Employee Today

Tuesday, 30 June 2015

Grant of age concession to the Persons with Disabilities

F.No.15012/1/2003-Estt.(D)
Government of India
Ministry of Personnel, Public Grievances & Pensions
Department of Personnel & Training
North Block, New Delhi
dated 29.06.2015
Office Memorandum
Subject: Grant of age concession to the Persons with Disabilities suffering from (a) blindness or low vision, (b) hearing impairment and (c) locomotor disability or cerebral palsy for direct recruitment to civil posts/services under the Central Government.
The undersigned is directed to say that the following age concessions have been provided to physically handicapped persons for recruitment under the Central Government:
(i) Provision of ten years concession in upper age limit for Group C and D posts filled through employment exchanges issued vide O.M.No.15012/6/77-Estt.(D) dated 28.1.1978;
(ii) Provision of five years’ concession in upper age limit (10 years for SC/ST, 8 years for OBC) for recruitment to Group ‘A’ and ‘B’ posts otherwise than through Open Competitive Examination issued vide O.M.No.15012/5/92-Estt.(D) dated 27.7.1995; and
(iii) Provision of ten years concession in upper age limit (15 years for SC/ST, 13 years for OBC) for recruitment to Group A, B, C and D Civil Posts/Services filled through Open Competitive Examination issued vide O.M.No.43019/28/ 86-Estt.(D)  dated 1.2.1999.
2. The question of prescribing uniform age-concession for direct recruitment to all Civil Posts / Services under the Central Government has since been examined and in supersession of the OMs referred to at (i), (ii) and (iii) above, the following has been decided:
Age relaxation of 10 years (15 years for SC/ST and 13 years for OBC candidates) in upper age limit shall be allowed to persons suffering from (a) blindness or low vision, (b) hearing impairment and (c) locomotor disability or cerebral palsy in case of direct recruitment to all civil posts/services under the Central Government identified suitable to be held by persons with such disabilities, subject to the condition that maximum age of the applicant on the crucial date shall not exceed 56 years.
(ii) The age concession to the persons with disabilities shall be admissible irrespective of the fact whether the post is reserved for person with disabilities or not, provided the post is identified suitable for the relevant category of disability. This provision will not apply to the Civil Services Examination, in respect of which the List of Services Identified suitable for Physically Disabled Category along with’ the Physical Requirements and Functional Classifications is notified separately.
(iii) Relaxation of age limit would be permissible to such persons who have a minimum of 40% disability.
(iv) The definitions of above categories of disabilities, for the purpose of age relaxation, will be same as given in this Department’s O.M. No.  36035/3/2004-Estt(Reservation) dated 29th December 2005.
(v) If a person with disability is entitled to age concession by virtue of being a Central Government employee, concession to him/her will be admissible either as a ‘person with disability’ or as a ‘Central Government employee’ whichever may be more beneficial to him/her. This provision will not apply to the Civil Services Examination, which is governed by the Civil Services Examination Rules, published annually.
(vi) Provisions of this O.M. will not be applicable to a post/service for which other specific provision regarding age relaxation is made by notification.
3. The Ministries/Departments are advised to ensure invariably that while sending the requisition to the UPSC/SSC and other recruitment agencies for direct recruitment posts by selection, they should clearly mention in the requisition the category of person(s) with disabilities suitable for the post(s) in question. No change or modification in identified post(s) for physically disabled persons with respect to an Examination, intimated after the Notification of that Examination, shall be acceptable.
4. These instructions come into effect from the date of their issue.

Sunday, 28 June 2015

All you need to know about tax returns

The tax authority has introduced a new set of forms for filing returns; it is important to fill the correct one
Pradeep Gaur/Mint
It is that time of the year when you get your Form 16 from your employer and gear up to file income tax returns (ITR) for the financial year gone by. This year the government has come out with a new ITR form. Also there is more to disclose while filing returns—you need to provide your passport number and details of all bank accounts, among others. “This time when you file returns, you will have to pay very close attention to the information you submit such as disclosing all bank account details and details of your foreign assets. Ordinarily resident taxpayers need to be careful as they are required to provide detailed information about their overseas income or assets in view of enlargement of the scope of reporting in schedule FA (foreign assets) to Form ITR-2,” said Kuldip Kumar, partner and leader-personal tax, PwC.
Despite all the changes in the ITR forms and details that you need to submit, you can still file ITR on your own. Mint Money takes you through the details of who needs to file returns, documents required, how to pick the right form and how to file it.
Who needs to file return?
Any individual who has a taxable income should file tax return. Currently, if you are below the age of 60 and have an annual income of up to Rs.2.5 lakh, you are exempt from tax. Any income above Rs.2.5 lakh is taxable. If you have taxable income, you have to file the return irrespective of whether you have paid taxes or not. “As per section 139 of the Income-tax Act, 1961, an individual would be required to file the India tax return in the following cases—if the total income (i.e., before claiming any specified deductions under chapter VIA of the Act)

केंद्रीय कर्मचारियों के बोनस पर अहम खबर -Central Government Employees with Rs. 21000 basic pay to get bonus

bonus

7th Pay Commission News Center: Central Government Employees with Rs. 21000 basic ...

