ALL VETERANS ARE REQUESTED TO SEE THE WEB SITE & GIVE YOUR VALUABLE COMMENTS/SUGGESTIONSGet this Widget

Thursday, 2 February 2017

Tax rate for lowest income slab slashed to 5% from 10%, surcharge of 10% slapped on incomes over Rs 50 lakh

Indian Military Veterans
Tax rate for lowest income slab slashed to 5% from 10%, surcharge of 10% slapped on incomes over Rs 50 lakh

Tax rate for lowest income slab slashed to 5% from 10%, surcharge of 10% slapped on incomes over Rs 50 lakh
Tax rate for lowest income slab slashed to 5% from 10%, surcharge of 10% slapped on incomes over Rs 50 lakh

Simple one- page Income Tax Return form – FM

Indian Military Veterans


Simple one- page Income Tax Return form – FM
“A simple one- page Income Tax Return form for the category of individuals having taxable income upto Rs 5 lakhs other than business income.”
“Finance Minister Shri Jaitley said that the present burden of taxation is mainly on honest tax payers and salaried employees who are showing their income correctly. Therefore, post-demonetisation, there is a legitimate expectation of this class of people to reduce their burden of taxation.”
Press Information Bureau
Government of India
Ministry of Finance
01-February-2017 14:11 IST
Finance Minister reduces the tax rate from 10 to 5 per cent for individual income between Rs 2.5 to Rs 5 lakh.
Finance Minister appeals to all citizens to contribute to Nation Building by making a small payment of 5 per cent tax if their income is falling in this slab.
A simple one- page Income Tax Return form for the category of individuals having taxable income upto Rs 5 lakhs other than business income
The Union Finance Minister Shri Arun Jaitley reduced the rate of taxation from existing 10 per cent to 5 per cent for individual assesses between income of Rs 2.5 lakhs to Rs 5 lakhs. This would reduce the tax liability of all persons below Rs 5 lakh income either to zero (with rebate) or 50 per cent of their existing liability.
While presenting the General Budget 2017-18 in the Parliament today, the Union Finance Minister Shri Jaitley said that the present burden of taxation is mainly on honest tax payers and salaried employees who are showing their income correctly. Therefore, post-demonetisation, there is a legitimate expectation of this class of people to reduce their burden of taxation. The Finance Minister further said that if a nominal rate of taxation is kept for lower slab, many more people will prefer to come within the tax net. The Finance Minister made an appeal to all the citizens of India to contribute to Nation Building by making a small payment of 5 per cent tax if their income is falling in the lowest slab of Rs 2.5 lakhs to Rs 5 lakhs.
The Union Finance Minister Shri Jaitley said that the Government is trying to bring within tax-net more people who are evading taxes. So, in order to expand tax net, it is decided to have a simple one-page form to be filed as Income Tax Return for the category of individuals having taxable income upto Rs 5 lakhs other than business income. Also, a person of this category who files income tax return for the first time would not be subjected to any scrutiny in the first year unless there is specific information available with the Department regarding his high value transaction.
In his Budget Speech, the Finance Minister further said that in order not to have duplication of benefit, the existing benefit of rebate available to the same group of beneficiaries is being reduced to Rs 2500, available only to assessees upto income of Rs 3.5 lakhs. The combined effect of both these measures will mean that there would be zero tax liability for people getting income upto Rs 3 lakhs per annum. and the tax liability will only be Rs 2,500 for people with income between Rs 3 and Rs 3.5 lakhs. While the taxation liability of people with income upto Rs 5 lakhs is being reduced to half, all the other categories of tax payers in the subsequent slabs will also get a uniform benefit of Rs 12,500 per person. The total amount of tax foregone on account of this measure is Rs 15,500 crore.
In order to make good some of this revenue loss on account of this relief, a surcharge of 10 per cent of tax payable on categories of individuals whose annual taxable income is between Rs 50 lakhs and Rs 1 crore has been proposed. This is likely to give additional revenue of Rs 2,700 crore.
The Finance Minister said that the direct tax proposals for exemptions, etc. would result in revenue loss of Rs 22,700 crore but after counting for revenue gain of Rs 2,700 crore for additional resource mobilisation proposal, the net revenue loss in direct tax would come to Rs 20,000 crore.
Source: PIB News

