Circle Relaxation Meeting dt.31.1.2017
Circle Relaxation Meeting dt.31.1.2017 - Deparmental CRC for 2015 -16.
For Consideration cases
Budget 2017 impact on income tax: Who pays more, who pays less and by how much
Budget 2017 impact on your personal income tax: Who pays more, who pays less and by how much by Economic Times
Here’s who will pay less and who will pay more personal tax following
the finance minister’s personal tax proposals in Budget 2017. Once the
FM’s proposals are implemented:
1. A person with taxable income (after deductions such as Section 80C
etc) of Rs 3.5 lakh will pay a tax of Rs 2575 as against Rs 5150 payable
earlier.
2. Persons with taxable income over Rs 5 lakh up to Rs 50 lakh will pay
Rs 12875 less (including the cess saved), according to EY.
3. However, individuals with taxable income over Rs 50 lakh upto Rs 1
crore will be paying a flat surcharge of 10% on the total tax payable by
them. For example, an individual earning gross total income of Rs 60
lakh will pay (after availing tax deductions as assumed in the table) Rs
1,45,024 additional tax due to the surcharge. As shown in the table a
person with gross total income of Rs 60 lakh who was paying tax of Rs
15,91,865 would now be paying Rs 17,36,889 (after availing deductions
and application of surcharge and cess).
4. Those with income over Rs 1 crore would continue to pay the surcharge
of 15% but would get the meagre benefit of saving Rs 12875 (including
saving of cess but excluding the saving on surcharge). For example, a
person with gross total income of Rs 1. 2 crore will pay (after availing
deductions) Rs 39,65,706 as taxes including surcharge and cess as
against Rs 39,80,512 payable earlier.
Head post offices to render passport services
T
To increase citizens' access to passport services, particularly in
remote regions, finance minister Arun Jaitley announced that head post
offices of each district would be used to render passport services.
"Our citizens in far flung regions of the country find it difficult to
obtain passports and redress passport related grievances. We have
decided to utilise head post offices as front offices for rendering
passport services," he said.
This decision was announced on January 25 by minister of state for
external affairs VK Singh and his counterpart in the telecom ministry
Manoj Sinha.
Secretary (CPV) D Mulay had then said, "This is for the first time
minister of external affairs will be formally giving the powers under
Passport Act to the post office. It's a unique feature where one
ministry is giving the power to another ministry to act on its behalf,
so in a sense postal officers will actually be exercising powers under
the Passport Act."
The MEA will train post office officials in passport services.
Gramin Dak Sevak - A Documentary Film
Inauguration of Office of the Chief Postmaster General ,Andhra Pradesh Circle in the premises of Postal Stores Depot , Vijayawada by CPMG Sri.M.Sampath and DPS Sri.E.V.Rao.
7th Pay Commission: Centre to hike allowances of Central Govt employees from April 1, says NJCA convenor
New Delhi, February 2: A day after Budget 2017 was tabled in the
Parliament by Finance Minister Arun Jaitley, the Central Government
employees were upset as the Union Minister nowhere mentioned any
increase in the hike of allowances in the 7th Pay Commission. But the
members of National Joint Action Committee (NJCA) are an optimist about
the implementation of 7CPC and believe that the government will come up
with some positive news on April 1. The NJCA also believe that the Union
Government will be implementing the 7CPC latest by April 1, after the
end of financial year.
On Wednesday, the central government employees were gripped with
pessimism after Arun Jaitley made no reference to the anomalies related
to 7CPC in his Budget speech. “All of us were eagerly waiting for
Finance Minister to make some announcement on minimum wages. But after
Mr Jaitley’s speech ended without mentioning a single word about the
increase in the minimum wage, most of us were upset,” Shiv Gopal Mishra,
NJCA chief said to India.com.
He further added, “The government may implement the 7CPC by April 1 and
their demand to increase the minimum wage will also be implemented. If
the government fails to increase minimum wages from Rs 18,000 to Rs
25,000 then we will launch a massive protest against the government”.
The NJCA has been actively involved with the Centre where they are
seeking a revision of minimum salary from Rs 18,000 to Rs 26,000. The
NJCA members and its conveyor had also met Home Minister Rajnath Singh,
Finance Minister Arun Jaitley, Railway Minister Suresh Prabhu, a day
after the implementation of 7CPC and had kept their demands in front of
senior leaders.
Shiv Gopal Mishra is quite optimist about the hike in allowances of
government employees but he is not sure that their demands of raising
the minimum wage would be fulfilled by the government.
On Wednesday, most of the senior central government employees were
eagerly waiting for the Budget speech as most of them expected the
Finance Minister to speak on the 7CPC.
On July 1, 2016, the 7th Pay Commission was approved by the Union
Cabinet. The date of implementation was fixed by the high-powered
committee as for January 1, 2016. From the month of July, the central
government employees were provided with the hiked salaries, along with
the arrears of six months. But the hike was only related to the basic
component of their pay. The increase in allowances was upheld, due to
the anomalies raised by employees unions.
The implementation of 7th Pay Commission will directly benefit around 47
lakh central government employees, along with 53 lakh pensioners. In
the 7th Pay Commission, the minimum wage has been revised from Rs 7,000
to Rs 18,000. While the maximum salary has been capped at Rs 2.5 lakh.
Source : http://www.india.com
New Benefits announced for NPS Subscribers in Union Budget 2017-18
In a bid to provide further impetus to the National Pension System
(NPS), the following provisions have been introduced in the Finance Bill
2017 laid down in the Parliament today.
Tax-exemption to partial withdrawal from National Pension System (NPS)
The existing provision of section 10(12A)of the Income Tax Act, 1961
provides that payment from National Pension System (NPS) to a subscriber
on closurer of his account or opting out shall be exempt up to 40% of
total corpus at the time of withdrawal . The amount utilized for
purchase of annuity is also tax exempt. At the time of normal exit, 40%
of the total corpus is mandatorily required to be purchased for annuity.
The subscriber has the option to use higher amount for purchase of
annuity.
In order to provide further relief to the subscriber of NPS, it has been
proposed to insert a new clause (12B) in the section 10 of Income Tax
Act, 1961 to provide exemption on partial withdrawal not exceeding 25%
of the contribution made by an employee in accordance with the terms and
conditions specified under Pension Fund Regulatory and Development
Authority Act, 2013 and regulations made there under.
| This benefit will be effective on partial withdrawal made by the subscriber after 1st April 2017. |
Further, Contribution up to 20% of the Gross Income of the Self-employed
individual (Individual other than salaried class) will be deductible
from the taxable income under Section 80CCD (1) of the Income Tax Act,
1961, as against 10% earlier.
This is with a view to provide parity between a salaried employee and a self-employed.
This benefit will be available on contribution made by the self employed persons on or after 1st April 2017.
This increased limit for tax benefit will help the self-employed
individuals, to save taxes on higher contribution in NPS and thereby
properly plan for their old age income security.
Additional tax deduction on investment upto Rs. 50000/- under Section
80CCD (1B) will continue to remain the same for all NPS subscribers
whether salaried or self-employed.
Source:-PIB
(Release ID :157906)
India Post Payment Bank and Airtel Payment Bank Comparision
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