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Friday, 10 February 2017

7TH PAY PANEL RECOMMENDATIONS/Armed forces to MoD

7TH PAY PANEL RECOMMENDATIONS/Armed forces to MoD:

Don’t compare us with paramilitary New Delhi, February 5 The armed forces have approached the Defence Ministry saying by no yardstick can they be compared, let alone be lowered, in hierarchy to the paramilitary forces.

The three forces — Army, Navy and the Force — have petitioned Defence Minister Manohar Parrikar seeking a restoration of earlier status, which has been “disturbed” after the recommendations of the 7th pay commission. The government is yet to announce what all it has accepted or rejected. The representation has termed comparisons with paramilitary as “wrong and misplaced”, citing suggestions made by 7th pay commission. It talks about “progressive decline of status of the forces” and warns that self-esteem of the armed forces’ officers has been hit. Such is the seriousness of the matter that Parrikar called in Chiefs of the three services for a 90-minute meeting on the matter on February

2. The paramilitary forces included the Central Reserve Police Forces (CRPF), Border Security Force (BSF), Indo-Tibetan Border Police (ITBP), Central Industrial Security Force (CISF) and the Sashastra Seema Bal (SSB). In their representation, which covers an entire gamut of issues, the armed forces have said there can be no comparison with the paramilitary in terms of the mandate, duties, risks in service conditions and tasks assigned. Citing past records, the forces claim the 7th pay panel recommendations will upset laid-down seniorities and placing armed forces’ allowances lower than those of paramilitary forces will change rules for risk allowances like those applicable in the north-east or J&K. It points out the base levels to calculate pensions for the forces are lower than the others. The disability pension for armed forces has been lowered, but it has been maintained at same levels for paramilitary forces. Parrikar has been informed that the pay panel has disturbed the parity between Lieut-Colonels and Commandants of the paramilitary forces.

(Source- The Tribune)

Payment of 7th CPC Arrear to Defence Pensioners

Loksabha Q&A SHARE: 1 Kiran Kumari Tuesday, February 7, 2017

Reply: Pension Disbursing Agencies have started releasing the 7th CPC arrears due to the pensioners. Details regarding amount released and number of pensioners benefitted are being collected..

Income Tax Frequently asked Questions (FAQs)

FEBRUARY 9, 2017

Income Tax Frequently asked Questions (FAQs)

Is it necessary to attach documents with income tax return?

ITR forms, whether filed manually or filed electronically, do not require any documents like proof of investment, TDS certificates, etc. However, these documents should be retained by the taxpayer and produced before the income tax authorities when demanded in situations like assessment, inquiry, etc.

Where can a taxpayer file his I-T return electronically?

Income tax Department has established an independent portal for e-filing of return. The taxpayers can log on to www.incometaxindiaefiling.gov.in for the purpose. The Department has provided free e-filing utility (i.e., software) to generate e-return and furnishing of return electronically. The e-filing utility provided by the Department is simple, easy to use and also contains instructions on how to use it. By using the e-filing utility, the taxpayers can easily file their returns. The utility can be downloaded from www.incometaxindiaefiling.gov.in .

In the case of queries on e-filing of return, the taxpayer can dial 1800 4250 0025. If I have paid excess tax, how will it be refunded to me? The excess tax can be claimed as refund by filing your I-T return. After your return is processed and provided the tax department accepts your refund claim, the amount claimed as refund would l be credited back to your bank account through Electronic Clearance Service (ECS) transfer. You would also get an email intimation for the same.

The I-T Department has been making efforts to settle refund claims at the earliest. What is Form 26AS?

