Wednesday, 8 February 2017

Saturday, 28 January 2017

23 Jan, 2017 8:24p.m.
The much-awaited Union Budget for 2017-18 is expected to bring in some major changes to the tax framework for individuals and corporates following the demonetisation measure, a rating agency said today. 

Post-demonetisation, Budget is likely to be taxpayer-friendly. The upcoming budget will slash down the income-tax and corporate tax rates to boost consumption and investment that has been severely hit due to demonetisation.

We can expect a hike in tax-slabs from Rs. 2.5 lakh to Rs. 4 lakh for individuals, HUFs, etc., and from R3 lakh to R5 lakh for senior citizens.

Under the existing regime the tax treatment of NPS (National Pension System) is not on a par with the tax treatment of EPF (Employee Provident Fund) and PPF (Public Provident Fund). Under the existing regime, EPF and PPF have EEE (exempt-exempt-exempt) status. However, the NPS has EET (Exempt-Exempt-Tax) status, i.e, tax will be levied only at the time of withdrawal. This Budget may provide status of EEE to NPS at par with the status of EPF and PPF.

According to Care Ratings, the Budget on February 1 would be addressing issues with respect to "additional revenue garnered on account of the income disclosure scheme as part of the demonetisation drive and expenditure allocations based on the assessment of the economy as there appears to be a slowdown in growth post demonetisation", among others.

"The indirect tax structure will be largely on lines with the agreed principles of GST (Goods and Services Tax), which looks likely to be implemented from July 1, 2017."

Care Ratings estimates the Government to levy tax between 12 per cent and 18 per cent on services, depending on its classification based on essential and non-essential services as a move towards the final GST rate.
On the expenditure side, the revenue expenses in the next fiscal is expected to grow by 10-15 per cent from the level of Rs. 17.31 lakh crore in the current financial year on account of increased payments towards higher borrowings, interest rate subventions and implementation of the 7th Pay Commission and OROP Scheme (One Rank One Pension).

However, the report noted this increase in the expenditure heads could be offset to an extent by the lower subsidies on the fertilisers and food.

The budgeted expenditure towards Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA) could be increased by 10 per cent for 2017-18, Care Ratings said.

FNPO GUNTUR: FNPO GUNTUR: DA from July 2016 in 7th pay Commissi...

Saturday, 28 January 2017

IndiaPost becomes 3rd entity to receive licence to start payment bank operations

Date : 28.1.2017

IndiaPost becomes 3rd entity to receive licence to start payment bank operations

NEW DELHI: IndiaPost has become the third entity to receive a final license last week from the Central Bank to start its payment bank operations. Country’s largest telcom service provider Bharti Airtel and digital payments firm Paytm are the other two to have received the license while only Airtel has started operations so far. 
The government has also appointed AP Singh has interim MD and CEO of the India Post Payment Bank. A 1986 Indian Postal Service Officer he was earlier Joint Secretary in the department of disinvestment, ministry of Finance and Deputy Director General incharge of financial inclusion and payments systems at Unique Identification Authority of India (UIDAI). Singh was one part of the founding team that launched Aadhaar and was stationed at the department of Post prior to UIDAI. 

As per the initial road map, each post office in the country will offer the post bank services. The department of post has an existing network of around 1,55,000 post offices currently. ET had reported earlier that IndiaPost plans to open 650 new branches for the payment bank. The branches will be co-located with the existing post offices. The idea is that the 650 branches will be in located in postal district headquarters and all the branches under that particular head post office will be enabled by the payment bank services. This will cover the entire network of 155,000 post offices in the country. 

Earlier this month, Airtel Payments Bank launched nationwide operations, offering 7.25% interest on savings bank balances, which is more than the maximum 7% paid by SBI on its fixed deposits. Bharti and Kotak Mahindra, which holds a 20% stake in the payments bank, would invest Rs 3,000 crore in the venture. 

Payments banks can accept deposits from individuals and small businesses of up to Rs 1 lakh per account. And RBI had set a condition that formal license has to be obtained before 31 March. 

ALIBABA backed Paytm also said early in January that it has received the final license from RBI and the company hopes to launch operations in February with the first branch coming up in Noida, Uttar Pradesh.

While operation of Payment Banks such as Paytm are likely to be focused on technology based differentiation, IndiaPost is banking on its huge reach especially in the rural areas to be successful.

Source : http://economictimes.