NEED TO MODERNISE SERVICE HOSPITALS

Indian Military Veterans

 I do understand our MHs are overburdened, understaffed, given less budget, supplied inadequate quantities of medicines by AFMSDs, Local Purchase (LP) powers of Commandants MHs have been curtailed and getting approval of IFA to do LP of urgent medicines has caused further delays in getting even life saving drugs through LP. We hate to confront a problem and try to push it under the carpet for our successor to resolve it.
      I totally endorse your views on the need to overhaul ECHS system to provide best medicare to ESMs and Family pensioners who gave their youth for the Nation. 
      There is a need to overhaul ECHS system as it is proved beyond doubt empanelled hospitals are only interested to inflate the bills. This is because ECHS payment is delayed by a year and in some cases by two years. Who will wait that long to get their payments? Some of the reputed corporate hospitals denied admission as ECHS did not pay their long standing bills. Now a days Corporate hospitals pays their specialists salary ranging between Rs 2 to 5 laksh per month. They employ thousands of para medical and administrative staff. Who will pay their monthly salaries? They have to recoup medicines consumed by in – patients. The budgets of such hospitals has gone beyond our imagination.
     Most of our military hospitals have adequate land. Why those lands cannot be utilised in stations with huge Ex-Servicemen population to have ECHS hospitals constructed, staffed by civil doctors, para medical staff and administrative staff on contract basis like Medical Specialist & Dental Surgeon in ECHS Polyclinic?
     Why can not our MHs, Comd Hospitals, R & R Hospitals have civil doctors on contract basis. The colonial system handed over by Britishers needs to be thoroughly analysed and changed for the better.
    Our military hospitals are woefully short of manpower and latest medical equipment.
    Life is very precious.
    Even serving fraternity should be sent to Empanelled Hospitals in Emergencies if the MH does not have specialists and necessary medical equipment or medicines. The usual service custom of sending him to Comd Hospital/ Base Hospital / R & R hospital is a British system as medical facilities were not yet developed in the civil society in those days.  
    o a Corporate hospital if such facilities are not available in the service hospitals.
     Now with corporate hospitals mushrooming even in Tier II and Tier III towns, there is a need to develop ECHS hospitals with best medical equipment in a phased manner to cover most of the States and UTs in the country.
  The cost of ECHS hospital appears to be very high in the beginning but if these are built over a period of 20 years then there will be no need for going to Empanelled hospitals.
    From the time,  a number of veterans posted experience of other veterans who were denied medical treatment by the same Empanelled hospitals on the plea that they do not have bed. Yet no action seems to be taken against such irresponsible hospitals.
    A long term solution needs to be found lest more such untimely deaths take place.
    Deaths of veterans should not be a mere statistics.

ARMED FORCES VETERANS :: FORM-AT FOR REPRESENTATION TO BANK/DPDO/CPPC/RBI FOR NON PAYMENT OF REVISED 7TH CPC PENSION/DE-LINKING OF 33 YEARS ARREARS

Indian Military Veterans

ARMED FORCES VETERANS :: FORM-AT FOR REPRESENTATION TO BANK/DPDO/CPPC/RBI FOR NON PAYMENT OF REVISED 7TH CPC PENSION/DE-LINKING OF 33 YEARS ARREARS

DEAR ALL,

WE ALL KNOW THAT MAJORITY OF US (THE ESM COMMUNITY) HAVE BEEN PAID THE ARREARS. AND HAPPILY MOST OF US HAVE ALREADY UTILIZED THE SAME.

BUT IT IS LEARNT THAT MANY VETERAN BROTHERS HAVE NOT YET GOT ARREARS OF THEIR PENSION ON ACCOUNT OF  DE-LINKING OF 33 YRS (CIRCULAR 568) AND 7TH CPC (CIRCULAR 570) REVISED PENSION/ARREARS SO FAR, FOR SOME REASON OR THE OTHER

Furnished below is a e-mail format to represent their case to the concerned bank and reserve bank. On receipt of the same, chances are that positive action might be taken on the said representation. 

Kindly fill up the blank spaces with your particulars and send the same to the concerned CPPC and the PDA (your bank/DPDO which pays the pension).

