Income tax Exemption limit raised to Rs. 2 Lakh

Upper Limit of 20 Per Cent Tax Slab Raised to Rs. 10 Lakh 
Deduction up to Rs. 10,000 Proposed for Savings Bank Interest 
Senior Citizens not Having Income from Business Exempted from Payment of Advance Tax 

The exemption limit for the general category of individual taxpayers has been enhanced to Rs. 2,00,000 from Rs. 1,80,000 in the General Budget 2012-13, presented by the Union Finance MinisterShri Pranab Mukherjee in the LokSabha here today. This measure will provide tax relief uptoRs. 2,000 to every taxpayer in this category.

The Finance Minister, Shri Mukherjeeintroduced the DTC (Direct Taxes Code) rates for personal income tax, marking progress in the direction of movement towards DTC and GST (Goods and Services Tax).

            It has also been proposed to raise the upper limit of 20 per cent tax slab from Rs. 8 lakh to Rs. 10 lakh. The proposed personal income tax slabs are:

Union Budget 2012-13 Highlights

·         Budget identifies five objectives relating to growth recovery, private investment, supply bottlenecks, malnutrition and governance matters

·         GDP growth to be 7.6 per cent (+ 0.25 percent) during 2012-13

·         Amendment to the FRBM Act proposed  aspart of Finance Bill.  New concepts of “Effective Revenue Deficit” and “Medium Term Expenditure Framework” introduced

·         Central subsidies to be kept under 2 per cent of GDP; to be further brought down to 1.75 per cent of GDP over the next 3 years.

·         Proposed: Mobile based fertilizer management system; LPG transparency portal; scaling up and rolling out of Aadharenabled payment for government schemes in at least 50 districts.

·         Rs. 30,000 crore to be raised through disinvestment

·         Efforts to reach broadbased consensus on FDI in multi-brand retail

·         Rajiv Gandhi Equity Saving Scheme: to allow income tax deduction to retail investors on investing in equities

·         Rs. 15,888 crore to be provided for capitalization of public sector banks and financial  institutions

Provident Fund Interest Rate slashed to 8.25%…

Provident Fund Interest Rate slashed to 8.25%…

Employees Provident Fund Interest Rate slashed to 8.25% from the existing rate of 9.5% for the year 2011-12…

Employees Provident Fund Organisation has informed through a office letter to all Regional Provident Fund Commissioners on 14th March, 2012 to take necessary action regarding the interest rate on deposits.

The order said that the Ministry of Labour and Employment, Government of India, vide its letter No.R-11018/1/2010.SS-II dated 14.03.2012 has conveyed the approval of the Central Government under para 50(1) of Employees’ Provident Fund Scheme, 1952 to credit interest @ 8.25% for the year 2011-12 to the account of each member of the scheme.

Economic Survey: Department of Posts deficit may dip 16% to Rs 5,309 cr in 2011-12

NEW DELHI: The efforts of the government to revive the Department of Posts (DoP) seems to be bearing fruits as its deficit is likely to come down by over 16 per cent to Rs 5,309.6 crore in 2011-12, the Economic Survey 2011-12 today said.

"In the current year 2011-12 (Budget Estimates), the gross receipts were budgeted at Rs 7,517.7 crore and with gross and net working expenses estimated at Rs 13,522.4 crore and Rs 12,827.3 crore respectively, with the deficit estimated at Rs 5,309.6 crore," the Economic Survey said.

The gross receipts of the DoP in 2010-11 were placed at Rs 6,962.3 crore whereas the gross and net working expenses were Rs 13,793.7 crore and Rs 13,307.9 crore respectively.

The resultant deficit for 2010-11 stood at Rs 6,345.6 crore, the Economic Survey said.

It added that the postal sector needs to keep pace with changing times as many of its services have become redundant with growth in technology and takeover by other players.

"Quick decisions and actions to stay abreast of the times including switching over to new activities and downsizing could release a lot of resources from this sector for use elsewhere," the Economic Survey said.

ADDITIONAL DA FOR CENTRAL GOVT EMPLOYEES AND PENSIONERS : CABINET COMMITTEE IS LIKELY TO DISCUSS IN THE NEXT MEETING…

The magnet word of ‘Dearness Allowance’ is the commonly used among the Central and State government employees and Pensioners. As it is the only allowance which they can expect twice in a year to overcome the financial burden in their families. Even though they are entitled to receive a number of allowances, it may vary depends upon the work, workplaces and climatic conditions. Some of these allowances has limitations and paid only to the eligible employees according to the nature of work. But the Dearness Allowance is not like that. This allowance is paid to all central government employees evenly without any specific limitations.

As every one knows that D A is paid twice in a year i.e. in January and in July as recommended in the 6th Central Pay Commission. The Central Government announces the D A on the recommendations of the Labour Bureau which calculates the rising prices of different essential commodities at different places all over India. When the price rises, DA also rises.

Employees are eagerly awaiting the announcement of this year’s first instalment of DA and it will be announced soon by the government.

SANCHAY POST - Version 6.6.1

SANCHAY POST - Version 6.6.1

SANCHAY POST - Version 6.6.1 - Pre-Release Notification

Sanchay post version 6.6.1 is to be released on the 19^th of March 2012.  It is imperative for all HOs to upgrade immediately to facilitate interest calculation for the financial year 2012-2013.

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Preparation for  upgradation to Sanchaypost version 6.6.1

• Download the latest DBAnalyzer exe from our website. Run DBAnalyzer software.
• In ‘Check Databases’ option ensure that upgradation to previous versions is successful using ‘version 6.5’ and ‘version 6.5R2’. Also check the option ‘MoF Patch’ to ensure interest rate updation.

In case of any error in the above, contact SDC for solution.

GDS compassio​nate appointmen​t

Remarkable Victory for Postal JCA ,Cadre restructuring for MMS staff was conducted under the Chairperson Ms. Sandhya Rani, PMG BD Hyderabad on 12th and 13th MARCH 2012

Govt mulling insurance plan for central govt officials

Govt mulling insurance plan for central govt officials

New Delhi: Government on Friday said it was contemplating introduction of a health insurance scheme for central government employees and pensioners on a pan India basis.
In reply to a question in Lok Sabha, Health Minister Ghulam Nabi Azad said the scheme would be an alternative to the existing CGHS scheme.
"The proposal is to make this scheme voluntary and contributory for serving employees and pensioners. However, it is proposed to be made compulsory for new entrants in Government service," Azad said.

Replying to another question, he said the government was also considering a plan to construct a super speciality wing in the campus of Safdarjung Hospital.

"A detailed project report for the construction of a 360 bedded super speciality wing in the campus of the Safdarjung Hospital has been received," Azad said.

Finance ministry may accept house panel's recommendations on DTC bill

A parliamentary panel has submitted its recommendations on the Direct Taxes Code (DTC) bill, potentially giving the government leeway to please taxpayers in the March 16 budget and win back favour after suffering severe setbacks in recent state elections.

If the recommendations of the standing committee on finance headed by senior BJP leader Yashwant Sinha are accepted, nearly 90% of taxpayers will drop out of the tax net while others could see their tax liabilities come down.

The committee has suggested that the basic exemption limit be raised to Rs 3 lakh from Rs 1.8 lakh now and income up to Rs 10 lakh attract only 10% tax. The highest 30% tax slab is proposed to kick in only on income in excess of Rs 20 lakh.