7th Pay Commission News Center: Central Government Employees with Rs. 21000 basic ...

7th Pay Commission News Center: 7th pay commission has many things in its baggage,...

7th Pay Commission News Center: 7th pay commission has many things in its baggage,...

Saturday, 27 June 2015

General Pool Accommodation not to be shared except family and immediate relations

GOVERNMENT OF INDIA
MINISTRY OF URBAN DEVELOPMENT
(DIRECTORATE OF ESTATES)
New Delhi, the 10th June, 2015
NOTIFICATION
G.S.R.____. In pursuance of the provisions of rule 45 of the Fundamental Rules, the President hereby makes the following further amendments to the Allotment of Government Residences(General Pool in Delhi) Rules 1963, namely:-
1. (1) These rules may be called the Allotment of Government Residences (General Pool in Delhi) Amendment Rules, 2015.
(2) They shall come into force on the ‘date of their publication in the official Gazette.
2. In the Allotment of Government Residences (General Pool in Delhi) Rules 1963,
(i) in Supplementary Rule 317-8-2, after clause (0), the following clauses shall be inserted, namely:
‘(p) “immediate relations” mean such relations as grandfather, grandmother, grandsons, granddaughters, father-in-law, mother-in-law, son-in-Iaw, daughter-in-Iaw and such other relation established by legal adoption to the allottee;
(q) “guest” means a casual visitor for temporary stay with the allottee.';
(ii) in Supplementary Rule 317-B-6, after sub-rule (4), the following sub- rule shall be inserted, namely:-
“(5) Every officer shall along with an application under sub-rule (1), submit an undertaking with a declaration that he shall not sublet a residence allotted to him or any portion thereof or any of the out- houses, garages or stable appurtenant thereto, after acceptance of the same”;
(iii) in Supplementary Rule 317-B-20, (a) for sub-rule (1), the following sub-rules shall be substituted,
namely:-
(1) No officer shall share the residence allotted to him or any of the out-houses, garages and stables appurtenant thereto except with his family and immediate relations.
(1A) The servant quarters, out-houses, garages and stables may be used only for the bonafide purposes includingresidence of the servants of the allottee or for such other purposes as may be permitted by the Director of Estates.
(1 B) The allottee who share the residence with his family and or immediate relations shall provide prior intimation to the Director of Estates in such form, as may be specified by the Directorate of Estates, furnishing full particulars of his family members and / or immediate relations residing in the residence allotted to him.
Provided that the details of casual visitor or visitors, if such visitor or visitors is likely to stay for more than fifteen days, shall be intimated to the Director of Estates in such form, as may be specified by the Directorate of Estates, intimating full particulars of the individual or individuals”;
(b) for the proviso to sub-rule (2), the following proviso shall be substituted, namely:-
“Provided that an allottee proceeding on leave may accommodate, in the residence any member of his family or immediate relations, as a caretaker, by submitting, along with his leave application, the details of such member of his family or immediate relation, to his office or controlling authority who shall place the same on record:
Provided further that the maximum period of such accommodation by a caretaker shall be as specified in SR 317-B-1 1 (2) but not exceeding six months”;
(iv) in Supplementary Rule 317-B-21,
(a) for sub-rule (2) the following sub-rule shall be substituted, namely:-
“(2) If an officer sublets a residence allotted to him or any portion thereof or any of the out-houses, garages or stable appurtenant thereto, in contravention of these rules, he may without prejudice to any other action that may be taken against him, be charged such damages from the date of inspection by the Directorate of Estates, as may be determined by the Central Government from time to time, in this respect”;
(b) after the sub-rule (3), the following sub-rule shall be inserted, namely:-
“(3A) Where an action to cancel the allotment is taken on account of unauthorised subletting of the premises, a direction shall be issued by the Director of Estates to the concerned administrative office of the allottee for the purposes of initiation of Departmental proceedings and for imposition of major penalty, along with the copy of a draft charge sheet; and the administrative Ministry shall intimate the Director of Estates the details of the charges framed and the penalty imposed on the allottee under this rule.”
[F.No.12035/4/2014-Pol.ll]
(Swarnali Banerjee)
Deputy Director of Estates (Policy)

