CBDT notifies new IT Return Forms for AY 2017-18

CBDT notifies new IT Return Forms for AY 2017-18

CBDT notifies new Income Tax Return Forms for AY 2017-18: Introduces one page simplified ITR Form-1(Sahaj) 

The Central Board of Direct Taxes has notified Income-tax Return Forms (ITR Forms) for the Assessment Year 2017-18. One of the major reforms made in the notified ITR Forms is the designing of a one page simplified ITR Form-1(Sahaj).  This ITR Form-1(Sahaj) can be filed by an individual having income upto Rs.50 lakh and who is receiving income from salary  one house property / other income (interest etc.) . Various parts of ITR Form-1 (Sahaj) viz. parts relating to tax computation and deductions have been rationalised and simplified for easy compliance. This will reduce the compliance burden to a significant extent on the individual tax payer. This initiative will benefit more than two crore tax-payers who will be eligible to file their return of income in this simplified Form.  

Simultaneously, the number of ITR Forms have been reduced from the existing nine  to seven forms. The existing ITR Forms ITR-2, ITR-2A and ITR-3 have been rationalized and a single ITR-2 has been notified in place of these three forms. Consequently, ITR-4 and ITR-4S (Sugam) have been renumbered as ITR-3 and ITR-4 (Sugam) respectively.

 There is no change in the manner of filing of ITR Forms as compared to last year. All these ITR Forms are to be filed electronically. However, where return is furnished in ITR-1 (Sahaj) or ITR-4 (Sugam), the following persons have an option to file return in paper form:-

(i) an individual of the age of 80 years or more at any time during the previous year;   or

(ii)  an individual or HUF whose income does not exceed five lakh rupees and who has not claimed any refund in the return of income,

The notified ITR Forms are available on the department’s official website www.incometaxindia.gov.in

Source: PIB

Revised rates of interest on Small Savings Schemes

Revised rates of interest on Small Savings Schemes

Press Information Bureau 

Government of India

Ministry of Finance

31-March-2017 15:39 IST

The Union Government has announced revised rates of interest on Small Savings Schemes for the First Quarter of 2017-18 to bring them somewhat closer to market rates 

Small Savings schemes will continue to be attractive as some of them enjoy income tax benefits and additional interest rate spreads 

Revision of rates is a reflection of calibrated reform of the Union Government in the financial sector to ensure better interest rate transmission 

The Union Government has announced revised rates of interest on various small savings schemes for the first quarter of the financial year 2017-18.  To bring such rates somewhat closer to market rates, the Government has decided to effect a reduction of 0.1 percentage points (10 basis points) in interest rates across the board in all the schemes except the Post Office Savings Account, which has been left untouched.

Government continues to accord highest priority to the interest of small savers, especially savings for the benefit of girl child, the senior citizens and the regular savers who form the backbone of our savings architecture. The current revision of rates is reflective of the Government’s commitment to calibrated reform in the financial sector to ensure better interest rate transmission.

Various small savings schemes will continue to be very attractive compared to bank deposits of similar maturities and tenor even after this marginal reduction in interest rates by 0.1 percentage points.  Apart from offering higher interest rates compared to bank deposits, some of the small savings schemes also enjoy income tax benefits.  Further, small savings schemes like Senior Citizens Savings Scheme (SCSS), Sukanya Samriddhi Account (SSA), PPF, 5 year National Savings Certificate (NSC), 5 year Monthly Income Scheme (MIS) and 5 year Time Deposits (TD) enjoy additional interest rate spreads.  This additional interest rate spread is 100 basis points in the case of Senior Citizen Savings Scheme, 75 basis points in Sukanya Samriddhi Account and 25 basis points spread in PPF, 5 year NSC, 5 year MIS and 5 year TD.

Source: PIB

Announcement of 7th CPC Allowances only after MCD Elections

Announcement of 7th CPC Allowances only after MCD Elections

Brief of the meeting held with the Cabinet Secretary on 28.03.2017

Shiva Gopal Mishra
Secretary

Ph: 23382286

National Council (Staff Side)

Joint Consultative Machinery

for Central Government Employees

13-C, Ferozshah Road, New Delhi – 110001

E-Mail : nc.jcm.np@gmail.com

No.NC/JCM/2017

Dated: March 30, 2017

All Constituents of the
NC/JCM(Staff Side)

Dear Comrades!

