Government to reduce time for revising income tax return to 12 months

Finance Minister Arun Jaitley today proposed to reduce the time period for revising a tax return to 12 months from completion of financial year.

The Minister also proposed to reduce the time for completion of scrutiny of assessments from 21 months to 18 months for Assessment Year 2018-19 and further to 12 months for Assessment Year 2019-20 and thereafter.

"Time period for revising a tax return is being reduced to 12 months from completion of financial year, at par with the time period for filing of return," according to Union Budget 2017-18 presented by Finance Minister Arun Jaitley in Parliament.

In order to expand tax net, the Centre plans to have a simple one-page form to be filed as Income Tax Return for the category of individuals having taxable income up to Rs 5 lakh other than business income.

Also a person of this category who files income tax return for the first time would not be subjected to any scrutiny in the first year unless there is specific information available with the Department regarding his high value transaction.

Source:-The Economic Times

2 arrested for fraud in postal department recruitment

LUCKNOW: Two members of a gang fleecing job aspirants were nabbed by sleuths of STF on Saturday. Those arrested were identified as Ram Praveen and Dharamraj Kumar, both of Nalanda, Bihar. The police also seized their two mobile handsets.

SSP STF Amit Pathak said the gang leaked results of exam for selection of multi-tasking staff and postman conducted by Indian Postal services on a fake website ahead of official results. Preliminary investigations revealed the kingpin Dharamraj used to make calls and ask for money promising selection and charged Rs 30,000 from each candidate for the post of multi-tasking staff and postman.

They had duped around 300 students giving them different bank account numbers to deposit cash and had amassed Rs 90 lakh. "We are probing their bank details and also of others associated with the gang," police told TOI.

The gang used to call up applicants who had scored less than qualifying marks and assured to increase their marks against payment of cash. The gang had leaked data of applicants and results from third party which conducted the examinations.

They had created a fake website of Indian Postal Department Examination Results and duped thousands of applicants and eventually the exam had to be cancelled. The exam was conducted by Indian Postal Services in December 2015, at Agra, Allahabad, Bareilly and Lucknow.

To win the confidence of aspirants, the miscreants formed a base in Nalanda, one of the most revered seats of learning in Bihar. STF inspector Abhinav Singh said the probe began when V K Gupta, vigilance officer of postal department lodged an FIR in 2016 regarding the fraud.

Source:-The Times of India

Tax rate for lowest income slab slashed to 5% from 10%, surcharge of 10% slapped on incomes over Rs 50 lakh

The finance minister has proposed to slash the tax rate for individuals in the lowest income tax slab – Rs 2.5 lakh to Rs 5 lakh –to 5% instead of 10%. The existing rebate under Section 87A (currently given to people with income up to Rs 5 lakh) is proposed to be reduced to Rs 2500 from the existing Rs 5000 for individuals earning between Rs 2.5 lakh to Rs 3.5 lakh. 

As a result of the combined effect of the new Section 87A rebate and the reduction in the lowest slab tax rate to 5% the tax burden for those with income upto Rs 3 lakh would be zero and tax burden those in the Rs 3 lakh to Rs 3.5 lakh bracket would be Rs 2500. 

Those earning Rs 4.5 lakh can therefore reduce their tax liability to zero by fully utilising the tax break under Section 80C combined with these new proposals. 

Those falling in the higher income tax slabs will also be eligible for this lower tax rate of 5% on income between Rs 2.5 lakh and Rs 5 lakh. Therefore, those in the higher tax slabs will pay lower tax by Rs 12500 per person. 

Individuals earning between Rs 50 lakh and Rs 1 crore will have to pay a surcharge of 10% on the total income tax payable by them. Currently there was no such surcharge on this category. Only those with income above Rs 1 crore were required to pay surcharge of 15% which continues. 

The tax an Indian pays every year is calculated on the basis of his/her gross total income. . The tax is calculated according to the income tax slabs announced by the government every year in the Budget. The annual union budget is normally announced in the month of February. 

Income tax slab rates for the financial year 2016-17 (assessment year 2017-18) are given below in the table: 

1. Normal tax rates applicable to a resident individual below the age of 60 years, non-resident individual, resident/non-resident HUF, AOP, BOI, artificial juridical person. 