Scheme of General Departmental Competitive Examination (GDCE) for filling up of 25%-50%

R.B. Estt No. 60/2015
GOVERNMENT OF INDIA
MINISTRY OF RAILWAYS
(RAILWAY BOARD)
NO.E(NG)I-2008/PM1/6
New Delhi, dated 10.06.2015
1. The General Managers (P)
All Indian Railways & PUs.
(As per Standard List).
2. The Chairman,
(a) Railway Recruitment Boards;
(b) Railway Recruitment Cells.
Sub: Scheme of General Departmental Competitive Examination (GDCE) for filling up of 25%-50% of net direct recruitment quota vacancies in Group ‘C’ categories – Partial shift in the duty of agency conducting GDCE regarding.
Ref: (i) Railway Board’s letter No.E(NG)I-92/PM2/16 dated 20.08.1993.
(ii) Railway Board’s letter No.E(NG)I-2011/PM1/2 dated 12.09.2014.
(iii) Railway Board’s letter of even number dated 20.10.2014 & 14.11.2014
Effecting partial modification in the existing provisions governing GDCE, instructions have been issued vide Board’s letters of even number dated 20.10.2014 and 14.11.2014, referred to above. Since other conditions of GDCE remained same, GDCE examination, hitherto, is used to be conducted in two stages as have been conducted by RRBs prior to revision in instructions.
2. The issue of stages of examination has since been considered by Board and it has been decided that GDCE, for all posts, may be conducted in single stage only in view of small number of Railway employees appearing against the same.
Please acknowledge receipt.
Hindi version shall follow.
(Kajal Mukherjee)
Joint Director Estt. (N)III
Railway Board.
source - govemployee 

Maximum down payment for Home loan would make it convenient to repay in future

home loan

Wednesday, 24 June 2015

Download ITR-1, ITR-2, ITR-2A 2014-15 for Salaried Employees released by IT Dept


Income Tax Returns for the year 2014-15 (Assessment Year 2015-16) were originally notified in the month of April 2015. However, on representations from income tax payers for certain complications in the filing of Income Tax Returns, Govt came forward to revise ITRs after simplifying those.
Consequently, Income Tax Department has released ITR-1, ITR-2, ITR-2A, and ITR-4S now after simplification.

No major change in ITR-1

ITR-1 will be applicable to Salaried Employees having Income or loss from only one house property and without Capital Gains

ITR-2A for Salaried Class with out Capital Gains and more than one House Property

ITR-2A will have to be filed by Salaried Employees who have income or loss from more than one house property and without Capital Gains.
ITR-2 is meant for Salaried Employees who have income or loss from more than one house property and having Capital Gains.
From the Instructions for filing of Income Tax Returns released by IT Department along with ITR, it could be concluded that Majority of Salaried Employees will be covered by ITR-1 and ITR-2A as number of Salaried Employees who have Capital Gains will be very minimal.
We provide here the important instructions issued by Income Tax Department for filing Income Tax Returns for the year 2014-15 (Assessment Year 2015-16)

Common Instructions for Filing ITR for the Year 2014-15 (Applicable to ITR-1, ITR-2 and ITR-2A)

1. Applicable for Income Tax Assessment year 2015-16 i.e., Financial Year 2014-15.
2. Income Tax Return Form can be filed with the Income-tax Department in any of the following ways, –
(i)   by furnishing the return in a paper form;
(ii)  by furnishing the return electronically under digital signature;
(iii) by transmitting the data in the return electronically under electronic verification code;
(iv) by transmitting the data in the return electronically and thereafter  submitting the verification of the return  in
Return Form ITR-V;
3. From the assessment year 2015-16 onwards any assessee (other than an individual of the age of 80 years or more at any time during the previous year) having a refund claim in the return or having total income of more than five lakh rupees is required to furnish the return in the manner provided at 5(ii) or 5(iii) or 5(iv).
4. Where the Return Form is furnished in the manner mentioned at 5(iv), the assessee should print out two copies of Form ITR-V.  One copy of ITR-V, duly signed by the assessee, has to be sent by ordinary post to Post Bag No. 1, Electronic City Office, Bengaluru–560100 (Karnataka). The other copy may be retained by the assessee for his record.
5. No document (including TDS certificate) should be attached to this Return Form.  All such documents enclosed with this Return Form will be detached and returned to the person filing the return.
6. While filing Paper ITR (Manual filing of ITR) filling out the acknowledgement – ITR-V is neccessary. Only one copy of ITR-V is required to be filed.

