Friday, March 24, 2017

VERY IMPORTANT JUDGEMENT FROM HON'BLE HIGH COURT OF MADRAS - IMPLEMENTATION OF MACP



VERY IMPORTANT JUDGEMENT FROM HON'BLE HIGH COURT OF MADRAS - IMPLEMENTATION OF MACP RETROSPECTIVELY W.E.F. 01-09-2008 AND DENYING PROMOTIONAL HIERARCHY UNDER ACP FOR THOSE WHO HAVE COMPLE TED REQUIRED SERVICE DURING THE PERIOD BETWEEN 01-09-2009 TO 19-05-2009 HELD NOT LEGAL

TO READ THE COMPLETE JUDGEMENT, PLEASE CLICK HERE. 
 

Proposed RRs of AO/AAO of IP&TAFS Group 'B'


To view the draft please CLICK HERE. 

DO Letter on IPPB & Role and Responsibilities of DoP under MoU





Usages of DoP ATMs-Rationalization of number of free transactions.



The competent authority has accorded approval for fixing  following limits of ATM transactions in line with the RBI guidelines with immediate effect :-

 1. DOP customers on DoP ATMs  --   Unlimited number of transactions (financial and non financial) in a month.

2. DOP Customers on other bank ATMs in the 6 metros specified in RBI guidelines--- 3 free transactions (financial and non financial) in a month beyond which Rs.20/= + taxes  per transaction be charged from customers

3. DOP customers on other bank ATMs in non-metros(other than 6 metros specified in RBI guidelines)--- 5 free transactions (financial and non financial) in a month beyond which Rs.20/= + taxes per transactions be charged from customers.

To view the RBI guidelines please  Click Here.

IPPB - The Best Bank in India

India Post Payment Bank (IPPB) - The Best Bank in India

India Post Payment Bank (IPPB) - The Best Bank in India:

10 most important income-tax changes which will apply from April 1


With the passage of the Finance Bill on Wednesday, the Lok Sabha has completed the budgetary exercise for 2017-18. The tax proposals in the Budget 2017 have now become law. Below are 10 most important income-tax changes that will affect you next month: 

1. With a decrease in tax rate from 10 per cent to 5 per cent for total income between Rs 2.5 lakh and Rs 5 lakh, there is tax saving of up to Rs 12,500 per year and Rs 14,806 (including surcharge and cess) for those with income above Rs 1 crore. 

2. Tax rebate is reduced to Rs 2,500 from Rs 5,000 per year for taxpayers with income up to Rs 3.5 lakh (earlier Rs 5 lakh). Due to the combined effect of change in tax rate and rebate, an individual with taxable income of Rs 3.5 lakh will now pay tax of 2,575 instead of 5,150 earlier. 

3. Surcharge at 10 per cent of tax levied on rich taxpayers, with income between Rs 50 lakh and Rs 1 crore. The rate of surcharge for the super rich, with income above Rs 1 crore, will remain 15 per cent. 

4. Holding period for immovable property to be considered "long term" reduced to 2 years from 3. This will ensure immovable property held beyond 2 years is taxed at reduced rate of 20 per cent and eligible for various exemptions on reinvestment. 

5. Long term capital gains tax will result in a lower payout owing to beneficial amendments. The base year for indexation of cost (adjustment of inflation) has been shifted to April 1, 2001 from April 1, 1981. This means lower profits on sale. 

6. Further, tax exemption will be available on reinvestment of capital gains in notified redeemable bonds (in addition to investment in NHAI and REC bonds). 

7. A simple one-page tax return form is to be introduced for individuals with taxable income up to Rs 5 lakh (excluding business income). Those filing returns for the first time in this category will generally not be subject to scrutiny. 

8. Delay in filing tax return for 2017-18 will attract penalty of Rs 5,000 if filed by Dec 31, 2018 and Rs 10,000 if filed later. Such fee will be restricted to Rs 1,000 for small taxpayers with income up to Rs 5 lakh. 

9. Deduction for first-time investors in listed equity shares or listed units of equity oriented fund under the Rajiv Gandhi Equity Savings Scheme is withdrawn from 2017-18. If an individual has already claimed deduction under this scheme before April 1, 2017, he/she shall be allowed to avail a deduction for the next two years. 

10. Time period for revision of tax return cut to one year (from 2 years) from the end of the relevant FY or before completion of assessment, whichever is earlier.

Source:-The Economic Times

Wednesday, March 22, 2017

Aadhar to be made mandatory for filing I-T return, applying for PAN card



The government has proposed to make Aadhaar card mandatory for filing income tax return and also applying for permanent account number (PAN). 

The new proposal has been made through an amendment to the Finance Bill.

Recently, the I-T department had announced a mobile app for paying taxes and tracking of refunds. It had also said it was considering issuing PANs on real time basis using Aadhaar biometric. 

"Income Tax department is considering issuing of Permanent Account Number (PAN) on a real time basis using Aadhaar's e-KYC facility. The proposal is at an initial stage of consideration," Minister of State for Finance Santosh Kumar Gangwar had said in a written reply in Lok Sabha on March 10. 

Aadhaar-based e-KYC facility would allow individuals or entities wanting to apply for PAN to verify details such as date of birth or address by way of biometric identification using thumb impressions. 

So far, more than 111 crore Aadhar numbers have been issued. The unique identification number is being used for getting a new SIM card, for opening bank accounts, transfer of subsidies and also for biometric based digital payments under Aadhaar Enabled Payment System. 

As per the government estimate, every year 2.5 crore people across the country apply for PAN cards. 

There are more than 25 crore PAN card holders in the country. 

(With inputs from PTI) 

Source:-The Economic Times

Adhoc-body for newly formed Telangana Circle



No. CHQ/AIAIPASP/Adhoc-body/Telangana/2017                      Dated :   22/3/2017.

To,
Brig. B. Chandrasekhar,
Chief Postmaster General,
Telangana Circle,
Hyderabad 500001.

Subject :  Request for grant of Trade Union facilities to an adhoc-body of All India Association of Inspectors and Assistant Superintendents Posts, Telangana Circle Branch..reg.

Respected Sir, 

The following adhoc-body of All India Association of Inspectors and Assistant Superintendents Posts, Telangana Circle Branch duly approved by the undersigned is sent herewith to carry on the affairs of All India Association of Inspectors and Assistant Superintendents Posts, AP Circle Branch for the time being is for 3 months. The adhoc-body has to conduct the General Body and elect new set of office bearers within 3 months.

S. No.
Name
Designation
Post
1
Sri Y Venkateshwarlu
ASP Kazipet RMS Kazipet
Convener
2
Sri B Suresh Kumar
ASP (R) Hyderabad City Division
Member
3
Sri P. Vijaya Baskar
ASP (Vig.) CO Hyderabad
Member
4
Sri P B Srinivas
ASP (BD) RO Hyderabad
Member
5
Sri H Sharath Kumar
IP RO Hyderabad
Member
6
Sri P Vara Pradesh
ASP (R) Peddapalli Division
Member
7
Sri Niranjan Gramopadyaya
ASP Nizambad
Member

It is requested that necessary Trade Union facilities may kindly be granted to it under intimation to the undersigned.
.                                                                                                           
           Yours sincerely,

 Sd/-
(Vilas Ingale)
General Secretary
Copy forwarded for information to : 

The convener and members