Sub: Brief of the meeting held with the Cabinet Secretary

I met the Cabinet Secretary on 28th March, 2017 and shown anguish about the inordinate delay in resolution of long pending demands of the Central Government Employees, and subsequently handed him over a letter on the subject matter on the next day.

The Cabinet Secretary given us assurance that, he is already pursuing these issues, and though there had been some delay in finalization of the allowances, report of the Committee on Pension has already been submitted to the Cabinet, NPS Committee is already on its job and we would try to resolve the pending issues within a short period.

He also expressed his apprehension that, MCD elections may result in some delay, but at the same time, he assured that, as soon as he gets report of the Committee on Allowances, that will immediately be forwarded to the Cabinet, and after approval of the Cabinet, if need be, we would take necessary permission from the Election Commission.

This is for your information.

Comradely yours,

sd/-

(Shiva Gopal Mishra)

Source: http://ncjcmstaffside.com/

Fixation of pay in case of employees who seek transfer to a lower post under FR 15(a)

Fixation of pay under FR 15(a) as per 7th CPC Matrix Table

Fixation of pay in case of employees who seek transfer to a lower post under FR 15(a)

No.12/1/2016-Estt(Pay-I)

Government of India

Ministry of Personnel, Public Grievances and Pensions

Department of Personnel and Training

North Block, New Delhi

Dated the 31st March, 2017

OFFICE MEMORANDUM

Subject : Fixation of pay in case of employees who seek transfer to a lower post under FR 15(a)- clarification regarding.

The undersigned is directed to refer to this Department’s OM No.16/4/2012-Pay-I dated 5th November, 2012 read with OM No.13/9/2009-Estt.(Pay-I) dated 21st October, 2009, whereby clarification was issued by this Department for fixation of pay in case of employees seeking transfer to lower posts under FR 15(a) subsequent to the implementation of the recommendations of 6th CPC and CCS(RP) Rules, 2008. It was clarified therein that in case of transfer of a Government servant to a lower Grade Pay under FR 15(a) on his/her own request w.e.f. 1.1.2006, the pay in the Pay Band will be fixed at the stage equal to the pay in Pay Band drawn by him/her prior to his/her appointment against the lower post. However, he/she will be granted the Grade Pay of lower post. Further, in all cases, he/she will continue to draw his/her increment(s) based on his pay in the Pay Band + Grade Pay (lower).

2. Consequent upon the implementation of 7th CPC Report and CCS(RP)Rules, 2016, the concept of new Pay Matrix has replaced the existing Pay Bands and Grade Pays system. Accordingly, in partial modification of this Department’s OMs dated 5th November, 2012 and 21st October, 2009 ibid: the method of pay fixation in respect of a Government Servant transferred to a lower post under FR 15(a) on his/her own request w.e.f 1.1.2016 will be as under:

‘In case of transfer to a lower Level of post in the Pay Matrix under FR 15(a) on his/her own request w.e.f. 1.1.2016, the pay of the Government Servant holding a post on regular basis will be fixed in the revised pay structure at the stage equal to the pay drawn by him/her in the higher Level of post held regularly. If no such stage is available, the pay will be fixed at the stage next below in the lower Level with respect to the pay drawn by him/her in the higher Level of post held regularly and the difference in the pay may be granted as personal pay to be absorbed in future Increment(s). If maximum of the vertical range of pay progression at the lower Level in which he/she is appointed, happens to be less than the pay drawn by him/her in the higher Level, his/her pay may be restricted to that maximum under FR 22(I)(a)(3).

3. All Ministries/Departments are requested to revise the Terms/Conditions of such transfer, if any, in line with para 2 above.

4. In so far as persons serving in the Indian Audit and Accounts Department are concerned, these orders issue after consultation with the Comptroller & Auditor General of India.

5. This order takes effect from 1.1.2016.

6. Hindi version will follow.

sd/-

(Pushpender Kumar)

Under Secretary to the Government of India

Authority: www.dopt.gov.in

Click Here to view the order

Expected DA July 2017 – AICPIN for February 2017

Expected DA July 2017 – AICPIN for February 2017

All India Consumer Price Index for Industrial Workers (BY 2001=100) for the month of February 2017 released by the Labour Bureau today.

The All-India CPI-IW for January 2017 remained stationary at 274 (Two hundred and Seventy four).

The Labour Bureau today published the magix number of AICPIN for the calculation purpose of Dearness Allowance and Dearness Relief for the existing and retired employees of Central Government.

For more details, Click the link to view the Press Release