Instructions for filing ITR-1

Who can use ITR-1 ?
ITR-1 is to be use by an individual whose total income for the assessment year 2015-16 included:
a) Income from Salary / Pension; or
b) Income from One House Property (excluding cases where loss is brought forward from previous years); or
c) Income from other sources (excluding winning from Lottery and income from race horses)
NOTE : When income  of another   person  like spouse, minor  child, etc. is to be clubbed  with the  income  of the  assessee,   this  Return Form can be used only if the income  being  clubbed  falls into the above  income categories.
Who can not use ITR-1 ?
ITR-1 can not be used  by on individual   whose  total  income  for the assessment   year  2015-16  includes:-
a) Income from  more than  one house  property;   or
(b) Income from Winnings  from lottery  or income from  Race horses;  or
(c) Income  under  the  head  Capital  Goins e.g.,  short-term    capitol  gains  or long-term   capital gains from sale of house,  plot, shopes  etc.; or
(d) Agricultural income  in excess of Rs. 5,000;  or
(e) Income from  Business or Profession;   or
(f) Loss under the  head  “Income  from other  sources” ; or
(h) Any resident having any asset outside India ; or
(i) Any Resident having income from any source outside India.

Instructions for filing ITR-2A

Who can use ITR-2A ?
This Return Form is to be used by an individual or a Hindu Undivided Family whose total income for the assessment year 2015-16 includes:-
(a)   Income from Salary / Pension; or
(b)  Income from House Property; or
(c)   Income from Other Sources (including Winning from Lottery and Income from Race Horses).
Further, in a case where the income of another person like spouse, minor child, etc. is to be clubbed with the income of the assessee, this Return Form can be used where such income falls in any of the above categories.
Who cannot use ITR-2A ?
This Return Form should not be used by an individual or a Hindu Undivided Family whose total income for the assessment year 2015-16 includes,-
(a)   Income from Capital Gains; or
(b)  Income from Business or Profession; or
(c)   Any claim of relief/deduction under section 90, 90A or 91; or
(d)  Any resident having any asset (including financial interest in any entity) located outside India or signing authority in any account located outside India; or
(e)   Any resident having income from any source outside India.

Instructions for filing ITR-2

This Return Form is to be used by an individual or a Hindu Undivided Family whose total income for the assessment year 2015-16 includes:-
(a)   Income from Salary / Pension; or
(b)  Income from House Property; or
(c)   Income from Capital Gains; or
(d)  Income from Other Sources (including Winning from Lottery and Income from Race Horses).
Further, in a case where the income of another person like spouse, minor child, etc. is to be clubbed with the income of the assessee, this Return Form can be used where such income falls in any of the above categories.
Who cannot use ITR-2 ?
This Return Form should not be used by an individual or a Hindu Undivided Family whose total income for the assessment year 2015-16 includes Income from Business or Profession.

Source - govemployees

It’s official that 7th Pay Commission to submit its report soon


The Income Tax department has notified the new set of ITR forms, including a three-page simplified one, for taxpayers to file their returns for assessment year 2015-16.
With the Finance Ministry publishing the gazette order yesterday, taxpayers and other entities can now file their Income Tax Returns (ITR) till August 31, the new deadline set in this regard by the government after it dropped the earlier forms which had attracted criticism for seeking numerous additional details like that of filers’ foreign travel and about dormant bank accounts.
The most simplified form, ITR-2A, to be filled by those individuals and HUFs who do not have income from either business, profession or by way of capital gains and do not hold foreign assets, only asks for the passport number of the tax-filer, with the words “if available”.
Filers now will have to declare only about the “total number of savings and current bank accounts” held by them “at any time during the previous year (excluding dormant accounts).”
The form also has space to fill up the IFSC code of the bank and in an additional feature, tax filers have been given an option to indicate their bank accounts in which they would want their refund credited.
The I-T department, in the new ITRs, has also sought the Aadhaar number of filers and has also given options for providing two email ids to it.
“The inclusion of Aadhaar and emails are to ensure a regime of online ITR filing in the country,” a senior official said.
The department has also provided for an additional four-page schedule to this simplified form for those who wish to file anymore details, applicable in a case-to-case basis.
In the ITR-2, for individuals and HUFs having income from business or profession, the form remains simple but they will have to declare if they hold any foreign assets abroad or have income from “any source outside India.”
The new ITRs have replaced the 14-page form that were notified earlier this year, triggering a major controversy with individuals, industrialists and MPs saying tax filing would become cumbersome as those forms had sought details including foreign trips and bank accounts details.
Finance Minister Arun Jaitley had ordered putting these forms on hold following the controversy.
The last date for filing of the ITR has already been extended for this year to August 31.
Also, in the new ITRs, an expat who is not an Indian citizen and is in India on business, employment or student visa, would not mandatorily be required to report the foreign assets acquired by him during the previous years when he was non-resident and if no income was derived from such assets during the relevant previous year.

