Notification For Direct Recruitment Examination For Multi Tasking Staff (MTS), 2016 - TN Circle
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GOVERNMENT REJECTED DEMAND FOR RAISING OF BONUS PAYMENT CEILING TO CENTRAL GOVERNMENT EMPLOYEES
As the calculation ceiling has been revised for the PLB as well as Ad-hoc Bonus, Govt. employees were expecting arrear of bonus for the year 2014-15. Demand has been raised by the staff side. But Govt. denied the demand as per the following letter.
As the calculation ceiling has been revised for the PLB as well as Ad-hoc Bonus, Govt. employees were expecting arrear of bonus for the year 2014-15. Demand has been raised by the staff side. But Govt. denied the demand as per the following letter.
Budget 2016 – PPF, EPF principal amount continue to exempt from Income Tax
Budget 2016 – PPF, EPF principal amount continue to exempt from Income Tax – Minister clarifies that Interest accrued on 60% of EPF Contribution alone is liable to income tax – Minister of State for Finance clarifies
The government today has clarified that the popular public provident fund (PPF) scheme will continue to stay out of the tax ambit and that tax will be levied only on accrued interest on 60 percent of employeeprovident fund (EPF) contribution.
This was confirmed by Revenue Secretary Hasmukh Adhia who spoke to PTI, a day after the Union Budget set the cat among the pigeons when the Finance Minister vaguely referred to tax being referred to PF schemes. Further, small salaried employees with up to Rs 15,000/month income will be kept out of purview of proposed taxation of EPF, he said.
Following a public outcry, Minister of State for Finance told IBNLive that detailed guidelines will be issued shortly.
“In case of superannuation funds and recognized provident funds, including EPF, the norm of 40 percent of corpus to be tax free will apply in respect of corpus created out of contributions made after April 1, 2016,” Finance Minister Arun Jaitley had said in the Budget speech yesterday, noting that the aim was bring superannuation and provident funds in line with the National Pension Scheme’s tax structure.
So far, the PPF and EPF have enjoyed the exempt-exempt-exempt (EEE) status, implying no tax will be levied at the stages of investment, interest payout and withdrawal.
NPS, on the other hand, has been under the EET tax structure.
Experts believe that the differential tax structure has impaired NPS’ growth. The government has so far not clarified what the tax rate would be.
A back of the envelope calculation suggests that for a yearly contribution of Rs 60,000 (Rs 5,000 per month) into the EPF, an employee will incur tax of Rs 288, Rs 576 and Rs 864 — Rs 60,000 x 0.6 (only 60 percent of contribution) x 0.08 (assuming 8 percent interest) x 0.1/0.2/0.3 — for employees in the 10 percent/20 percent/30 percent tax slabs.
Source: moneycontrol.com
Union Budget 2016: what will get costlier & what will get cheaper?
Here is a list of things which are expected to get costlier and cheaper following the Budget —
| Costlier | Cheaper |
| » Cars (specifically SUVs) | » Refrigerated containers |
| » Cigarettes | » Low cost houses with less than 60 sq mt carpet |
| » Clothes (ready made and branded apparel over Rs 1000) | » Routers, broadband |
| » Jewellery | » Modems, set-top boxes |
| » Aerated drinks | » Footwear |
| » Mineral water | » Sanitary pads |
| » Air travel | — |
| » AC restaurants | — |
| » e-reading devices | — |
| » Aluminium foils | — |
| » Legal services | — |
| » Rope way, cable car | — |
FM not given assurance for reviewing the retrograde recommendations of 7th CPC – NFIR
NFIR National Federation of Indian Railwaymen 3, Chelmsford Road, New Delhi 110 055 Press Statement of M.Raghavaiah, General Secretary Finance Minister Arun Jaitley’s Budget (2016-17) failed to address the genuine aspirations of working class. The Income Tax Exemption limit for serving and retired Central Government employees has not been revised. The Fixed Medical Allowance for Retired Central Government employees has not been raised to Rs. 2000/- p.m. from the existing Rs. 500/- p.m., resulting continued hardship to Retired Central Government employees who live in remote places and small towns where medical facilities not provided. The Finance Minister has not spoken on the employees’ demand for abolition of New Pension Scheme. It is sad to note that the Finance Minister has not given assurance for reviewing the retrograde recommendations of 7th Central Pay Commission although he said that a Committee has been constituted. The Workers’ of Government Sector, Private as well Unorganized Sectors are disappointed over the Budget announcements. Mr.Raghavaiah, General Secretary, NFIR has urged upon the Prime Minister to accept Railway Minister’s proposal sent in November, 2015 and see that Railway Employees are exempted from New Pension System.
sd/-
(M.Raghavaiah)
General Secretary
Source: NFIR
Budget 2016: Tax rebate for persons with income less than or equal to Rs 5 lakh increased by Rs 3000
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| FM has increased the tax rebate given to individuals with net income equal to or less than Rs 5 lakh under section 87A from Rs 2000 to Rs 5000.
NEW DELHI: In the budget 2016, the finance minister has increased the tax rebate given to individuals with net income equal to or less than Rs 5 lakh under section 87A from Rs 2000 to Rs 5000. Currently, under this section a resident individual with income up to or equal to Rs 5 lakh can get a rebate in tax equal to 100 per cent of the income tax payable or Rs 2000 whichever is less. This low cap of Rs 2000 has now been increased to Rs 5000. This is expected to provide a relief of Rs 3000 in tax to over 2 crore tax payers, according to the finance minister.
Source:http://economictimes.indiatimes.com/
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