A taxpayer may pay tax in any of the following forms: Tax Deducted at Source (TDS). Tax Collected at Source (TCS). Advance tax or self-assessment tax or payment of tax on regular assessment. The Income tax Department maintains a database of the total tax paid by a taxpayer (i.e., the tax credit in the account of a taxpayer). Form 26AS is an annual statement maintained under Rule 31AB of the I-T Rules disclosing the details of tax credit in a tax-payer’s his account as per the database of the I-T Department.
In other words, Form 26AS will reflect the details of tax credit appearing against in the Permanent Account Number (PAN) of the taxpayer as per the database of the I-T Department.
The tax credit will cover TDS, TCS and tax paid by the taxpayer in other forms like advance tax, self-assessment tax, etc. The I-T Department will generally allow a taxpayer to claim the credit of taxes as reflected in his Form 26AS.

What should one do in case of discrepancies in actual TDS and TDS credit as per Form 26AS?

Every time tax is deducted at source, the deductor has to furnish the details of the tax deducted by him to the I-T Department. The details will include: The name of the deductee, his PAN, the amount of tax deducted, the amount paid to the deductee, date of payment of TDS to the credit of the government, etc. On the basis of the details of TDS provided by the deductor, the I-T Department will update Form 26AS of the deductee. At times, the actual amount of TDS and TDS credit in Form 26AS may differ and t the TDS credit in the form may be less as compared to the actual TDS. This may happen due to reasons like non-furnishing of TDS details to the I-T Department by the deductor, linking the tax deducted to an incorrect PAN, etc. In such a case, the deductee should approach the deductor and request him to take necessary steps to rectify the discrepancy due to above reasons. The I-T Department updates the TDS details in Form 26AS on the basis of details provided by the person deducting the tax (i.e., the deductor)., Hence, if there is any error on the part of deductor like non -furnishing of TDS details (i.e., TDS return) to the I-T Department, linking the TDS to the incorrect PAN, etc., Form 26AS will not reflect the actual TDS. In such a case, the taxpayer may not be able to claim the credit of correct TDS. Hence, taxpayers are advised to check the tax credit appearing in Form 26AS and get the difference, if any, corrected. What precautions should be taken while filing Income tax return? Following is the list of some important steps/points/precautions that need to be kept in mind while filing I-T return: First and foremost, file I-T return on or before the due date. Taxpayers should avoid the practice of filing belated return. Following are the consequences of delay in filing I-T return: Loss (other than house property loss) cannot be carried forward. Levy of interest under Section 234A. Penalty of Rs 5,000 under Section 271F can be levied. Budget 2017 proposes……………. Exemptions/deductions under Section 10A, section 10B, 80-IA, 80-IAB, 80-IB, 80-IC, 80-ID and 80-IE are not available. Belated return cannot be revised under Section 139(5).
However, w.e.f. 01-04-2017, I-T return for the Assessment Year 2017-18 and onwards filed under Section 139(1) or Section 139(4) can also be revised. Taxpayer should download Form 26AS and should check actual TDS/TCS/tax paid. If any discrepancy is observed then suitable action should be taken to correct it. Compile and carefully study the documents to be used while filing I-T return, like bank statement/passbook, interest certificate, investment proofs for which deductions is to be claimed, books of account and balance sheet and P/L A/c (if applicable), etc. No documents are to be attached along with I-T return. The taxpayer should identify the correct return form applicable in his case. The taxpayer should carefully provide all the information in the return form. Confirm the calculation of total income, deductions (if any), interest (if any), tax liability/refund, etc. If any tax is payable as per I-T return, then the same should be paid before filing I-T return, otherwise the return would be treated as a defective one. Ensure that other details like PAN, address, e-mail address, bank account details, etc., are correct. After filling and confirming all the I-T return details, one can proceed with filing I-T return. In case return is filed electronically without digital signature and without electronic verification code, do not forget to post the acknowledgement of filing I-T return to CPC Bangalore.

Source: http://www.incometaxindiaefiling.gov.in/

7th Pay Commission: Govt not to hike minimum pay, higher allowances to be paid from April 1

7th Pay Commission: Govt not to hike minimum pay, higher allowances to be paid from April 1

Higher allowances and minimum pay under the 7th Pay Commission have been the major bone of contention among majority of the central government employees.