7th Pay Commission News Center: It’s official that 7th Pay Commission to submit it...

7th Pay Commission News Center: It’s official that 7th Pay Commission to submit it...: We have already posted that work of 7th Pay commission is near completion and its report is expected to come out in the Month of Septemb...

Monday, 22 June 2015

Observance of punctuality in Government Offices

No. 11013/9/2014-Estt.A-HI
Government of India
Ministry of Personnel, Public Grievances & Pensions
Department of Personnel & Training
Establishment A-III Desk
*****
North Block, New Delhi — 110001
Dated June 22nd, 2015
OFFICE MEMORANDUM
Subject: Observance of punctuality in Government Offices.
Instructions have been issued from time to time with regard to the need to observe punctuality by Government servants. Responsibility for ensuring punctuality in respect of their employees rests within Ministries/ Departments/ Offices.
2. The decision to introduce AADI-IAR enabled Bio-metric Attendance System (AEBAS) in Central Government offices, including attached/ sub-ordinate offices, to replace the manual system of marking of attendance to ensure punctuality is to be implemented in all Ministries/ Departments. This Department vide O.M. of even no. dated 21.11.2014 and 28.01.2015, while recognizing that the Biometric Attendance System is only an enabling platform had, inter-alia, stated that there was no change in the instructions relating to office hours, late attendance etc.
3. In this connection attention is invited to Rule 3(1)(ii) of CCS (Conduct) Rules, 1964 which stipulates that every Government servant shall at all times maintain devotion to duty. Habitual late attendance is viewed as conduct unbecoming of a Government servant and disciplinary action may be taken against such a Government servant. It is also added that punctuality in attendance is to be observed by Government servants at all levels.
4. It is also requested that the necessary directions may be issued to all employees to mark their attendance in BAS portal on regular basis.
(Mukesh Chaturvedi)
Director (Establishment)
Tel: 23093176

Download: Observance of punctuality in Government Offices

7th Pay Commission News Center: Brief of NC JCM meeting with 7th Pay Commission

7th Pay Commission News Center: Brief of NC JCM meeting with 7th Pay Commission: Brief of NC JCM meeting with 7th Pay Commission No.NC/JCM/2015 Dated: June 15, 2015 All Constituent Organisations of National Cou...

Sunday, 21 June 2015

Hike in salary should be invested properly

money planning

Grade Pay Rs.4200 Granted to UDC Non-Functional Selection Grade (NFSG) in CSCS – DOPT Order admin | June 20, 2015

O.M.No.12/2/2015-CS.II(B),
Government of India
Ministry of Personnel, Public Grievances & Pensions
Department of Personnel & Training
3rd Floor, Lok Nayak Bhawan
Khan Market, New delhi-110003
dated 18.6.2015
Subject: Grant of NFSG to UDCs of CSCS – regarding
The undersigned is directed to refer to this Departments O.M.No.20/49/2009-CS.II (B) dated 22nd June, 2011 vide which a new grade of UDC Non-Functional Selection Grade (NFSG) in CSCS in the Grade Pay of Rs.4200/- in Pay Band-2 was created with effect from 22.06.2011.
2. It has been decided in consultation with D/o Expenditure to operationalize the NFSG of Grade Pay of Rs.4200/- in the case of UDCs of CSCS. The cadre units are requested to grant Grade Pay of to 1104 UDCs figuring in the list attached as Annexure —l subject to their suitability with effect from 22.06.2011 till the date of their promotion as Assistants on ad-hoc basis / Retirement / Expired / VRS / resigned etc whichever is earlier. The cadre units are also requested that the cficiels who have already resigned I retired / taken VRS / Expired etc prior to 22.6.2011 may not be qranted the Grade Pay cf Rs. 420C/-. Further, those UDCs who have been promoted to the grade of Assistant on ad-hoc basis prior to the issue cf O.M. No. 20/49/201 -CS.!I (B) dated 226.2011, have been excluded from the list of beneficiaries.
3. While granting the Grade Pay of Rs. 4200/- the cadre units may follow the procedure laid down in sub-pera (ii) to (v) of para (b) of this Department’s OM. No.20/49/2009-CS.ll (B) dated 22 06.2011. The pay fixation may be done under Rue 13 of CCS (Revised) Pay Rules, 2008 and other relevant instructions on the subject. The financial implications would have to be met by the respective Ministries / Departments.
4. Cadre units are also requested to send a compliance report in the enclosed proforma (Annexure-Il) to CS.II Division, detailing the officers who have been granted NFSG, by 30.06.2015. Since the Select List of 2003 (Extended) of UDC grade is under litigation, the grant cf Grade Pay of Rs. 4200/- would be subject to the outcome of the SLP (Civil) No, 10342/2015 filed by Shri Pankaj Kumar Mishra and others before the Hon’ble Supreme Court and O.A, No. 794/2015 filed by Shri Kamal Kumar Gupta and others before CAT Principal Bench, New Delhi and also orders in any other connected matter by any competent authority. This may be Included in the orders to be issued by the Cadre Authorities.
5. M/o Finance, D/o Expenditure’s vide their ID No. 94952/2015/E-III (A) dated 01-06-2015 have concurred with the proposal.
6. In case of errors/omissions if any, the same may be brought to the notice of this Department immediately.
sd/-
(Kameshwar Mishra)
Under secretary to Govt Of India