2. Normal tax rates applicable to a resident individual of the age of 60 years or above at any time during the year but below the age of 80 years 

3. Normal tax rates applicable to a resident individual of the age of 80 years or above at any time during the year 

After taking the deductions under Section 80 (C) to 80 (U), the tax is payable after adding the cess and surcharge, if applicable. 

The education cess of 2% and secondary cess of 1% are calculated on the amount of tax payable separately. Both the cess are then added to the tax payable to arrive at the Gross tax payable amount. 

The surcharge is levied @ 15% on the amount of income tax where net income exceeds Rs 1 crore. In the case where the surcharge is levied, the cess will be levied on the tax amount plus surcharge. 

A resident individual can also avail rebate under Section 87(A) whose net income is equal to or less than Rs 5 lakh. The amount of rebate under this section is 100% of the income tax or Rs 5,000 whichever is less. It is deductible before calculating the cess. 

Source:-The Economic Times

Grant of paid holiday to employees on the day of poll : DoPT Order

F.No.12/3/2016-JCA-2
Government of India
Ministry of Personnel, Public Grievances and Pensions
(Department of Personnel 85 Training)
Establishment (JCA-2l Section

North Block, New Delhi
Dated 1st February, 2017

OFFICE MEMORANDUM

Subject: General Election to the Legislative Assemblies of Goa, Manipur, Punjab, Uttarakhand and Uttar Pradesh, 2017 - Grant of paid holiday to employees on the day of poll - regarding

The undersigned is directed to say that in connection with the General Elections to the Legislative Assemblies of the States of Goa, Manipur, Punjab, Uttarakhand and Uttar Pradesh, to be held during the months, of February and March, 2017, the guidelines, issued by this Department vide OM No. 12/14/99-JCA dated 10.10.2001, may be followed for closing of the Central Government Offices, including Industrial establishments in the above mentioned States the relevant portion of the OM as referred to above are reproduced here.

(i) The relevant organizations shall remain closed in the notified areas where general elections to the State Legislative Assembly are concerned scheduled to be conducted;

(ii) In connection with bye-election to Lok Sabha/ State Assembly, only such of the employees who are bona-fide voters in the relevant constituency should be granted special casual leave on the day of polling. Special Casual leave may also be granted to an employee who is ordinarily a resident of a constituency and registered as a voter but employed in any Central Government Organization / Industrial Establishment located outside the constituency having a general / bye-election.

2. The employees detailed on election duty may also be permitted to remain away from their normal duties on polling day(s) as also on the days required for performing journeys which might be undertaken in order to perform such election duty

3. The above instructions may be brought to the notice of all concerned.

sd/-
(D.K. Sengupta)
Deputy Secretary to the Government of India

POSTAL DEPARTMENT BECOMES SMART WITH CSI TECHNOLOGY

Pilot project in Pune City East Division offers reliable mail delivery services by improving online tracking system

Now, tracking letters or documents sent by the post offices will become easier. The postal department has started the Core System Integration (CSI) as part of its IT modernisation project. This is the first time in Pune that regional post offices have been chosen for this initiative.

The postal department has picked the Pune City East Division for the pilot roll-out. CSI is an integrated system that includes counter operations, delivery operations, financial activities and human resource management. The CSI is designed to augment the service delivery efficiency of the post offices.

Ganesh V Sawaleshwarkar, postmaster general of Pune Region, informed, “With the implementation of CSI, Pune will have the distinction of implementing all modules of the IT modernisation project — core banking solution, core insurance solution, core system integration and rural information and communications technology. So far, the department would use different systems for various functions. With CSI, there will be one system and hence the work will be streamlined. We will be able to provide better services to the customers.”

Once the documents are sent, a notification will be available to know when it can be expected to reach the recipient. The sender can also track the stage of delivery by using the verification code, which will be generated by the postal office.

Cheering the initiative, Neshrul Ansari (35), a Lohegaon resident, said, “I received a document on Friday morning, which was sent on Sunday by my friend based in Nagpur. Nearly five hours later, my friend received a message on the phone that the package has been delivered. I am very pleased with the service.”

Delivery boys, who are under constant pressure to transport documents or other packages on time as well as furnish proof about the same to their seniors, are heaving a sigh of relief after this development.

