Visit http://staffcorner.com

Saturday, March 5, 2016

7th CPC : Govt may not scrap existing facilities, allowances

7th CPC : Govt may not scrap existing facilities, allowances: After dropping enough hint that Government is all set to implement the recommendations of Seventh Pay Commission soon, here is yet another good news for central government employees.According to Finance Ministry sources, Government won't be making any changes in the existing advances and facilities, enjoyed by Central government employees. Pay commission had suggested abolition of many privileges ....
Read more.......

PM asks Finance Minister to reconsider EPF tax: Sources

PM asks Finance Minister to reconsider EPF tax: Sources: Prime Minister Narendra Modi has asked Union Finance Minister Arun Jaitley to reconsider the budgetary proposal under which a part of the Employees Provident Fund withdrawal will be taxed, according to highly placed sources.Modi asked Jaitley to do away with tax imposed on EPF withdrawal after a massive row over the proposal. According to sources, Modi asked Jaitley to revisit the proposed tax on ....
Read more.......

7th CPC hike budgeted for in ministries’ allocations: Govt

7th CPC hike budgeted for in ministries’ allocations: Govt: With absence of an explicit overall provision for the 7th Pay Commission in budget raising questions, government on Wednesday said the once-in-a-decade pay hike has been built in as interim allocation for different ministries and budget numbers were credible.The voluminous budget documents state that “the implementation of the Seventh Pay Commission due from January 1, 2016 is to be implemented du....
Read more.......

Modi forms task force to rationalise Central Government Staff

Modi forms task force to rationalise Central Government Staff: Prime Minister Narendra Modi has constituted a five-member task force to rationalise central government staff and ensure their maximum optimisation.The task force will be headed by Establishment Officer and Additional Secretary in Department of Personnel and Training (DoPT) Rajiv Kumar and it will submit its report next month, officials said today.The prime minister has approved the proposal to co....
Read more.......

Demand for MACP in promotional Hierarchy has been dismissed

Demand for MACP in promotional Hierarchy has been dismissed: View the document....
Read more.......

Govt. to consider demands for rollback of tax on EPF withdrawals

Govt. to consider demands for rollback of tax on EPF withdrawals: Under all-round attack, the government on Tuesday promised to consider demands for a partial rollback of the proposal to tax 60 per cent of withdrawals from provident fund and a ceiling on employers contribution but made it clear that PPF will continue to be tax exempt.Earlier in the day, Revenue Secretary Hashmukh Adhia said only 60 per cent of interest on contributions made after April 1, 2016 w....
Read more.......

Govt. to consider demands for rollback of tax on EPF withdrawals

Govt. to consider demands for rollback of tax on EPF withdrawals: Under all-round attack, the government on Tuesday promised to consider demands for a partial rollback of the proposal to tax 60 per cent of withdrawals from provident fund and a ceiling on employers contribution but made it clear that PPF will continue to be tax exempt.Earlier in the day, Revenue Secretary Hashmukh Adhia said only 60 per cent of interest on contributions made after April 1, 2016 w....
Read more.......

Fin Min's 11-Point Clarification on EPF taxation

Fin Min's 11-Point Clarification on EPF taxation: (i) The purpose of this reform of making the change in tax regime is to encourage more number of private sector employees to go for pension security after retirement instead of withdrawing the entire money from the Provident Fund Account.(ii) Towards this objective, the Government has announced that 40 per cent of the total corpus withdrawn at the time of retirement will be tax exempt both under r....
Read more.......

No tax on PPF, only interest on 60% EPF withdrawal will be taxed

No tax on PPF, only interest on 60% EPF withdrawal will be taxed: After a huge uproar and the confusion over a proposal in Budget 2016 to tax 10% of employee provident fund withdrawals, the Finance Ministry has issued a clarification. Explaining the proposal, Revenue Secretary Hasmukh Adhia said contributions to the Public Provident Fund (PPF) will continue to remain exempted from tax."PPF contributions will continue to be tax exempt. There will be no tax on wit....
Read more.......

Prime Minister to decide on reversing proposal to tax EPF withdrawals

Prime Minister to decide on reversing proposal to tax EPF withdrawals: Prime Minister Narendra Modi will decide on whether the government should reverse a Budget decision to tax withdrawals from the Employee Provident Fund or EPF, sources said, after widespread outrage over the move.Sources said a complete rollback of the Budget proposal is unlikely, but the government is looking at ways to soften the blow for about 6.5 crore salaried people.Finance Minister Arun Jai....
Read more.......

EPF will now be partially taxable

EPF will now be partially taxable: The FM has made Employee Provident Fund (EFP) and National Pension Scheme (NPS) withdrawals on retirement partially taxable.The EPF until now followed a exempt-exempt-exempt taxation structure. This means, there was no tax on investment, on interest accrued and on withdrawal. In case of NPS, the funds that you receive in your bank account was taxable.“In case of superannuation funds and recognised....
Read more.......

Finance Minister open to the demand for better pay over 7th CPC recommendation

Finance Minister open to the demand for better pay over 7th CPC recommendation: Finance Minister Arun Jaitley is open to meeting central government employees' demand seeking a better pay hike over the recommendations of the 7th pay commission.The minister told that the Final burden of pay hike of central govt employees yet to be assesed "The secretaries panel will decide the final burden on the government, a significant part of liabilities arising out of 7th CPC have already ....
Read more.......

Budget 2016 : FM dissaponts, I-T slabs, most deductions remain unchanged

Budget 2016 : FM dissaponts, I-T slabs, most deductions remain unchanged: It is yet another disappointment for the tax payers. The Finance Minister has kept the I-T slabs untouched. Here are some of the highlights for the employeesThe maximum deduction available under section 80GG has been raised to Rs 60,000 per annum from existing Rs 24,000 per annum. The deduction is available to an assessee who does not receive any HRA component as a part of his salary. Deduction i....
Read more.......

Proficiency in Hindi can earn prize of upto Rs. 10,000/-

Proficiency in Hindi can earn prize of upto Rs. 10,000/-: Proficiency in Hindi can now earn central government employees up to Rs 10,000 each in prize money if they score at least 70 per cent marks in the examination conducted at the completion of the 'Parangat' course introduced by the Narendra Modi government last year to promote use of the official language among bureaucrats. The home ministry, in a letter to all central ministries on Wednesday, propo....
Read more.......

Now, PF withdrawal can be claimed only after attaining age of 57

Now, PF withdrawal can be claimed only after attaining age of 57: Retirement fund body EPFO has tightened norms on withdrawal of provident fund as well investment of such amount in Varishtha Pension Bima Yojana for its over five crore subscribers."Now, the subscribers will not be able to claim withdrawal of their provident fund after attaining age of 54 years. They would have to wait till attaining the age 57 years. The ministry has notified new rules," a senior....
Read more.......

7th CPC : Implementation Cell seeks comments from all Ministries/Departments

7th CPC : Implementation Cell seeks comments from all Ministries/Departments: View the documentView the document....
Read more.......