Friday 18 October 2013

Grant of Dearness Relief to CPF beneficiaries in receipt of ex-gratia payment w.e.f 01.07.2013.


Click here to view Office Memorandum F. No. 42/13/2012-P&PW(G), dated 17th October, 2013 issued by Department of Pension & Pensioners' Welfare , Ministry of Personnel, Public Grievances & Pensions, Government of India.

Odisha Circle : Result of PA, SA and PA(SBCO) of Odisha Circe held on 5th May, 2013

Result of PA, SA and PA(SBCO) of Odisha Circe held on 5th May, 2013


To view please Click Here.

Rates of Income-Tax on Salaries for AY 2014-2015 FY 2013-2014: IT Circular 08/2013 Part-2


2. RATES OF INCOME-TAX AS PER FINANCE ACT, 2013:

As per the Finance Act, 2013, income-tax is required to be deducted under Section 192 of the Actfrom income chargeable under the head "Salaries" for the financial year 2013-14 (i.e. AssessmentYear 2014-15) at the following rates:

 2.1 Rates of tax
A. Normal Rates of tax:

Sl No
Total Income
Rate of tax
1
Where the total income does not exceed Rs. 2,00,000/-.
Nil
2
Where the total income exceeds Rs. 2,00,000 but does not exceed Rs. 5,00,000/-
10 per cent of the amount by which the total income exceeds Rs. 2,00,000/-
3
Where the total income exceeds Rs. 5,00,000/- but does not exceed Rs. 10,00,000/-.
Rs. 30,000/- plus 20 per cent of the amount by which the total income exceeds Rs. 5,00,000/-.
4
Where the total income exceeds Rs. 10,00,000/-.
Rs. 1,30,000/- plus 30 Per cent of the amount by which the total income exceeds Rs. 10,00,000/-



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:

Sl No
Total Income
Rate of tax
1
Where the total income does not exceed Rs. 2,50,000/-
Nil
2
Where the total income exceeds Rs. 2,50,000 but does not exceed Rs. 5,00,000/-
10 per cent of the amount by which the total income exceeds Rs. 2,50,000/-
3
Where the total income exceeds Rs. 5,00,000/- but does not exceed Rs. 10,00,000/-
Rs. 25,000/- plus 20 per cent of the amount by which the total income exceeds Rs. 5,00,000/-.
4
Where the total income exceeds Rs. 10,00,000/-
Rs. 1,25,000/- plus 30 per cent of the amount by which the total income exceeds Rs. 10,00,000/-

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:
Sl No
Total Income
Rate of tax
1
Where the total income does not exceed Rs. 5,00,000/-
Nil
2
Where the total income exceeds Rs. 5,00,000 but does not exceed Rs. 10,00,000/-
20 per cent of the amount by which the total income exceeds Rs. 5,00,000/-
3
Where the total income exceeds Rs. 10,00,000/-
Rs. 1,00,000/- plus 30 per cent of the amount by which the total income exceeds Rs. 10,00,000/-

2.2 Surcharge on Income tax:
The amount of income-tax shall be increased by a surcharge @10% of the Income-tax on payments to an individual taxpayer, if the total income of the individual exceeds Rs 1 crore during FY 2013-14 (AY 2014-15). However the amount of Surcharge shall not exceed the amount by which the individual’s total income exceeds Rs 1 crore and if surcharge so arrived at, exceeds such amount (assessee’s total income minus one crore) then it will be restricted to the amount of total incomeminus Rupees one crore.

2.3.1 Education Cess on Income tax:
The amount of income-tax including the surcharge if any, shall be increased by Education Cess on Income Tax at the rate of two percent of the income-tax.

2.3.2 Secondary and Higher Education Cess on Income-tax:

An additional cess is chargeable at the rate of one percent of income-tax including the surcharge if any, but not including the Education Cess on income tax as in 2.3.1.

Click here to see
 IT Circular 08/2013

Courtesy : http://karnmk.blogspot.in/

Income-Tax Deduction from Salaries during the Financial Year 2013-14: IT Circular No. 08/2013 Part-I

CIRCULAR
 NO : 08 /2013
F.No. 275/192/2013-IT(B)
Government of India
Ministry of Finance
Department of Revenue
Central Board of Direct Taxes
New Delhi, dated the 10th October, 2013

SUBJECT: INCOME-TAX DEDUCTION FROM SALARIES DURING THE FINANCIAL YEAR 2013-14 UNDER SECTION 192 OF THE INCOME-TAX ACT, 1961.


Reference is invited to Circular No.08/2012 dated 05.10.2012 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 2012-2013, 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 2013-2014 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.


Source: www.incomtaxindia.gov.in


Courtesy : http://karnmk.blogspot.in/

Postal services need a boost to compete with New Age tech

MUMBAI: Governments across the world need to support reforms in postal services, stated senior officials of the United Nations who expressed concern about the survival of physical post offices at a time when technology is rapidly revolutionalising channels of communication.

There are an estimated 600,000 postal offices across the world and the sector is among the world’s biggest employers with more than 5 million staffers employed across the globe. While physical letters generate about half of post’s revenues as per UN estimates, post offices like in India have been forced to diversify into areas such as e-commerce and financial services to sustain.

Read more: Times of India. Monday, October 14th, 2013

TOOL FOR SB AND RD STATEMENT


Statement Tool For SB And RD Scheme


  • Download Statement.exe 
  • Provide SQL information using Settings option.
  • Now Statement Tool ready to fetch SB and RD for the specified period.
  • Export Option included with this tool

Download

Thanks to:
Anil Reddy


Courtesy : http://potools.blogspot.in

PFRDA Orders : New Pension Scheme (NPS) - Changes in Investment Guidelines for the Government Sector

PFRDA Orders : New Pension Scheme (NPS) - Changes in Investment Guidelines for the Government Sector

PENSION FUND REGULATORY AND DEVELOPMENT AUTHORITY

CIRCULAR

File No.: PFRDA/2O13/16/PFM/4

Date: 15 Oct 2013

To,
All Pension Funds

Subject: Investment Guidelines

1. Changes in Investment Guidelines for the Government Sector

The following changes in the investment guidelines have been made :-

1.1 Debt securities selected for Investments should have a minimum residual maturity period of  three years from the date of investment by the Pension Fund.

1.2 Debt securities must have an investment grade rating from at least two credit rating agencies.  Apart from ratings by agencies. PF shall undertake their own due diligence for assessment of risks associated with the securities before investments.

1.3 Credit Default Swaps (CDS) on Corporate Bonds are eligible derivative instruments.

1.4 Rated asset backed securities (ABS) are eligible securities for investments provided they have a residual maturity of not less than three years and have an investment grade rating from at least two rating agencies.

2. Guidelines for Private Sector — Corporate CG and NPS lite
Please note that both Corporate CG and NPS Lite Schemes follow the Government pattern of investment and hence investment guidelines as applicable to the Government sector and any subsequent amendments to investment guidelines of Government sector will also be applicable to Corporate CG and NPS lite Schemes. Investment guidelines, and any subsequent changes thereto as applicable to the Government sector, therefore should be adopted simultaneously for Corporate CG and NPS Lite Scheme.

sd/-
(Subroto Das)
Chief General Manager

Source : www.pfrda.org.in
[http://pfrda.org.in/writereaddata/linkimages/changes%20Investment%20Guidelines968531261.pdf]

Odisha Circle : Result of Postman Examination-2012 of Odisha Circle held on 29th September, 2013

To view please Click Here.