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Tax on Deposits of Retired Persons

Tax on Deposits of Retired Persons

GOVERNMENT OF INDIA
MINISTRY OF FINANCE
DEPARTMENT OF REVENUE

LOK SABHA

UNSTARRED QUESTION No. 3023

TO BE ANSWERED ON FRIDAY, THE 5TH JANUARY, 2018
15,PAUSHA, 1939 (SAKA)

TAX ON DEPOSITS OF RETIRED PERSONS

3023. SHRI VIJAY KUMAR HANSDAK:
SHRIMATI RAMA DEVI:

Will the Minister of FINANCE be pleased to state:

(a) whether the Government is considering to ensure that the money deposited in banks by the retired persons is not taxed;

(b) if so, the details thereof; and

(c) if not, the reasons therefor along with the reaction of the Government thereto?

ANSWER
MINISTER OF STATE IN THE MINISTRY OF FINANCE
(SHRI SHIV PRATAP SHUKLA)

(a) to (b) No Madam. At present, no such proposal is under consideration of the Government.

(c) Tax is levied on total income computed in accordance with the provisions of the Income-tax Act, 1961.

Original Copy

Source : Loksabha Portal

Cash deposited by the Central Government employees during demonetisation

Cash deposited by the Central Government employees during demonetisation

GOVERNMENT OF INDIA
MINISTRY OF FINANCE
LOK SABHA
UNSTARRED QUESTION NO: 3017
ANSWERED ON: 05.01.2018

Cash Deposited by Government Employees

RANJANBEN BHATT
Will the Minister of

FINANCE be pleased to state:-

(a) whether the Government proposes to conduct/probe regarding the cash deposited by the Central Government employees during demonetisation and if so, the details thereof;

(b) whether the Government has taken any action in this regard so far;

(c) if so, the details thereof; and

(d) if not, the reasons therefor?

ANSWER
MINISTER OF STATE IN MINISTRY OF FINANCE
(SHRI PON. RADHAKRISHNAN)

(a) to (d): Income-tax Department (ITD) takes appropriate action in suitable cases, including the cases where cash deposits were made during demonetization. Such actions include searches, surveys, assessment of income, levy of tax, penalty and filing of prosecution complaints before criminal courts, whichever is applicable as per direct tax laws.

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Original Copy

No proposal to abolish the Pay Commission in future

No proposal to abolish the Pay Commission in future

GOVERNMENT OF INDIA
MINISTRY OF FINANCE
LOK SABHA

UNSTARRED QUESTION NO: 3164
ANSWERED ON: 05.01.2018
National Anomaly Committee
CH. MALLA REDDY
Will the Minister of

FINANCE be pleased to state:-

(a) whether the National Anomaly Committee (NAC) under the 7th Central Pay Commission has submitted its interim report, if so, the details thereof;

(b) whether the Government is planning to abolish the system of formation of Pay Commission in future, if so, the details thereof and the reasons therefor;

(c) whether the Government is considering to adjust the salaries of its employees and pensioners Dearness Allowance (DA) that crosses the 50 per cent mark, if so, the details thereof and if not, the reasons therefor; and

(d) whether the Department of Expenditure planning to take the responsibility to regularly monitor salaries and allowances of central government employees and recommend the changes if needed, if so, the details thereof and the reasons therefor?

ANSWER
MINISTER OF STATE IN THE MINISTRY OF FINANCE
(SHRI P. RADHAKRISHNAN)

(a): The National Anomaly Committee set up by the Department of Personnel & Training in August, 2016 following the decision of the Government on the recommendations of the 7th Central Pay Commission has not yet met.

(b) to (d): No such proposals are at present under consideration.

Original Copy (English)

Hindi Version

Now 80 lakh subscribers’ base under Atal Pension Yojana

PFRDA has taken various initiatives for the expansion of outreach and ease the operations under APY. Online facility to view Statement of Account and ePRAN card was enabled for the ease access of account of APY subscribers, going ahead mobile applications for empowering the subscribers to view transactions and other details of their APY account was introduced. For the Convieince of the subscriber and promoting the digital initiatives of GOI, PFRDA introduced the online registration facility through eNPS Channel by login to a website www.enps.nsdl.com without any requirement of physical document.

Now, the subscribers’ base under the Atal Pension Yojana (APY) has reached more than 80 Lakhs and growing at a good pace. PFRDA appreciates the efforts taken out by the APY Service Providers (Banks/DoP) for their contribution towards making India a Pensioned Society. It notable that last two financial years achievement under APY has been achieved in the month of December itself.