Recommendation of the Public Accounts Committee regarding reflection of the recurrent lapses in observing financial discipline in the Annual Performance Assessment Report (APAR).

Date : 28.1.2017

Recommendation of the Public Accounts Committee regarding reflection of the recurrent lapses in observing financial discipline in the Annual Performance Assessment Report (APAR).

Friday, 27 January 2017

Union Budget may levy new cess to provide social security to coolies.

Date : 27.1.2017

Union Budget may levy new cess to provide social security to coolies.


Main Story Image

Union Budget may levy new cess to provide social security to coolies

Government may announce a new cess in the forthcoming Union Budget 2017-18 to cover around 20,000 railway coolies under social security schemes run by the retirement fund body EPFO.

“There is a proposal from the labour ministry to levy a cess of 10 paisa per railway ticket to cover 20,000 railway coolies under the ambit of social security net through the Employees Provident Fund Organisation (EPFO),” a source said.

“The proposal makes a lot sense because 10 paisa cess per ticket will not burn of a hole into travellers’ pockets. Besides it would help railways to mop up funds to provide social security to coolies,” said the source.

This proposal is a one of the initiatives of government’s overall efforts to bring over 40 crore informal sector workers under the social security net of the EPFO and others like ESIC.

According to a back-of-the-envelope calculation, levying of this 10 paisa cess will help in collecting about Rs 4.38 crore every year, which will be enough to provide basic minimum facilities like PF, pension and group insurance to coolies.

Indian Railways issues 10-12 lakh rail travel tickets everyday, including 58% reserved tickets. Thus, the move can help mop up about Rs 1.2 lakh every day for the purpose.

Chairman of the Central Board of Trustees, EPFO’s apex decision-making body, labour minister Bandaru Dattatreya had already assured the members to look into the proposal mooted by employee   representative Ashok  Singh, the vice-president of Indian National Trade Union Congress, had floated the proposal at the EPFO’s trustees’ meeting in Bengaluru on December 19, 2016.

The forthcoming general budget is likely to be tabled in Parliament on February 1, 2017.

The proposed cess of 10 paise is on every ticket sold by Indian Railways. It will not be levied per passenger. One ticket sold by Indian Railways can have multiple passengers.

 Hindustan Times.

RICT MCD Device Unboxing Installation and Troubleshooting

Date : 27.1.2017

RICT MCD Device Unboxing Installation and Troubleshooting


In the process of computerization of Branch Post Offices, it is well aware that a HAND HELD DEVICE is going to supply to all GDS.

In the project of RURAL INFORMATION & COMMUNICATION TECHNOLOGY (RICT) the device i.e, MAIN COMPUTING DEVICE (MCD) with its peripherals to be installed in BOs soon.

For a preliminary information to GDS & for awareness on the Computerization of BOs, a short video film is published here

Click below to play the Video 

Tuesday, 24 January 2017

FNPO GUNTUR: FNPO GUNTUR: DA from July 2016 in 7th pay Commissi...

Tuesday, 24 January 2017

GDS Pay Committee Recommendations - formula for calculation of expenditure & Revenue norms & monthly Revenue of of GDS Post offices

Date : 24.1.2017

GDS Pay Committee Recommendations - formula for calculation of expenditure & Revenue norms  &  monthly Revenue of of GDS Post offices.



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

Date : 24.1.2017

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:

Method of Calculation of Revenue generation of Branch post offices - GDS Pay Committee Report.

Date : 24.1.2017

Method of Calculation of Revenue generation of Branch post offices -
GDS Pay Committee Report.

Saturday, 21 January 2017

FNPO GUNTUR: DA from July 2016 in 7th pay Commission is 2% or 3...

riday, 20 January 2017

7th pay commission: This is why Modi government not giving hike to 47 lakh employees

Date : 21.1.2017

7th pay commission: This is why Modi government not giving hike to 47 lakh employees


Reports suggest that the committee under the chairmanship of finance secretary Ashok Lavasa has finalised its report for salary hike in accordance with the recommendations of the seventh CPC, but the government is unable to pay the allowances to its employees due to cash crunch.