SGT GV NARAYANA AIR VETERAN
BLOGGER
9490045365/8885012679,
HYDERABAD.
============================  SPECIMEN E-MAIL/LETTER REPRESENTATION

To, The DPDO/Chief/Senior Manager, CPPC, ---------------------- (e-mail ID) 

Sir,   
     
Kindly refer PCDA(P) Circulars No. 568 (de-linking of 33 years for earning full pension) and No.570 d/d 31.10.2016,(7th CPC revision of pension by 2.57 fitment formula) revising my pension(as on 31.12.2015) w.e.f. 1.1.2016 (available on PCDA(P) Allahabad website). My pension is not yet credited into my account so far. You are aware that almost all banks, including the private banks have paid the arrears to esm, but I have not ywet been paid the said arrears of revised pension.
My present Basic Pension as on 31.12.2015 : Rs.---------(As per above circular, the multiplication factor is 2.57 on this BP.) 

My date of joining the Army/Navy/IAF is ---------------and date of discharge is-----------------, and the total service is ------years-----months ------days,

Rank - -------, Group ---------(now X/Y), Pension drawn as on 1.7.2014=--------------(OROP) (qualifying service -----------years).


As per My PPO No. is --------------------------


issued on ---------------------with Basic pension


Rs.-------/-)

The scanned copy of PPO is forwarded which may kindly be perused.

My SB Pension account is maintained at --------

----------------Bank, --------------Branch, Code

No.-----------Dist. ----------------------              

state .....................

MY SB PENSION A/C NO.IS -----------------------
I have also submitted Life Certificate to the PDA bank on ------------------

May I request you to kindly order credit arrears of Revised pension in to my account at the earliest.

This is for your kind info and necessary payment action, please.
Thanking you,
Service No.............Rank...................Name................. 

Arms/Service.............Mobile No....................... 


address.........................................

Date:----------------------

Copy to :

The Branch Manager, ........................Bank address.
  
The DPDO..................................Office address

The GM, RBI, Regional Office...............State.
===============================

Note : This is only a model and not exhaustive. Vet Bros may add/delete some columns, if they so desire.

GOOD TIMES AHEAD? - NEW INITIATIVES FOR ORs/JCOs

Indian Military Veterans

GOOD TIMES AHEAD? - NEW INITIATIVES FOR ORs/JCOs

Enhancement of Casual Leave Exception from 21 Days to 30 Days. Fd Area Allowance are not deducted upto 21 days of CL. The limit has been enhanced to 30 days. 

This is applicable for JCOs/OR only and not for officers.

Interest rate on AGIF House Building Advance (HBA). 

Decreased from 9 % to 7.5% per annum for JCOs/OR. 

Also rate of interest has been decreased for JCOs/OR availing second limit HBA from 10% to 9%.

Cdr Ravindra Waman Pathak I.N. (Retd)
Member ​Veterans ​Pension Group

(SOURCE- FB A/C ACHYTAN RAGHAVAN)

The Defence Pension Liason Cell (DPLC), CGDA : Pension Portal

The Defence Pension Liason Cell (DPLC) has been shifted within the Complex of PCDA(P) ,Allahabad. It is manned by a serving offr & his sp staff.The contact details are as under:
FWD AS RECEIVED ON WHATSAPP
  Lt Col Parma Ram,OIC
  Tele:0532-2420940

 You may contact/send your grievances/queries for redressal accordingly


CGDA : Pension Portal
Please go to the following Link JN. Select the Name of your Bank  and enter your Bank account number. On submission, you can read complete details of your pension and its past records. You can also generate a Pension Slip for any desired Month.
Kindly circulate as much u can😊