APY became operational from 1st June, 2015 and is available to all citizens of India in the age group of 18-40 years. Under the scheme, a subscriber would receive a minimum guaranteed pension of Rs.1000 to Rs.5000 per month, depending upon his contribution, from the age of 60 years. The same pension would be paid to the spouse of the subscriber and on the demise of both the subscriber and spouse, the accumulated pension wealth is returned to the nominee.

The APY Scheme follows the same investment pattern as applicable to the NPS contribution of Central Govt employees. During the year 2016-17, it has earned a return of 13.91%.

At present 233 Banks and Department of Post are involved with the implementation of the scheme. Besides the branches of the banks and CBS enabled offices of India Post, quite a few banks are sourcing subscribers through their internet banking portals in a paperless environment. Now APY can also be opened through a complete digital channel through eNPS platform. Currently 15 Banks are offering registration services through eNPS channel including State Bank of India(SBI). A subscriber can view and print the ePRAN card and Statement of Transactions. Further, the subscriber can register complaints/ grievance by providing his/ her PRAN details on https://npslite-nsdl.com/CRAlite/grievanceSub.do.

The highest contributing State is Uttar Pradesh with 11.41 APY account followed by Bihar & Tamil Nadu.8.87 lakh & 6.60lLakh subscribers respectively.

Pradhan Mantri Vaya Vandana Yojana (PMVVY)

Pradhan Mantri Vaya Vandana Yojana (PMVVY)

Government has launched the ‘Pradhan Mantri Vaya Vandana Yojana (PMVVY)’ to provide social security during old age and to protect elderly persons aged 60 and above against a future fall in their interest income due to uncertain market conditions. The scheme enables old age income security for senior citizens through provision of assured pension/return linked to the subscription amount based on government guarantee to Life Insurance Corporation of India (LIC).

The scheme provides an assured return of 8% per annum for 10 years. The differential return, i.e. the difference between return generated by LIC and the assured return of 8% per annum would be borne by Government of India as subsidy on an annual basis. Pension is payable at the end of each period during the policy tenure of 10 years as per the frequency of monthly/quarterly/ half-yearly/yearly as chosen by the subscriber at the time of purchase. Minimum purchase price under the scheme is Rs.1,50,000/- for a minimum pension of Rs. 1,000/- per month and the maximum purchase price is Rs.7,50,000/- for a maximum pension of Rs.5,000/- per month. The scheme is exempted from Goods and Services Tax (GST). The scheme is open for subscription till 3rd May 2018.

Senior Citizens Savings Scheme, 2014 is a deposit scheme for individuals who have attained the age of 60 years. However, persons retiring on superannuation or under any Voluntary Retirement Scheme (VRS) who have attained the age of 55 years and retiring defense personnel who have attained the age of 50 years can also open the account subject to certain conditions. The upper limit of investment under this Scheme is rupees fifteen lakh. The rate of interest under the scheme for the quarter 01.01.2018 to 31.03.2018 is 8.3%. The deposits made in the scheme are exempt from income tax under section 80C of Income Tax Act, 1961. However, the interest earned on the deposit is not exempt from income tax. Provisions of Tax Deduction at Source (TDS) are applicable to the Scheme.

This was stated by Shri Shiv Pratap Shukla, Minister of State for Finance in written reply to a question in Lok Sabha today.

Aadhaar seeding with bank accounts

Aadhaar seeding with bank accounts

Aadhaar

As per notifications dated 1.6.2017 and 13.12.2017 by Department of Revenue, amendments have been effected to the Prevention of Money-laundering (Maintenance of Records) Rules, 2005 to provide that account-holders eligible to be enrolled for Aadhaar, shall inter alia submit their Aadhaar number to banks, by 31.3.2018 or six months from the date of commencement of account-based relationship by the account-holder whichever is later, for the purpose of Client Due Diligence.

Department of Revenue (DoR) has informed that the objectives of Aadhaar seeding with bank accounts is to weed out bogus, fictitious and benami accounts used for money laundering, terror funding or avoiding taxes and to ensure reduction in leakages of Government spending. For the beneficiaries, Aadhaar has emerged as powerful instrument to establish their identity anywhere at any time, receive entitlements and exercise their rights.

The said rules further provide inter alia that an individual eligible to be enrolled for an Aadhaar number shall, at the time of commencement of an account based relationship, submit the Aadhaar number and, where Aadhaar number has not been assigned, furnish proof of enrolment for Aadhaar.

This was stated by Shri Shiv Pratap Shukla, Minister of State for Finance in written reply to a question in Lok Sabha today.

