Job Highlights
 (02 February - 08 February 2013) |
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Sunday, 17 February 2013
Job Highlights (02 February - 08 February 2013)
Budget 2013: Tax concessions for life insurance sector likely
NEW DELHI: Life insurance policyholders can look forward to more tax concessions as Finance Ministry is considering a proposal to do away with service tax on first premium and create separate exemption limit for pension schemes in the upcoming Budget.
Besides, the tax authorities are examining whether service tax may be assessed on realisation basis as against the current practice of levying duty on the premium on accrual basis.
Presently, service tax is paid on dues or receipt of amount, whichever is earlier. However, some of amounts due are never received; similarly amounts received in advance with proposal are not converted into policy.
Industry has demanded that service tax liability should be on the basis of receipt of amount and subsequent conversion as premium.
Sources said the Income Tax Department is considering creating a separate exemption limit for some insurance pension products over and above the existing limit.
Currently under the Income Tax Act, Rs 1,00,000 income tax deduction is allowed on the premium paid along with other approved investments.
Industry is expecting that Finance Minister P Chidambaram may make an announcement in this regard which will benefit the consumers as well as the life insurance industry.
The slew of incentives being considered by the government for boosting life insurance industry include higher incentives for agents selling policies, sources added.
TDS threshold on agents commission should be to raised to Rs 50,000 from the existing Rs 20,000 since most of life insurance agents are now in a low-income bracket, Max Life Insurance Managing Director Rajesh Sud said.
The Central Board of Direct Taxes is also considering whether the total sum paid for post-retirement medical scheme could be made eligible of income tax deductions.
Finance Minister has been pitching for the need to push savings in financial instruments rather than in 'unproductive' assets like gold. The spurt in gold imports has aggravated the current account deficit.
Concerned over subdued growth in the insurance sector, Chidambaram had asked the insurance companies to refrain from mis-selling and devise simple products for people to boost growth in the sector.
"In my view, the reason why insurance is stumbling in India is because of mis-selling of products and complex products. If you want to sell insurance to India, you must sell simple products and must make it absolutely clear to agents and other officers that they should not mis-sell," Chidambaram had said.
Besides, the tax authorities are examining whether service tax may be assessed on realisation basis as against the current practice of levying duty on the premium on accrual basis.
Presently, service tax is paid on dues or receipt of amount, whichever is earlier. However, some of amounts due are never received; similarly amounts received in advance with proposal are not converted into policy.
Industry has demanded that service tax liability should be on the basis of receipt of amount and subsequent conversion as premium.
Sources said the Income Tax Department is considering creating a separate exemption limit for some insurance pension products over and above the existing limit.
Currently under the Income Tax Act, Rs 1,00,000 income tax deduction is allowed on the premium paid along with other approved investments.
Industry is expecting that Finance Minister P Chidambaram may make an announcement in this regard which will benefit the consumers as well as the life insurance industry.
The slew of incentives being considered by the government for boosting life insurance industry include higher incentives for agents selling policies, sources added.
TDS threshold on agents commission should be to raised to Rs 50,000 from the existing Rs 20,000 since most of life insurance agents are now in a low-income bracket, Max Life Insurance Managing Director Rajesh Sud said.
The Central Board of Direct Taxes is also considering whether the total sum paid for post-retirement medical scheme could be made eligible of income tax deductions.
Finance Minister has been pitching for the need to push savings in financial instruments rather than in 'unproductive' assets like gold. The spurt in gold imports has aggravated the current account deficit.
Concerned over subdued growth in the insurance sector, Chidambaram had asked the insurance companies to refrain from mis-selling and devise simple products for people to boost growth in the sector.
"In my view, the reason why insurance is stumbling in India is because of mis-selling of products and complex products. If you want to sell insurance to India, you must sell simple products and must make it absolutely clear to agents and other officers that they should not mis-sell," Chidambaram had said.
Source : The Economic Times, 17 Feb, 2013
Friday, 15 February 2013
World's tallest Gandhi statue unveiled in Patna
PTI
With a towering height of 70 feet, the world's tallest statute
of Mahatma Gandhi was on Friday unveiled in Patna in Bihar.