Chirag Bhairavkar, who works for Lohegaon Post Office, shared, “Earlier, we used to put packages in the letter box of the recipient. Sometimes, if the documents did not reach the correct recipient, then they would come to the post office and create a ruckus. With the notifications on phone, the process becomes simpler for all.”

Pune Mirror (Jan28, 2017)

India provides USD 2.49 mn for postal road project in Nepal

January 30, 2017
Kathmandu, Jan 30 (PTI) India has provided USD 2.49 million to Nepal for the construction of postal highway which runs across the Terai region close to the Indo-Nepal border.
“Ambassador of India Ranjit Rae handed over a cheque amounting to Nepalese rupees 249,710,698 equivalent to USD 2.49 million to Minister for Physical Infrastructure and Transport Ramesh Lekhak at the ministry’s office at Singha Durbar in Kathmandu,” according to a statement issued by the Indian Embassy here.
A postal road is designated for the transportation of postal mail. It is also known as Hulaki Rajmarg which runs across the Terai region of Nepal, from Bhadrapur in the east to Dudhaura in the west, cutting across the entire width of the country.
It is the oldest highway in the country constructed by Ranas to aid transportation and facilitate postal services.
Ambassador Rae had inaugurated a campus building for Chautara Multiple Campus, Chautara in Sindhupalchok district situated in the east of Kathmandu last week.
The building has been constructed with financial assistance of Nepalese Rupees 27 million provided by India under its Small Development Projects Scheme as part of India Nepal Economic Cooperation Programme, the statement said.
The three-storied building consists of 12 classrooms and separate rooms for campus office, accounts, store, meeting hall, computer room and science laboratories.

Source :India.com

बसंत पंचमी के शुभ अवसर पर सभी को शुभकामनाएंI

GREETINGS ON THE OCCASION OF BASANT PANCHAMI

Various Rulings on PLI by PLI Directorate

Dear Comrades,


1. PLI Directorate, New Delhi Letter No.29-24/2012-LI) dated 18.05.2012 on Settlement of Maturity/death claim in which insurant has not paid premium within the permissible time limit and later on payment is made with default fee without any revival permission from the competent authority.


2. PLI Directorate, New Delhi Letter No.45-07/CC-09/LI dated 16.04.2012 on Calculation of premia in respect of PLI/RPLI proposals submitted by Physically handicapped persons for sum assured of less than Rs. One Lakh.


3. PLI Directorate, New Delhi Letter No.25-1/2011-LI dated 16.04.2012 on clarification in respect of POLI Rules, 2011.


4. PLI Directorate, New Delhi Letter No.25-03/2003-LI dated 21.03.2012 on non-requirement of obtaining of policy bonds from the Insurants for payment of survival benefit of AEA schemes.

Guidelines for disposal of RPLI death claim applications received direct by Divisions.

Department of Posts
Office of the Chief Postmaster General,
Orissa Circle, Bhubaneswar-751001.
No. RPLI/Death-Misc/2012                                                                               Dated  at Bhubaneswar, the 12-03-2012
To
            All SSPOs/ SPOs (By name) in HQ Region
Sub:    Guidelines for disposal of RPLI death claim applications received direct by Divisions.
             Of late, it is found that  a number of death claim applications are received through divisions. This is an encouraging development as it helps in saving delay in verification  process. However, it is also observed that death claim applications received by Divisions like Bhadrak, Puri, CK North etc.  are simply being forwarded without taking action as required which necessitated in returning it  for verifications and submission of original proposal files etc. This obviously delays settlement due to unwarranted transit from CO to Divisional office and back.
          Therefore, the following guidelines may be followed at divisional level as and when RPLI death claims are received by them direct.
1.      It is to be ensured whether the claimant has applied in LI-9 with original Policy Bond, PRB, Death certificate and mention cause of death of the insurant at Sl No. 5 of LI-9. Otherwise, wanting document(s) / information  may be collected at the time of verification.
2.      The original proposal file and undelivered PB and PRB (if not sent to insurant or remains undelivered due to death of insurant) may be traced out at Divisional Office.
3.      Submission of Divisional head’s confidential report and  2-3 colateral evidences, on cause of death of   insurant from locality / neighbours, are mandatory where death is within 3 years of commencement of policy.
4.      Treatment particulars like prescription, reports etc. and Cause of death certificate from the Doctor who last attended the insurant / discharge certificate of hospital are required to be submitted by the claimant / collected by concerned  IP/ASP  in medical policies below 3 years duration. Otherwise, reasons for non-submission of Cause of death certificate may be obtained.
5.      Where death is accidental/ suicidal/ homicidal, copies of FIR, Postmortem Report & Police Inquest / Final Report are required to be collected / submitted at the time of verification irrespective of duration /type of the policy.
6.      Credit particulars of premium for initial periods not entered in PRB or for overwritten entries, unstamped entries in PRB may be obtained from concerned SOs and submitted unless original PLI-2 receipts are submitted by the claimant.
7.      The LI-9 & Death certificate may be got verified through concerned IPs/ASPs and all documents may be submitted to this office duly countersigned with original proposal file, undelivered PB, PRB and other documents  etc(wherever required) for sanction.
          The above procedure will definitely help in reducing transit time and unnecessary paper work thereby resulting speedy disposal of death claim cases. All are requested to dispose of all RPLI death claim cases in aforesaid manner henceforth. Concerned Dealing Assistants may be suitably advised in this regard.
Dy. Divisional Manager(PLI)
                                                                                                             Bhubaneswar