PIB

SBI Special Cadre Officer Recruitment 2018 Apply Online

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Post Qualification Experience as on 01.12.2017

Minimum 2 years experience in statutory/internal/ Concurrent Audit of Banks, in/with a Chartered Accountant firm engaged in statutory/internal/Concurrent Audit of Banks or in employment of a Bank. Experience Certificate issued by the firms for employees working in CA firms/Copy of the engagement letter from Banks for others, would be required. Specific Skills required: Working Knowledge in MS office

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HOW TO APPLY

Interested candidate apply through online from the below link

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Important Dates

Commencement of on-line registration of application 5/1/2018
Closure of registration of application 28/01/2018
Closure for editing application details 28/01/2018
Last date for printing your application 12/2/2018
Online Fee Payment 05/01/2018 to 28/01/2018

 

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AIRF Meeting with Railway Minister on 28th Dec 2017 – Meeting Brief

AIRF Meeting with Railway Minister on 28th Dec 2017 – Meeting Brief

airf

No.AIRF/24(C)

Dated:- December 28, 2017

The General Secretaries,

All Affiliated Unions,

Sub: Brief of the meeting held today with Hon’ble Minister for Railways

A meeting between All India Railwaymen’s Federation(AIRF) and Hon’ble Minister for Railways, was held today, which was continued from 14:00 hrs. to 16:00 hrs. The meeting was held in a cordial atmosphere.

Item-wise discussion is stated below:-

1. Proper Meetings – The issue was discussed threadbare. The MR assured that, he would meet the representatives of AIRF bi-monthly, and mostly on first Wednesday of the alternate month.

2. Safety – Regarding filling-up of vacancies, the MR assured that, 50% posts in Safety Categories would be filled-up within a period of six months. He also assured that, all steps would be taken to have branded materials/equipments. Training facilities would be streamlined. We have also raised the issue of creation of posts for additional train services and additional workload without insisting on “Matching Saving”. The Minister directed the Member Staff and Director General(Pers.), Railway Board, to make a brief and put-up the papers to him in next week. We have raised the matter of recruitment in the lowest grade Level 1. The MR assured that, the matter of recruitment of the local people region-wise would explored.

3. Seventh Central Pay Commission – The matter was discussed in detail. The Minister has advised the Member Staff to see how National Pension System(NPS) can be streamlined. The MR also promised that, he would raise the issues of Minimum Wage and Fitment Formula with the Finance Minister.

4. Grievances of the Running Staff – Regarding Allowances related to Running Staff and other grievances of the Running Staff , the MR advised the MS to expedite the matter.

5. Continuance of the LARSGESS all over, except jurisdiction of the respective High Courts – There was detailed discussion in respect of continuance of LARSGESS in the states where there is no embargo. The matter was discussed at length. Ultimately, the Minister advised the MS to see how best the cases, already processed, can be dealt with. He also directed the Railway Board to pursue the case in the Supreme Court and move an application for early hearing.

6. Absorption of the Course Completed Act Apprentices in the Railways – This issue was discussed at length. On our ultimate suggestion to de-link appointment of the Course Completed Act Apprentices from regular recruitments. The MR agreed to re-examine. He also asked the Board to enhance the quota for recruitment of the Act Apprentices for training.

7. Absorption of the quasi-administrative offices staff in the Railways – The matter was discussed at length. The Minister advised the MS to submit a brief in this regard.

8. Closure of the Railway Printing Presses – On the request of AIRF, the Minister has agreed to discuss the matter further.

9. Closure of Parel Workshop of Central Railway – On the request of AIRF, the Minister has agreed to discuss the matter further.

10. Shifting of Central Railway Headquarters Building and its conversion into World Class Rail Museum – – On the request of AIRF, the Minister has agreed to discuss the matter further.

11. Improvement in the condition of the Railway Quarters – The Minister said that, he is in favour of the demand made by AIRF in respect of constructing multi-storyed buildings having restricted entry with boundary wall.

12. Improvement in the medical facilities – The Minister is in agreement for improvement in the matter of medical facilities, provision of Mobile Medical Vans in each Division. He also urged the MS to explore the possibilities of reimbursement of medical expenses, specifically for the staff working at the roadside stations as a “Special Case”.

13. Deployment of the wards of the Railwaymen as “Gate Mitras” at the Unmanned Level Crossings – The matter was discussed.

14. Outsourcing – The matter was discussed at length. The Minister advised the MS to see that, all the instructions issued in regard to Payment of Wages, adherence to social security and to take action against the contractors who would be found exploiting the workers, including black listing them.

AIRF strongly demands that, perennial nature of jobs should not be outsourced.