More than 14 months have passed since the seventh pay commission report was submitted and little less seven months have elapsed since the union cabinet approved implementation of the salary hike recommendations, but the central government employees are still awaiting the good news.
Demonetisation is said to be the reason behind the delay in announcing allowances by the Narendra Modi government for the 47 lakh employees and 53 lakh pensioners. The number of beneficiaries includes 14 lakh employees and 18 lakh pensions from the armed forces
HOW DEMONETISATION AFFECTS PAY HIKE: THINGS TO KNOW
  1. The government has announced that it will implement the seventh pay commission's recommendations from January 1 last year. But, in the aftermath of demonetisation, the government is not in position to make the final decision.
  2. The seventh pay commission proposed a 138.71 per cent hike in housing allowance (HRA) and 49.79 per cent for other allowances.
  3. The pay commission estimated that during the current fiscal, the hike in allowances would add a burden of Rs 29,300 crore (Rs 17,200 crore under HRA and Rs 12,100 crore under other allowances). This is a huge sum but after demonetisation, the government is working hard to stave off the cash crunch that set in.
  4. The Modi government has constituted a committee to look into the recommendations regarding allowances and the manner of their implementation.
  5. Some reports suggest that the committee under the chairmanship of finance secretary Ashok Lavasa has finalised its report, but the government is unable to pay the allowances to its employees due to cash crunch.
  6. The employees' unions have been putting pressure on the finance ministry to announce hike in allowances at the earliest.
  7. The announcement of assembly elections in five states has given some time for the government as it cannot announce pay hikes till the model code of conduct is in place.
  8. The assembly elections have given the government time till March 8, by when there would be some additional cash in circulation. But, by then the budget would have been presented and accommodating over Rs 29,000 crore for salaries and pensions in the budge may pose a problem.
  9. The delay in implementation of the seventh pay commission's recommendations has caused tremendous irritation and frustration among employees.
  10. The BJP may have to face a backlash in the assembly elections in the five states, two of which is ruled by the party either directly or in alliance. Thus, demonetisation move by the Modi government may strike a double blow to the BJP in polls.

Instructions on sealed cover procedure - where Governmentservant has been acquitted but appeal is contemplated/pending

Date : 21.1.2017

Instructions on sealed cover procedure - where Government
servant has been acquitted but appeal is contemplated/pending -

clarification regarding

Click Here.   To view the order.

Cabinet Secretary assured to resolve the pending issues at the earliest in NJCA Meeting

Date : 21.1.2017

Cabinet Secretary assured to resolve the pending issues at the earliest in NJCA Meeting

NJCA
National Joint Council of Action
4, State Entry Road New Delhi - 110055

No.NJCA/2017
Dated: January 19, 2017
All the Constituents of
National Council(JCM)

Dear Comrades,
Sub: Brief of the meeting held today with the Cabinet Secretary

A meeting was held today with the Cabinet Secretary, Government of India, wherein myself as well as Com M.Raghavaiah were present.
We explained him about various Issues of the Central Government Employees pending at the government level The main issues were NPS, Minimum Wage and Fitment Formula, Allowances, Pension and Very Good Benchmark, etc. etc. The Cabinet Secretary informed us that, Pension issues have already been referred to the Cabinet, and the report of the Committee on Allowances is likely to be submitted in the next monthSo far as issue of NPS is concerned, he has already directed the committee to hold a meeting with the Staff Side, which has already been fixed for 20th January 2017, The issue of Minimum Wage and Fitment Formula is also being vigorously pursued by the government.

He said that, inordinate delay was because of the various problems, but the intention of the government is very clear that, they want to resolve the problems of the Central Government Employees.

He also advised us to have patience for some time and given us an assurance that he would try to get resolved pending issues of the Central Government Employees as early as possible.

Comradely yours,
(Shiva Gopal Mishra)
Convener


NEW PAY TABLE OF GDS - AS PER GDS REPORT RELEASED ON 18-01-2017

Date : 20.1.2017

NEW PAY TABLE OF GDS - AS PER 

GDS REPORT RELEASED 

ON 18-01-2017








Grant of Special Casual Leave - NAPE Gr- C 22 nd All India Conference at Thiruvananthapuram ,Kerala from 5.2.2017 to 7.2.2017

Date : 20.1.2017

Grant of Special Casual Leave - NAPE Gr- C 22 nd All India Conference at Thiruvananthapuram ,Kerala from 5.2.2017 to 7.2.2017


BPM /ABPMs ARREAR TABLES

Date : 20.1.2017


BPM /ABPMs ARREAR TABLES












LEGAL STATUS OF GDS - COMMITTEE RECOMMENDATIONS

Date : 20.1.2017


LEGAL STATUS OF GDS - COMMITTEE RECOMMENDATIONS