Pension Portal-CGDA 

Salient Features of Direct Tax Proposals in Union Budget 2017

Salient Features of Direct Tax Proposals in Union Budget 2017

Nh
"Personal Income Tax: Personal income tax for people with income in the slab of 2.5 lakh to 5 lakh to be reduced to 5% instead of 10%. This will reduce their tax liability to half while all other tax payers above this slab will also be benefited in terms of lesser tax of Rs.12,500 per individual (revenue loss ofRs.15,500 crores).” Salient Features of Direct Tax Proposals in Union Budget 2017 The Union Budget 2017 was laid before the Parliament today by the Hon’ble Finance Minister of India. The salient features of Direct Tax proposals are summarised below: I. Affordable Housing: 1. Three concessions in the scheme of Income Tax exemption for affordable housing: (a) Area of 30 and 60 Sq.mtr. to be counted as carpet area and not built-up area; (b) 30 Sq.mtr. only in 4 metropolitan city limits and 60 Sq.mtr. for the rest of the country; (c) Completion period extended from 3 years to 5 years. 2. Tax on Notional rental income for builders to be calculated only after 1 year from the end of the year in which completion certificate is received. 3. Changes in Capital Gain taxation for immovable properties: (a) Holding period reduce for computation of long term capital gain from three years to two years (b) Base year for counting the cost of property shifted from 1.4.1981 to 1.4.2001 for all classes of assets including immovable property. 4. Basket of financial instrument in which capital gain can be invested without payment of tax to be expanded. 5. For joint development agreement, the liability to pay capital gain tax will arise in the year in which project is completed. 6. For Andhra Pradesh capital, land belonging to owners as on 2.6.2014 to be exempted from capital gain if the same is offered under land-pooling mechanism. II. Measures for stimulating growth: 1. Concessional withholding rate of 5 per cent. for interest received by foreign entities on loans given in India to be continued for another 3 years beyond 30.6.2017. 2. Start-ups to get two relaxations under the scheme of Income Tax holiday given last year. (a) The condition of continuous holding of 51 per cent. voting rights to be relaxed as long as the original investment of promoter is not diluted. (b) Exemption available for three years out of any 7 years from the date of establishment instead of 3 out of 5 years 3. The period of carry forward of MAT/AMT credit increased from 10 years to 15 years. 4. The corporate income tax to be reduced from 30% to 25% for companies with turnover upto Rs.50 crore in 2015-16. This will benefit 96% of existing 6.67 lakh companies. This will result into tax saving of 16.67% for these companies. 5. Deduction for provision for NPA of Banks to be increased from to 8.5% instead of 7.5% of profit. 6. In case of NPA of non-scheduled cooperative banks, interest to be recognised as income only when received. III Promoting Digital Economy: 1. In the presumptive income tax for small traders, income to be taken as 6% of turnover which is received by digital or banking means. 2. Cash expenditure allowable to be reduced to Rs.10,000 from the existing Rs.20,000. 3. Cash transaction of above Rs.3 lakh not to be permitted. The penalty of equal amount to be levied in case of breach. IV Transparency in Electoral Funding: 1. The cash donation to political parties from one person limited to Rs.2,000/-. 2. Electoral Bond to be introduced for facilitating donation to political parties from explained sources. 3. Political parties to file their return in time limit prescribed in the Income Tax Act. V. Ease of Doing Business: 1. Domestic transfer pricing to be applied only if one of the two companies enjoys specified profit-linked deduction. 2. The audit limit for business entities opting for presumptive scheme to be increased from Rs.1 crore to Rs.2 crore. 3. Individuals and HUFs not required to keep books of accounts if their turnover is up to Rs.25 lakhs or income is upto Rs.2.5 lakhs. 4. Investment in Category 1 and 2 foreign portfolio investors registered with SEBI to be exempted from provisions of indirect transfer. 5. TDS of 5% not to be deducted for individual insurance agents if they certify their income to be below taxable limit. 6. Professionals in presumptive scheme to pay advance tax only in one instalment in March instead of four. 7. The time limit for revising a tax return reduced to 12 months. Also time limit for completion of scrutiny will be brought down to 12 months from Assessment Year 2019-20 onwards. VI Personal Income Tax: 1. Personal income tax for people with income in the slab of 2.5 lakh to 5 lakh to be reduced to 5% instead of 10%. This will reduce their tax liability to half while all other tax payers above this slab will also be benefited in terms of lesser tax of Rs.12,500 per individual (revenue loss ofRs.15,500 crores). 2. Surcharge of 10% to be levied on individuals with income between Rs.50 lakhs to Rs.1 crore (revenue gain of Rs.2,700 crore). VII. Miscellaneous: 1. TCS exemption for state transport corporation in respect of purchase of vehicles. 2. Income of Chief Minister’s relief fund exempt from tax. 3. Penalty on accountant, registered valuer and merchant banker for furnishing incorrect information. 4. In order to ensure timely filing of return and expeditious issue of refund, a fee shall be levied for delay in filing of return. Source: PIB News