15. Non-implementation of the recommendations of the Trackmen Committee – It was pointed out to the Minister by us that, decision was taken to restructure the cadre of Trackmen in the ratio of 10:20:20:50, and the exercise would be completed by 31.12.2017. During discussion it was pointed out by the MS that the Finance has raised objection in the matter. The Minister asked the MS to put-up the whole papers to him during next week.

16. Employees’ Charter – The matter was discussed, particularly in reference to fill the posts in Ministerial and Accounts Cadres.

17. The issues in respect of extending medical facilities to the parents of the employees and the issue of Companion Pass in the same class were also raised by us. The Minister assured to examine the issues and directed the MS to submit a brief in this regard.

18. The issues of enhancement of production capacity of MCF/RBL and construction of additional Railway Quarters were also raised by us, to which Minister replied that, present target of 1,000 coaches per year would be enhanced to 5,000 coaches per year and availability of the staff would also be explored.

19. On the complaint of AIRF that, hundreds of Railwaymen lay their lives while running the Railways, but they are the unsung heroes, nobody bothers for them, and demanded that, they should also be respected at par with the Martyrs of the Army and Paramilitary Forces. The MR immediately asked the MS that, on all such occasions, some officials must visit and they must be given proper respect.

Yours faithfully

(Shiva Gopal Mishra)
General secretary

 

Source : AIRF

PCDA Circular C-180 : Payment of pension at the rates mentioned in “BOLD”

PCDA Circular C-180 : Payment of pension at the rates mentioned in “BOLD” – Clarification

O/o The Principal Controller of Defence Accounts (Pension), Draupadighat, Allahabad – 211014

Circular No. C-180

No: G1/C/0199/Vol-II/Tech
Dated: – 03 .01.2018

To,

1.The Chief Accountant, RBI Deptt. of Govt. Bank Accounts, Central office C-7, Second Floor, Bandre- Kurla Complex, P B No. 8143, Bandre East Mumbai- 400051
2.The Director of Treasuries of all state
3.The Manger CPPC of Public Sector Banks including IDBI
4.The CDA (PD) Meerut
5.The CDA-Chennai
6.The Nodal Officers (ICICI/ AXIS/HDFC Bank)….
7.The Pay & Accounts Officers
8.Military and Air Attache, Indian Embassy Kathmandu, Nepal.
9.The DPDO
10.The Post Master

Sub: Implementation of Govt. decision on the recommendations of the Seventh Central Pay Commission-Revision of Pension of Pre-2016 Pensioners/ Family Pensioners etc.

Ref: This office important circular no. C-169, bearing no. G1/C/0199/Vol-1/Tech, dated 17th July 2017.

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Attention is invited to above cited circular under which format of e-PPO in respect of revision of Pension of Pre-2016 Pensioners/Family Pensioners etc in reference of 7th CPC has been circulated.

2. In the ibid e-PPO revised rate of pension as on 01.01.2016 in respect of Service Pension/Enhance Family Pension/Ordinary Family Pension and Additional Rate of Pension/Family Pension has been shown in tabular form. Simultaneously, in the last part of e-PPO revised pension/normal rate of family pension as on 01.01.2016 as per 7th CPC (Higher of A and B) has also been shown in “BOLD”. Some Pension Disbursing Authorities have raised doubt that rate shown in BOLD is applicable for both revised pension and normal rate of family pension.

In this connection, it is clarified that in cases where rates of both Revised Pension as well as Family pension has been shown in Tabular form (Coloumn-02 and Column-03), rate shown in Bold is the rate of Revised Pension, whereas in cases where only rate of Revised Family Pension has been shown in Tabular form (Column-03 only), rate shown below the table in Bold is the Normal Rate of family pension. Hence, PDAs have to ensure before making of payment that which type of rate of pension/family pension (i.e. enhanced/ordinary) is payable w.e.f 01.01.2016 duly linking with Original PPO and other relevant documents and payment may please be made strictly in accordance with rates shown in Column-02 (Revised Pension) and/or Column-03 (Revised Enhanced Rate of Family Pension or Normal Rate of Family Pension).

For example:-

Case-01:– if Pensioner ‘A’ was drawing pension on 01.01.2016 and later died on 31.08.2016 and name of family pensioner has been jointly notified in same PPO accordingly family pension will start w.e.f. 01.09.2016. In such case, Revised Rate of Pension w.e.f. 01.01.2016 has been shown in Bold and pensioner will be paid revised pension up to 31.08.2016 only and thereafter Family pension will be paid w.e.f. 01.09.2016 at the rates notified in Tabular Form i.e. Column-03 (Enhanced or Normal, whichever is applicable at the time of death of pensioner as per Original/Corr PPOs.)