Early closure of offices on 20th June, 2015 (Saturday) at 13:00 Hrs. in connection with ‘Mass Yoga Demonstration’ at Rajpath on 21.06.2015

No. 12/2/2015 -JCA-II
Government of India
Ministry of Personnel, Public Grievances and Pensions
(Department of Personnel and Training)
North Block, New Delhi
Dated: 19th June, 2015
OFFICE MEMORANDUM
Sub:- Early closure of offices on 20th June, 2015 (Saturday) at 13:00 Hrs. in connection with ‘Mass Yoga Demonstration’ at Rajpath on 21.06.2015 (Sunday).
In connection with the arrangements for ‘Mass Yoga Demonstration’ at Rajpath by the Hon’ble Prime Minister of India on 21″ June, 2015 (Sunday), it has been decided that the Government offices located in the buildings indicated in the Annexure to this OM would be closed by 13:00 Hrs. on 20th June, 2015 (Saturday) and remain closed till the
function is over on 21.06.2015 (Sunday).
(Asholi Chalai)
Director (JCA)
Tel/Fax: 23094906
To
1. All Ministries / Departments of Government of India
2. UPSC/C&AG/Lok Sabha Sectt/Rajya Sabha Sectt./Supreme Court/ High
Court/Central Administrative Tribunal/Election Commission of India/Planning
Commission/Central Vigilance Commission/NDMC.
3. All officers and sections in the Department of Personnel and Training and all
attached/subordinate offices of DoPT
Download : Annexure
source: DOPT

Partial withdrawal makes NPS more flexible

Facility is for those who have invested for at least 10 years. Exit rules have also been modified
A much-awaited modification has been made to the National Pension System (NPS). Account holders will now be allowed to make partial withdrawals from it for specified emergencies. This is being allowed under Pension Fund Regulatory and Development Authority’s (PFRDA) regulations on exits and withdrawals from the NPS. Earlier rules didn’t allow this flexibility.
Here’s how the NPS works for the private sector and how you can exit the scheme or make withdrawals.

NPS is a defined contribution retirement product that needs you to keep contributing till 60 years of age. The minimum contribution to the scheme isRs.6,000. It currently offers three investment funds: government securities fund, fixed-income instruments other than government securities fund and equity fund. The equity exposure for the private sector is a maximum of 50% and only through the index funds that replicate either S&P BSE Sensex or the CNX Nifty index. Index funds mimic movements in the index to which they are linked. At 60 years of age, you need to annuitize at least 40% of the maturity corpus and the rest can be taken as lump sum. Annuity is a pension product that gives you periodic income or pension.