7th Pay Commission: Govt not to hike minimum pay, higher allowances to be paid from April 1

New Delhi, Feb 8: In a setback to central government employees, Centre has decided not to hike minimum pay under the 7th Pay Commission recommendations. Higher allowances and minimum pay under the 7th Pay Commission have been the major bone of contention among majority of the central government employees. The government seems in no mood to increase minimum pay of Rs 18,000 under the 7th Pay Commission. Though the government is expected to announce higher allowances in March, it had no plan to give allowances in arrears from August. The government has fixed the minimum pay at a meagre Rs 18,000 in the 7th Pay Commission. In the 6th Pay Commission, the basic pay was Rs 7,000.

The government multiplied it by 2.57 (fitment formula) and came to Rs 18,000. But the central government employees unions are demanding to hike minimum pay to Rs 26,000 by 3.68 fitment formula.

The government had assured central government employees unions that their demands would be considered and promised to form High Level Committee to examine the 7th Pay Commission recommendations in respect of minimum pay. The government then took a U-turn and decided not to appoint the High Level Committee. It shows the government is no mood to raise the minimum pay under the 7th Pay Commission. “The government will not clear any proposal on hike in minimum Pay including others pay related matter under the 7th Pay Commission recommendations because the cabinet had already passed it. Hence cabinet only will take higher allowances which was not given nod by it”, the Finance Ministry sources were quoted as saying by Sen Times. When it comes to higher allowances, the government is hopeful for the announcement of higher allowances in March after the completion of five states assemblies’ elections. The government is planning to pay higher allowances under the 7th Pay Commission from April 1, but it is unlikely to make any announcement about arrears. “There’s no arrears on allowances will be given to employees,” said the Finance Ministry sources.

The 7th Pay Commission had recommended abolition of 51 allowances and subsuming 37 others out of 196 allowances. To examine the hike in allowances other than dearness allowance, the government referred the matter to the ‘Committee on Allowances’ headed by the Finance Secretary Ashok Lavasa. The report of ‘Committee on Allowances’ is ready, but the government gave extension the committee till February 22, 2017 to submit its report.

Source:http://www.india.com/news/india/7th-pay-commission-govt-not-to-hike-minimum-pay-higher-allowances-to-be-paid-from-april-1-1820977/

No limit on cash withdrawal from March 13: RBI

NEW DELHI: In a welcome move, the Reserve Bank of India on Wednesday decided to phase out weekly limit on cash withdrawal from savings accounts in two stages, starting from February 20. "The limits on cash withdrawal from savings bank accounts continue to be in place.

In line with the pace of remonetisation, it has now been decided to remove these limits in two stages," said RBI Deputy Governor R Gandhi. First, the weekly withdrawal limit for savings accounts will be raised to Rs 50,000 from February 20.

From March 13, there will be no limit on cash withdrawal from savings accounts, the RBI announced at the sixth bi-monthly monetary policy review. At present, the weekly withdrawal limit is Rs 24,000 for savings accounts. The RBI said that total currency worth Rs 9.92 lakh crore was in circulation on January 27.  The RBI added that new notes of Rs 2,000 and Rs 500 are difficult to copy+ . "The ones being found fake are photocopied and not printed versions of new notes," the central bank said. The RBI had put limit on cash withdrawal from bank accounts in the wake of demonetisation of Rs 500 and Rs 1,000 notes on November 8. Long queues had been visible outside banks and ATMs following this move.

On January 30, the RBI had ended all curbs on withdrawals+ from current accounts, cash credit accounts and overdraft accounts. The central bank had also hiked the daily ATM withdrawal limit to Rs 10,000+ and doubled the weekly current account withdrawal limit to Rs 1 lakh. The upper limit for weekly withdrawal from bank accounts had been raised to Rs 24,000 from Rs 20,000 in November.

Read at:http://timesofindia.indiatimes.com/business/india-business/no-limit-on-cash-withdrawal-from-march-13-rbi/articleshow/57038870.cms

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