'Bapu' is seen standing affectionately with two children on either side in the bronze statue constructed at the historic Gandhi Maidan in Patna. Funded by the state government, the Rs. 10 crore statue, inclusive of a 30-feet-high pedestal, has been built by Delhi-based sculptor Ramsutar and Sons.
With this, the Parliament statue in New Delhi where the 'Father of the Nation' is in a meditating pose, becomes the second tallest Gandhi statue with a height of 16 feet.
Stating that is a small tribute to the great leader, Bihar chief minister Nitish Kumar said his mantra of non-violence will motivate the weaker sections to seek their rights in a peaceful manner, but with persistence.
"The tallest leader of our country and flag bearer of world peace will continue to inspire youths for generations," he said after unveiling the statue at a function.
Plaques have been added to the statute recalling various movements led by Gandhi during the freedom struggle.
Some valuable Gandhi quotes have also been written on the plaques to remind people about the message 'Bapu' gave during his lifetime.
Sculptor Anil, who runs 'Ramsutar Arts Pvt Ltd', said the statue, showcasing Gandhi with a smiling look, will spread the message of world peace and motivate all to bridge the divide between the rich and poor.
'Bapu' is seen standing affectionately with two children on either side in the bronze statue constructed at the historic Gandhi Maidan in Patna. Funded by the state government, the Rs. 10 crore statue, inclusive of a 30-feet-high pedestal, has been built by Delhi-based sculptor Ramsutar and Sons.
With this, the Parliament statue in New Delhi where the 'Father of the Nation' is in a meditating pose, becomes the second tallest Gandhi statue with a height of 16 feet.
Stating that is a small tribute to the great leader, Bihar chief minister Nitish Kumar said his mantra of non-violence will motivate the weaker sections to seek their rights in a peaceful manner, but with persistence.
"The tallest leader of our country and flag bearer of world peace will continue to inspire youths for generations," he said after unveiling the statue at a function.
Plaques have been added to the statute recalling various movements led by Gandhi during the freedom struggle.
Some valuable Gandhi quotes have also been written on the plaques to remind people about the message 'Bapu' gave during his lifetime.
Sculptor Anil, who runs 'Ramsutar Arts Pvt Ltd', said the statue, showcasing Gandhi with a smiling look, will spread the message of world peace and motivate all to bridge the divide between the rich and poor.
HOUSE BUILDING ADVANCE. RATES OF INTEREST FOR CENTRAL GOVT EMPLOYEES TO PURCHASE OR CONSTRUCT HOUSES
No.1-17011/2(6)/2013-H.III
Ministry of Urban Development
(Housing-III Section)
*******
Nirman Bhawan, New Delhi.
Dated:- the 17th January, 2013
OFFICE MEMORANDUM
Subject:- Rates of interest on advances and loans to Govt. employees, for construction/purchase of houses/flats.
The
undersigned is directed to enclose herewith a copy of Ministry of
Finance, Deptt. of Expenditure's O.M. No. 5(3)-B(PD)/2012 dated the 3rd
January 2013 intimating the rates of interest on advances and loans
given to Government employees for construction/purchase of houses/flats
during 2012-13 i.e. 1st April, 2012 to 31St March, 2013 and until
further orders, for information and compliance.
Sd/-
(S.K.Ram)
Dy. Financial Adviser
No.5(3)-B(PD)/2012
Government of India
Ministry of Finance
Department of Economic Affairs
(Budget Division)
Room No. 263-B, North Block,
New Delhi dated the 3rd January, 2013.
Office Memorandum
The undersigned is directed to state that the rates of interest on
advances and loans given to Government employees for
construction/purchase of houses/flats during 2012-13 i.e. 1st April,
2012 to 31st March, 2013 and until further orders will be as under:-
Slab Interest Rate percent per annum
Advance upto Rs. 50,000/- 6.00
Advance uto Rs. 1,50,000/- 7.50
Advance upto Rs. 500,000/- 9.00
Advance upto Rs. 7,50,000/- 9.50
Ministry of Urban Development is requested to issue separate O.M. at their level on the above issue.
This issues with the approval of Flon'bie Finance Minister.
Sd/-
(A.K. Bhatnagar)
Under Secretary (Budget)
Source:http://urbanindia.nic.in/writereaddata/office%20orders/568.pdf
Revision of Pension of pre-2006 Pensioners.
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