Till now you were required to keep contributing till 60 years of age without any option of a partial withdrawal. But now, after 10 years of being in the scheme, you can withdraw up to 25% of contributions for defined expenses. These can be children’s higher education or marriage (including that of a legally adopted child), construction, purchase of first house, and treatment of critical illness for self, spouse, children or dependant parents.
The regulations have defined 13 critical illnesses and have extended this facility to accidents or other ailments of a life threatening nature. You can make up to three withdrawals during the tenor, with a gap of five years between each. This gap, however, is not applicable for critical illnesses. “Partial withdrawals give subscribers flexibility, and the limits ensure that the pension account is not wiped clean,” said Sumit Shukla, chief executive officer, HDFC Pension Management Co. Ltd.
Being a retirement product, NPS allows for an exit at the age of 60. The new regulations for the corporate NPS (when you contribute through your employer) allow you to exit at an age designated for retirement by your employer. You have the following options at this time.
You can annuitize the entire amount or a minimum of 40%. If you want to annuitize a part but keep the lump sum invested or contribute further, you can do so but only till 70 years of age after which you need to withdraw it. You can also defer the annuity payment for three years from time of exit. If you choose to defer, you will have to inform the authorities at least 15 days before it’s time for the exit, otherwise you forfeit the option. Also, you will need to pay all applicable charges that you had been paying in the scheme.
If the maturity corpus comes to Rs.2 lakh or lesser, the subscriber can withdraw all of it and not go for an annuity.
PFRDA has allowed life insurance companies with annuity products in the domestic market for the past three years and with a minimum net worth ofRs.250 crore to be annuity service providers. “PFRDA is taking incremental steps to make NPS easy for customers. The regulations have proposed creating a portal that will showcase the different types of annuity products, rates and annuity service providers so that the customer is able to compare and decide,” added Shukla.
But the rules specify that once an annuity is purchased, cancellation and reinvestment with another annuity service provider or in another annuity scheme won’t be allowed unless this is done within the free-look period specified by the service provider. If the subscriber dies before her account matures, the entire corpus will go to the nominee or legal heirs, and if they wish they can buy an annuity product.
However, in the case of government sector, only up to 20% of the accumulated pension wealth will be paid as lump sum while at least 80% of the amount will be used to purchase the default annuity scheme designed especially for the government sector NPS.
Leaving the scheme before maturity is discouraged by mandating that at least 80% of the corpus has to be annuitized. The earliest you can opt for an exit is after 10 years of being in the scheme. Given that annuity is a long-term pension product, the minimum eligible age to buy an annuity is typically higher, so even as the NPS allows for early exits, you will still need to wait till you are eligible to buy an annuity with 80% of that corpus. “Typically, annuities are available after 25-30 years of age whereas the entry age in the NPS is 18 years. So, even if a subscriber wants to exit, she will have to wait till she becomes eligible to annuitize her money,” said Shukla. The guidelines, however, make an exception for very low-ticket accounts.
According to the guidelines, if the accumulated pension wealth of the subscriber is equal to or less than Rs.1 lakh, the subscriber can withdraw the entire corpus without purchasing any annuity. But what the regulations don’t seem to address is what happens to a subscriber if she wishes to move from, say, the government NPS to the private sector NPS. “The regulations don’t enable portability. So, if a person quits a government job and takes up a private sector job, she will have to exit from the NPS and get 80% of her corpus annuitized as that’s the rule for an early exit and then open a fresh account in the private sector,” said Manoj Nagpal, chief executive officer, Outlook Asia Capital. “Now that PFRDA is thinking about harmonizing the government and private sector NPS, it should also enable portability,” he added.
Apart from specifying withdrawal and exit rules, these regulations also insulate the NPS from financial encumbrances. “No pension or accumulated pension wealth in the pension account of the subscriber under the NPS on account of past or present services, shall be liable to seizure, attachment or sequestration by process of any court at the instance of a creditor, for any demand against the subscriber, or in the satisfaction of a decree or order of any such court,” said the regulations.
After the PFRDA Act got notified in February last year, the Authority is required to draft regulations around the NPS. These give more flexibility to customers to make partial withdrawals, but do keep in mind that NPS is a targeted investment product and it is better to review all your other assets before tapping NPS to meet emergencies.
Source - govemployees

Wednesday, 17 June 2015

Principles laid down by Hon’ble Supreme Court in respect of suspension period

Directorate General of Income Tax (Vigilance) has issued the  Principles laid  down  by  Hon’ble  Supreme  Court   in  the  judgment  in Civil   Appeal   No.   1912  of  2015   in  the   case   of  Shri   Ajay   Kumar Choudhary Vs. Union of India –  Circular – reg.
DIRECTORATE   GENERAL  OF INCOME  TAX (VIGILANCE)
First Floor, Dyal Singh Public Library Building,