Postal Life Insurance (PLI) - Death Claim Procedures

Documents required for processing Death Claim:

1.    Original Premium Receipt Book

2.    Original Policy Document

3.    Death Certificate

4.    LI-9 (b) (Claim application)

5.    Medical certificate if the cause of death is other than Accident / Suicide/ Murder. 

6.    FIR & Postmortem Report in case of Suicide/Accident/Murder. 

7.    Claimant statement

Procedure to be followed while processing Death Claim cases

On receipt of claim application, the eligibility has to be checked along with the remission period. The Remission period is given below: 

Death occurred (from date of acceptance of the policy)	Remission period
Within six months	Grace period (30 days)
6 – 12 months	30 days + Grace period
12 – 24 months	60 days + Grace period
24 – 36 months	90 days + Grace period
More than 36 months	11 + 1 defaults
Policy lapsed but having more than 36 credits.	Eligible for auto paid up value.

1.    If the death occurred within the remission period then the case is eligible. 

2.    If the nominee of the policy is minor then the guardian has to claim the amount. 

3.    If the nominee is also deceased then legal heirs has to claim the amount by submitting the legal heirship certificate (in which the claim value (Sum assured + Bonus) does not exceed Rs. 100000/-).  For the policies exceeding claim value Rs. 100000/- Succession certificate has to be obtained from the legal heirs for settlement of claim. 

4.    Eligible claim cases should be forwarded to Sub Divisional Head concerned for conducting detailed enquiry. (Points to be covered in detailed enquiry report is enclosed)

5.    The CPC Manager after satisfying himself as the case is genuine may issue Death claim sanction. (Limits for settlement of Death Claim as stated in Amendments)

Detailed enquiry report should contain the following points:

Ø  Check whether exact cause of death, place of death has been mentioned. If the cause of death is any prolonged disease like Kidney failure, Liver failure, HIV +ve then discreet enquiry has to be conducted to ascertain whether the late insurant had the disease before taking policy.

Ø  In case of sudden death, the death certificate and report of the doctor who had last attended the insurant must be submitted by the claimant or legal heir. Reasons for not taking the insurant to the doctor in case of death due to some disease should be enquired in detail and the result should be recorded. 

Ø  Enquiry should be made with the neighbours, relatives, bigwigs regarding the cause of death, general health condition of the late insurant and health condition at the time of taking policy.

Ø  Particulars of other policies held by the insurant and the outcome of their settlement. 

Ø  Enquiry should be made with nearest GH/PHC whether the late insurant had taken treatment for any serious illness for the past three years.

Ø  Enquiry should be made with local police station to ascertain that the late insurant had not committed suicide or been murdered. 

Ø  Whether any bad life was insured and there is any suppression of fact at the time of taking policy. 

Ø  Specific recommendation of Sub Divisional Head. 

Ø  In case of Murder it should be enquired and eliminate that whether “The Claimant/Legal Heirs were involved in the murder”.

Ø  If death occurred at other jurisdiction then the genuineness of the death should be got verified from the Division concerned. 

Death claim Form : Download