Case-02:- In an another case if Pensioner ‘B’ already died prior to 01.01.2016 and name of family pensioner has been jointly notified in same PPO and in revised e-PPO Revised Rate of Pension w.e.f. 01.01.2016 as per 7th CPC has been shown in Bold based on the LPC-Cum- Datasheet received in this office. In such cases Pension Disbursing Authorities have to verify records and only Family pension will be paid w.e.f. 01.01.2016 at the rates notified in Tabular Form i.e. Column-03 (Enhanced or Normal, whichever is applicable at the time of death of pensioner as per Original/Corr PPOs.)

3. In addition to above, the following points may strictly be adhered to before making payment based on 7th CPC Civilian Revision e-PPOs:-

(a) Revised Pension/Family Pension and the payment of arrears on the authority of e-PPO should be made only if pensioner/family pensioner is/was drawing pension/family pension from your branch/office against Original PPO number shown in the e-PPO. Otherwise, e-PPO should not be acted upon and this fact be immediately reported to Sr Accounts Officer I/C Audit Section of PCDA (P) Allahabad.

(b) Cases where division of Family Pension is involved, rates shown in Column-03 (Revised Enhanced Rate of Family Pension or Normal Rate of Family Pension) of e-PPO is full rate. Hence, these rates may be proportionately reduced as per Division percentage shown in Original PPOs/Corr PPOs.

(c) Cases where family pension has been sanctioned to Dependent Children and pension was payable up to date of attaining 25 years of age or starts earning livelihood, whichever is earlier and such date falls after 01.01.2016. In such cases, revised family pension may be paid to family pensioner only date up to which family pension has been sanctioned in Original PPO/Corr PPO and or starts earning livelihood, whichever is earlier.

(d) Similarly, in cases where family pension has been passed on to the next eligible Dependent Child and PPO in his favour has been notified accordingly and where date of commencement of family pension is any date after 01.01.2016. In such cases, revised family pension may be paid to family pensioner only with effect from the date from which family pension has been notified in respect of the next eligibly dependent child.

4.It has come to the notice that PDAs are not linking Original PPO and making payment of pension at the rates mentioned in “BOLD” at the last part of the e-PPO, which may cause overpayment. Therefore, all Pension Disbursing Authorities (PDAs) are advised to review all cases where payments are being done on the basis of above said e-PPOs to avoid overpayment in cases specially where family pension is payable at ordinary rate/Enhanced rate with effect from any date prior to 01.01.2016(including this date).

5. Further, e-PPO format has been reviewed and the New/Amended format of e-PPO is also enclosed for ready reference.

S/d,
(Subhash Kumar)
Dy.CDA (P)

Signed Copy

 

Check here for more PCDA Circulars

PCDA Circular C-179 – Belated submission of superannuation / retiring pension claim in respect of civilian paid from defence service estimate

PCDA Circular C-179 – Belated submission of superannuation / retiring pension claim in respect of civilian paid from defence service estimate

O/o The Principal Controller of Defence Accounts (Pension), Draupadighat, Allahabad – 211014

Circular No C-179

No. G1/C/MISC/ Vol-X/Tech
O/o the PCDA (P), Allahabad
Dated: 26/12/2017

To,

————————-
(All Head of Department under Min. of Defence)

Sub :- Belated submission of superannuation/retiring pension claim in respect of civilian paid from defence service estimate.

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Of late, belated submission of superannuation/retiring pension claim in respect of civilian being paid from defence service estimate are being noticed which ultimately results into avoidable delays and causes hardship to the pensioners. Belated submissions of claims have not been appreciated by the competent authority and it has been directed to call for advance intimation of likely to retirees from all the H.O.Os well in advance.


Also Read : PCDA Circular C-177 – LPC-Cum-Datasheet to PCDA Allahabad for revision of Pension / Family Pension of all pre-2016 pensioners


2. An Annexure is enclosed for submission of quarterly basis (i.e. QE. Mar, Jun, Sep & Dec) list of employee due for Superannuation/Retiring in coming six month.

3. In view of the above, you are requested to issue suitable instructions (along with copy of this circular) to all the Head of the Offices under your administrative control to ensure the submission of information in prescribed proforma upto 5th of following month of Quarter ending without delay to “The OI/C of Group-VII, G1/Civil Section, O/o the PCDA (Pension) Allahabad, Draupadi Ghat, UP-211014”.

(Subhash Kumar)
Dy.CDA (P)

Signed Copy

Superannuation PCDA

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