One Pension (OROP) have called it off following appeals from fellow veterans.

However, they said that their protest would continue. Three veterans, Mrs Sudesh Goyat, Hav Major Singh and Hav Mohinder Singh with the Indian Ex-Servicemen Movement (IESM) -- have been on fast unto deathsince January 15.

On Sunday, Mrs. Goyat was admitted to Army's Research & Referral (RR) hospital after her health deteriorated. Veterans said that as her condition worsened, doctors advised that she must have oral diet. In view of that, the veterans collectively appealed to her to end the fast which she accepted on Wednesday afternoon.

Maj Gen Satbir Singh, Chairman of IESM said that they would continue their agitation till the government implemented ‘full’ OROP. He said that Defence Minister Manohar Parrikar had refused their requests for a meeting which he said was “total insensitivity and apathy on the part of the Government.” A group of veterans had rejected the version implemented by the government stating that it deviated from the accepted definition of OROP which means equalisation of pension every year as against the approved five years.

Defence sources said that Mr. Parrikar was busy in the election campaign in Goa as well as the events related to the Republic Day. 

http://www.thehindu.com/news/national/OROP-veterans-call-off

Cabinet clears Pension Scheme (VPBY 2017) for Seniors with 8% return.

Cabinet on Tuesday approved a pension scheme (VPBY 2017) for senior citizens under which insurance behemoth LIC will provide a guaranteed return of 8 per cent for 10 years, as part of government’s social security and financial inclusion programme.
The Union Cabinet chaired by Prime Minister gave its post-facto approval for launching of Varishtha Pension Bima Yojana 2017 (VPBY 2017), an official statement said. “The scheme will provide an assured pension based on a guaranteed rate of return of 8 per cent per annum for ten years, with an option to opt for pension on a monthly/ quarterly/half yearly and annual basis,” it said.

The scheme will be implemented through Life Insurance Corporation of India (LIC) in the current financial year to provide social security during old age and protect elderly persons aged 60 years and above against a future fall in their interest income due to uncertain market conditions.

The differential return — the difference between the return generated by state-owned LIC and the assured return of 8 per cent per annum would be borne by the government as subsidy on an annual basis. VPBY 2017 is proposed to be open for subscription for a period of one year from the date of launch, the statement said. The pension scheme, the release said is a part of government’s commitment for financial inclusion and social security.

Source: BL

DA from January 2017 will be 4% or 5%

Dearness Allowance Estimation JANUARY 19, 2017 BY GCONNECT TEAM DA from January 2017 will be 4% or 5% based on Consumer Price Index (Industrial Workers) from January 2016 to December 2016 – Net increase in DA with effect from January 2017 is estimated to be 2% or 3% All India Consumer Price Index (Industrial Workers) for the month of November 2016 has been relased by Ministry of Labour few days back.

What do we need for estimating DA from January 2017 ? After implementation of 7th Pay Commission report, same inflation index i.e Consumer Price Index (Industrial Workers) with base year 2001=100, which was used for 6th Pay Commission Pay, is adopted for determining Dearness Allowance of Central Government Employees and Pensioners. The only difference in DA calculation as far as DA from January 2016 will be, will be taking the Average of CPI-IW recorded in 2015 in the place of Average of CPI-IW recorded in 2005 which was used in 6th CPC DA calculation Dearness Allowance payable after implementation of 7th Pay Commission= (Avg of CPI-IW for the past 12 months – Average of CPI-IW recorded in 2015)*100/(Average of CPI-IW recorded in 2015) In order to determine DA with effect from January 2017, based on the above formula we need Consumer Price Index for the months from January 2016 to December 2016
Now that Consumer Price Index for the months from January 2016 to November 2016 is available, we have made an attempt to estimate Dearness Allowance applicable to Central Government Employees and Pensioners with effect from 1st January 2016, by assuming the possible CPI (IW) for the month of December 2016.
MonthActual AICPI-IW
Jan-2016269 Feb-2016267 Mar-2016268 Apr-2016271 May-2016275 Jun-2016277 Jul-2016280 Aug-2016278 Sep-2016277 Oct-2016278 Nov-2016277 Dec-2016

Yet to be released Estimation of DA from 1st January 2017:

Scenario 1 :
No increase in AICPI (IW) in December 2016 AICPI (IW) for November 2016 is 277. If AICPI (IW) for December 2016 remains the same as November 2016, there will be additional 1% increase in DA from January 2017 which would make overall DA as 5%. DA with effect from 1st January 2017= [ (269+267+268+271+275+277+280+278+277+278+277+277)/12]-(261.4)X100/261.4 = 5 %

Scenario 2:
Decrease in AICPI (IW) in December 2016 Even if All India Consumer Price Index (Industrial Workers) decreases by 31 point and pegged at 246 in the month of December 2016, DA from January 2017 will be 4% . At the same time even for 1 point decrease in the index for December 2016 will result in lesser DA increase from January 2017 compared to Sceanrio 1 in which index is unaltered in Dec 2016. DA with effect from 1st January 2017= [ (269+267+268+271+275+277+280+278+277+278+277+246)/12]-(261.4)X100/261.4 = 4 % DA with effect from 1st January 2017= [ (269+267+268+271+275+277+280+278+277+278+277+276)/12]-(261.4)X100/261.4 = 4 %

Scenario 3 : Increase in AICPI (IW) in December 2016 It is very interesting to note here that, even for increase in consumer price index in the month of December up to 31 points, i.e Increase in AICPI (IW) for December 2016 to 308 points from 277 points in November 2016, DA from January 2017 will be 5% only. DA with effect from 1st January 2017= [ (269+267+268+271+275+277+280+278+277+278+277+308)/12]-(261.4)X100/261.4 = 5 %

The other scenario that increase of more than 31 points in AICPI (IW) in the month of December 2016 for making DA with effect from January 2017 more than 5% is most unlikely.
Hence, it is more logical to conclude that DA from January 2017 will be either 4% or 5%.

Income Tax Rates FY 2016-17 (AY 2017-18)

Finmin Orders CIRCULAR
NO : 01/2017 F.No.275/192/2016-IT(B) Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes North Block, New Delhi Dated the 2nd January, 2017

SUBJECT: INCOME-TAX DEDUCTION FROM SALARIES DURING THE FINANCIAL YEAR 2016-17 UNDER SECTION 192 OF THE INCOME-TAX ACT, 1961.

Reference is invited to Circular No.20/2015 dated 02.12.2015 whereby the rates of deduction of income-tax from the payment of income under the head "Salaries" under Section 192 of the Income-tax Act, 1961 (hereinafter ‘the Act’), during the financial year 2015-16, were intimated.
The present Circular contains the rates of deduction of income-tax from the payment of income chargeable under the head "Salaries" during the financial year 2016-17 and explains certain related provisions of the Act and Income-tax Rules, 1962 (hereinafter the Rules).
The relevant Acts, Rules, Forms and Notifications are available at the website of the Income Tax Department- www.incometaxindia.gov.in.

2. RATES OF INCOME-TAX AS PER FINANCE ACT, 2016: As per the Finance Act, 2016, income-tax is required to be deducted under Section 192 of the Act from income chargeable under the head "Salaries" for the financial year 2016-17 (i.e. Assessment Year 2017-18) at the following rates: 2.
1 Rates of tax
A. Normal Rates of tax:

B.Rates of tax for every individual, resident in India, who is of the age of sixty years or more but less than eighty years at any time during the financial year:

 C. In case of every individual being a resident in India, who is of the age of eighty years or more at any time during the financial year:


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