1st Meeting of the Anomaly Committee to he held on 01.12.2016 un the Chairmanship of Secretary (P)

1st Meeting of the Anomaly Committee to he held on 01.12.2016 un the Chairmanship of Secretary (P) on the calculation of the Disability Pension for Defence Forces’ Personnel as per the recommendation of the 7th CPC

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To

1) All National Secretariat Members

2) All affiliated organisations

3) All COCs

Dear Comrades,

It is proposed to submit a Memorandum to Hon’ble Finance Minister conveying our views and demands for inclusion in General Budget 2016-17. Draft Copy of the Memorandum is given below.

Please suggest additions/Modifications, if any, required, within two days.

M. Krishnan

Secretary General

Confederation

Mob: 09447068125

E-mail: mkrishnan6854@gmail.com

Supreme Court Dismissed PM Grade Candidates request to write PSS Group B Exam

With demonetisation raising revenues for the govt, Budget for 2017-18 may see an increase in income tax exemption limit

With demonetisation raising revenues for the government, Budget for 2017-18 may see an increase in income tax exemption limit for individual tax payers. It may also see a reduction in income tax rates. “The monetary gains will be utilised for infrastructure development, but a part of it will also be used to spur demand in the economy and one way will be to give tax breaks to bonafide tax payers,” a top official said. It may even be a Rs 5 lakh flat tax exemption for individual tax payers, and not other income tax rebates. The other possibility is that the government will increase the exemption from the current Rs 2.5 lakh, to Rs 3.5 lakh, and let some of the deductions continue. At present, Rs 2.5-5 lakh income is taxed at 10%, Rs 5-10 lakh at 20%, and above Rs 10 lakh at 30%. The government is currently working on various possibilities, and it will take sometime to zero-in on one, according to different sources in the government. In case, the exemption is Rs 5 lakh, the income tax rates applicable could be 10% between Rs 5 lakh and Rs 10 lakh annual income, 20% between Rs 10 lakh and Rs 20 lakh income, and 30% on income over Rs 20 lakh, according to an official, who did not wish to be identified. The industry too has demanded a cut in income tax rates, and a steep increase in exemptions in the wake of a windfall gain to the government after the demonetisation drive. Industry has also sought a cut in maximum tax rate of 30% on individual income to 25%. Finance Minister Arun Jaitley had recently said that demonetisation will not only bring back the unaccounted wealth into the economic system, it will also pave way for tax relief to honest tax payers by bringing the rates down. At present, there are various income tax exemptions for individual tax payers and the salaried class. These include house rent allowance exemption for the salaried class, income tax exemption on leave travel allowance, and exemption on encashment of leave. Transport allowance and children education allowance are also allowed income tax exemption for salaried employees up to a certain limit.

Government may reward tax payers

Demonetisation windfall: Government may reward tax payers:

Sources hint at tax breaks in Budget 2017-18

With demonetisation raising revenues for the government, Budget for 2017-18 may see an increase in income tax exemption limit for individual tax payers. It may also see a reduction in income tax rates.

“The monetary gains will be utilised for infrastructure development, but a part of it will also be used to spur demand in the economy and one way will be to give tax breaks to bonafide tax payers,” a top official said.

It may even be a Rs 5 lakh flat tax exemption for individual tax payers, and not other income tax rebates. The other possibility is that the government will increase the exemption from the current Rs 2.5 lakh, to Rs 3.5 lakh, and let some of the deductions continue. At present, Rs 2.5-5 lakh income is taxed at 10%, Rs 5-10 lakh at 20%, and above Rs 10 lakh at 30%. The government is currently working on various possibilities, and it will take sometime to zero-in on one, according to different sources in the government.

In case, the exemption is Rs 5 lakh, the income tax rates applicable could be 10% between Rs 5 lakh and Rs 10 lakh annual income, 20% between Rs 10 lakh and Rs 20 lakh income, and 30% on income over Rs 20 lakh, according to an official, who did not wish to be identified.

The industry too has demanded a cut in income tax rates, and a steep increase in exemptions in the wake of a windfall gain to the government after the demonetisation drive. Industry has also sought a cut in maximum tax rate of 30% on individual income to 25%.

Finance Minister Arun Jaitley had recently said that demonetisation will not only bring back the unaccounted wealth into the economic system, it will also pave way for tax relief to honest tax payers by bringing the rates down.

At present, there are various income tax exemptions for individual tax payers and the salaried class. These include house rent allowance exemption for the salaried class, income tax exemption on leave travel allowance, and exemption on encashment of leave. Transport allowance and children education allowance are also allowed income tax exemption for salaried employees up to a certain limit.

Postman direct recruitment for the year 2015-16 through open market, Chhattisgarh Circle.​

Postman direct recruitment for the year 2015-16 through open market, Chhattisgarh Circle.​

7th Pay Commission: Enhanced allowances with arrears to be paid in January

7th Pay Commission: Enhanced allowances with arrears to be paid in January

New Delhi: The government is going to pay of enhanced allowances to its 4.8 million central government employees according to 7th Pay Commission recommendations in January along with five months arrears, when situation will return to normalcy after cash crunch period.

The payments will be made after cabinet nod following the the committee on allowances report, the finance ministry source said.

The government has to pay the arrears of enhanced allowances this time because the enhanced allowances under recommendations of 7th Pay Commission have not been paid in August when the pay hike and its arrears were paid, he added.

The committee on allowances, which was set up in July this year on the direction of the cabinet, is looking into the provision of allowances other than dearness allowance under the 7th Pay Commission recommendations as the pay commission had recommended of abolishing 51 allowances and subsuming 37 others out of 196 allowances.

The committee met up with the deadline of four months given to it by the cabinet to submit the report, the official revealed.

We are ready to submit our report, when the Finance Minister Arun Jaitley calls up, the committee on allowances head Finance Secretary Ashok Lavasa said recently.

Prime Minister Narendra Modi scrapped Rs 500 and Rs 1,000 notes, which accounted for 86% of all cash in the economy, in a move to catch out Indians with black money, earned by corrupt means or evading taxes. But a bumpy rollout of the new currency has seen millions of people line up outside banks and ATMs.

The situation is worse in in all India. There is an acute shortage of cash supply. Dirty, soiled and non-issuable notes are also being re-circulated.

So, people continue to suffer after demonetisation from November 9 on account of cash crunch and it compels the Finance Minister Arun Jaitley to keep in abeyance the enhanced allowances till things normalize and it is likely to implement from January next with arrears, Finance Ministry official today told on condition of anonymity.