Thursday, 16 March 2017
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.
"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
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.
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
Click below to play the Video
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
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
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.
Monday, 23 January 2017
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