Blog Archive

Disclaimer

The contents posted on these Web Site are personal reflections of the Viewers and do not reflect the views of the "Indian Military Veterans- Web" Team. Neither the "Indian Military Veterans -Web" nor the individual authors of any material on these Web accept responsibility for any loss or damage caused (including through negligence), which anyone may directly or indirectly suffer arising out of use of or reliance on information contained in or accessed through these Web.
This is not an official Web site. This forum is run by team of ex- Indian Army, Veterans for social networking of Indian Defence Veterans. It is not affiliated to or officially recognized by the MoD or the AHQ, or Government/ State.
The Indian Military Veterans Forum will endeavor to edit/ delete any material which is considered offensive, undesirable and or impinging on national security. The WebTeam is very conscious of potentially questionable content. However, where a content is posted and between posting and removal from the Web in such cases, the act does not reflect either the condoning or endorsing of said material by the Team.
Web Moderator: Capt KS Ramaswamy (Retd)

CLICK THE FOLLOWING LINK FOR 6 thCPC CIRCULARS & ORDERS

ENHANCED PENSION FOR EX-SERVICEMEN REFER IMPLIMENTATION CIRCULARS CLICK THE FOLLOWING LINK

KNOW YOUR LATEST PENSION:- EX-SERVICEMEN PBOR , COMMISSIONED OFFICERS, DEFENCE CIVILIANS,NON-COMBAT

KNOW MORE ABOUT YOUR AIR FORCE PENSION BENEFITS

CLICK BELOW LINK FOR EX-SERVICEMEN LATEST IMPORTANT CIRCULAR

TO REFER 7TH PAY COMMISSION GAZETTE NOTIFICATION CLIK THE LINK BELOW

CLICK THE LINK BELOW FOR LATEST NEWS OF LIC/GIC PENSIONERS

PRE- 2006 CENTRAL GOVT PENSIONERS PENSION HIKED

SIXTH PAY COMMISSION IMPLEMENTATION CABINET RESOLUTION

KNOW YOUR DEFENCE PENSION:- PBOR, OFFICERS & DEFENCE CIVILIANS CLICK BELOW

LIC PENSIONERS KNOW YOUR PENSION RULES

GIC PENSIONERS KNOW YOUR PENSION RULES

CLICK ON TO THE LINK GIVEN BELOW TO REFER THE PRE-2006 PENSIONERS CASE PENDING IN DIFFERENT COURTS

AUTHORITY FOR RE-EMPLOYED EX-SERVICE MEN TO DRAW PENSION FROM MILITARY & CIVIL-CLICK BELOW

TO REFER THE 7TH PAY COMMISSION MEETINGS & PROGRESS CLICK LINK BELOW

CG EMPLOYESS PENSION CHART ON MODIFIIED PARITY BASIS AS PER CAT JUDGEMENT

Reservation Policy for Ex-Servicemen in Central Govt Ministries/Deptt, Banks, PSU & CPMFs - Design

Grant of Ex-servicemen status to recruits boarded out on Medical grounds with disability pension.

TO REFER OROP CIRCULAR ISSUED BY PCDA ALLAHABAD

CENTRAL GOVT PENSIONERS CLEAR YOUR DOUBTS ON PENSION

PENSION GRANTED EVEN AFTER DISMISSAL FROM IAF REFER DETAILS BELOW

A LIBRARY FOR THE REFERENCE OF EX-SERVICEMEN

CGDA PENSION PORTAL FOR EX-SERVICEMEN

CENTRAL GOVT PENSIONERS OTHER THAN MINISTRY OF DEFENCE & RAILWAYS CLICK THE FOLLOWING LINK(CPAO

WELCOME TO SUPREME COURT CASE DISPLAY BOARD

Resources


JOIN SITE AS MEMBER AS ABOVE & TYPE YOUR E-MAIL ADDRESS HERE FOR AUTO E-MAIL UPDATES