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Wednesday, 24 June 2015

Thursday, June 25, 2015

7th Pay Commission completes its task in the time frame and finalization of the report is underway

7th Pay Commission completes its task in the time frame of 18 months and finalization of the report is underway

The 7th Central Pay Commission has published a report on its official portal yesterday in order to know all stake holders regarding their meetings and its report. 

It ensured that the 7th CPC report will be completed within the time frame of 18 months and it will not entertain any further meetings. 7th Pay Commission Report including revised Pay and Allowances for Central Government Employees, is on final stage.

The official report published by 7th CPC as follows...

“Further to the memoranda received from a variety of Organisations, Federations, Groups representing civil employees in the Government of India as also from the Defence Services, the Commission has had fruitful and wide ranging discussions on relevant issues with all stakeholders. Such interactions have now been concluded. Valuable inputs have been received and the work of compilation and finalization of the report is underway, so that the Commission completes its task in the time frame given to it. Accordingly, any future requests for meeting with the Commission will not be entertained”.

Fixation of pay as on 01.01.2006 in the revised pay structure-reg.

Income tax returns: Government notifies new and simplified ITR forms

NEW DELHI: The Income Tax department has notified the new set of ITR forms, including a three-page simplified one, for taxpayers to file their returns for assessment year 2015-16. 

With the Finance Ministry publishing the gazette order yesterday, taxpayers and other entities can now file their Income Tax Returns (ITR) till August 31, the new deadline set in this regard by the government after it dropped the earlier forms which had attracted criticism for seeking numerous additional details like that of filers' foreign travel and about dormant bank accounts. 

The most simplified form, ITR-2A, to be filled by those individuals and HUFs who do not have income from either business, profession or by way of capital gains and do not hold foreign assets, only asks for the passport number of the tax-filer, with the words "if available". 

Filers now will have to declare only about the "total number of savings and current bank accounts" held by them "at any time during the previous year (excluding dormant accounts)." 

The form also has space to fill up the IFSC code of the bank and in an additional feature, tax filers have been given an option to indicate their bank accounts in which they would want their refund credited. 

The I-T department, in the new ITRs, has also sought the Aadhaar number of filers and has also given options for providing two email ids to it. 

"The inclusion of Aadhaar and emails are to ensure a regime of online ITR filing in the country," a senior official said. 

The department has also provided for an additional four-page schedule to this simplified form for those who wish to file anymore details, applicable in a case-to-case basis. 

In the ITR-2, for individuals and HUFs having income from business or profession, the form remains simple but they will have to declare if they hold any foreign assets abroad or have income from "any source outside India." 

The new ITRs have replaced the 14-page form that were notified earlier this year, triggering a major controversy with individuals, industrialists and MPs saying tax filing would become cumbersome as those forms had sought details including foreign trips and bank accounts details. 

Finance Minister Arun Jaitley had ordered putting these forms on hold following the controversy. 

The last date for filing of the ITR has already been extended for this year to August 31. 

Also, in the new ITRs, an expat who is not an Indian citizen and is in India on business, employment or student visa, would not mandatorily be required to report the foreign assets acquired by him during the previous years when he was non-resident and if no income was derived from such assets during the relevant previous year.

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Sunday, 14 June 2015

Tax on PF

The Government has announced that income tax will be imposed if, at the time of premature withdrawal, the Provident Fund amount is in excess of Rs.30,000. Finance Minister brought a new provision in his budget that allows for TDS on Provident Fund withdrawal before five years of continuous service. When calculating the period of continuous service of five years, the previous employment can also be included. The intention of this at promoting long-term savings. The amendment will come into force from June 2015. “Taxes will be imposed if, at the time of closing or transferring the PF ... more »

Friday, 12 June 2015

CAT update

Today the detailed argument on our parity case was held at CAT Ernakulam.  New MA filed today by our Advocate clarifying our  parity issue that includes  NFSG to entry grade Stenos after 5 years in the GP of Rs.4200/- and Grade-I Rs.4600/-, PS Rs.4800/- as is being given to CSSS.  After detailed argument the court gave final chance of  3 weeks time to DOPT for submitting reply if any.  The next hearing  is fixed on 17-7-2015.. 

Thursday, 11 June 2015

CAT case update

The parity case will come for hearing today ie 12-6-2015 before the full bench of CAT,Ernakulam.  According our Advocate Shri.Sajith, detailed argument will be held today and positively by next month the case may  finalise.  Members are requested to donate voluntarily to meet the court expenses to the Treasuer,CAICGSA in our official account. SBI,Statue Branch,Thiruvananthapuram(IFSC code-SBIN0008680) A/c No. 33249163649( Liji                     S.R,Treasurer CAICGSA)