1,  Deen Dayal Upadhyay Marg,
New Delhi –  11 0 002
F.No.DGIT(Vig.)/HQ/Misc./2015-16/1285                                                                               Dated: 05.06.2015
To
All Principal Chief Commissioners of Income Tax (CCA)
SUB:   Principles laid  down  by  Hon’ble  Supreme  Court   in  the  judgment  in Civil   Appeal   No.   1912  of  2015   in  the   case   of  Shri   Ajay   Kumar Choudhary Vs. Union of India –  Circular – reg.
Sir/ Madam,
Kindly refer to the above mentioned subject.
2.         In this regard I am directed to draw your kind attention to the principles  laid down by Hon’ble  Supreme Court in the judgment  in Civil Appeal No.  1912 of 2015 in the case of Shri Ajay Kumar Choudhary Vs. Union of India. Hon’ble  Apex Court has laid down the following principles in para 14 of the judgment: –
a)        The direction  of the Central Vigilance  Commission that pending a criminal investigation,  departmental  proceedings  are to be held in abeyance,  is now superseded.
b)         The currency of a Suspension Order should not extend beyond three months if within this period the Memorandum  of Charges/Charge sheet  is not served on the delinquent officer/employee.
c)         If  the  Memorandum  of  Charges/Chargesheet   is served,  a  reasoned  order must be passed for the extension of the suspension.
d)        The Government  is free to transfer the concerned person to any Department in any of its offices within or outside  the State so as to sever any   local or personal contact. that  he may have and which he may misuse for obstructing the investigation against him.
e)         The  Government  may  also  prohibit  him  from  contacting  any  person,  or handling records and documents till the stage, he is required to prepare his defence.
3.          I am  further  directed  to  request  that  these  principles  may also  kindly  be communicated  to all  Chief  Commissioners of Income  Taxi  Directors  General  of Income  Tax,  all  Principal  Commissioners  of Income  Taxi Principal  Directors  of Income Tax  and  all  Commissioners   of  Income  Taxi  Directors  of  Income  Tax functioning in your Region as they also conduct disciplinary proceedings in cases of departmental    officers/    officials.    Further,    pending    Disciplinary    Proceedings/ suspension   cases  may  be  reviewed  urgently  in  light  of  directions  of  Hon’ble Supreme Court.
4.         I am also directed to request that in all such cases where officers/  officials are transferred to a different station after revocation of their suspension, the transfer order  must  specifically  refer  to the judgment  in this case and mention  about  the liberty  granted  by  the  Hon’ble   Supreme  Court,  so  that  the  transfer  cannot  be challenged  as being in violation  of Transfer Policy.  Further,  in all such cases where the  officers/  officials   are  retained  at  the  same  station  after  revocation  of  their suspension, orders may be issued prohibiting such officers/ officials from contacting any  person;  or  handling  records  and  documents  till the  stage  of their  having  to prepare their defence
Yours faithfully,
(Rakesh Gupta)
Addl. Director of Income Tax (Vig) (HQ)
New Delhi

Tuesday, 16 June 2015

Income Tax Return Filing Date for AY 2015-16 extended – Order issued under Section 119 of the Income Tax Act 1961

F .No.225/154/2015/lTA.II 
Government of India
Ministry  of Finance
Department of Revenue
Central Board of Direct Taxes
North Block,  ITA. I I Division 
New Delhi,  the 10th June,  2015.
Order under Section 119 of the Income Ta.Act 1961
Subject-  Extension of due date of filing return of income  for  Assessment Year  2015-16 – Regarding.
The Central Board of Direct Taxes, in exercise of powers conferred under section 119 of the Income-tax Act, 1961, hereby extends the ‘due-date’ for filing Returns of Income,  in  terms of clause (c) of Explanation 2 to sub-section (1)  of section  139 of the Income-tax Act,  1961, for Assessment Year 2015-16  from 31st July, 2015  to  31st August,  2015   in  respect  of  income- tax  assessees concerned.

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Sunday, 14 June 2015

Rounding off Pension to next higher rupee

Railway Board has issued a letter on Rounding off of a fraction of a rupee in regulation of additional pension
F(E)III/2008/PN1/12
          New Delhi,  Dated:  02.06.2015.
The GMs/FA&CAOs,
All  Indian  Railways/Production      Units,
(As per standard   mailing   List).
Subject: Rounding off of a fraction of a rupee in regulation of additional pension
******
A  copy  of  Department   of  Pension  &  Pensioners’   Welfare   (DOP&PW)’s  O.M. No.38/8/15-P&PW(A) dated 16.04.2015 on  the  above subject  is enclosed for information  and  compliance.    These  instructions  shall  apply  mutatis-mutandis  on  the Railways also.   DOP&PW’s  O.M. No.38/37/08-P&PW(A)  dated 02.09.2008  mentioned  in the  O.M.   has been  adopted  on Railways  vide  Board’s   letter  No.F(E)III/2008/PN1/13 dated 15.09.2008.
2,     Please acknowledge  receipt.
D.A. one.
(Amitbh Joshi),
Dy. Director Finance(Estt.)III,
Railway Board.
SOURCE - govemployees

Friday, 12 June 2015

Exits and withdrawals under the National Pension System Regulations 2015 – PFRDA Notification

PFRDA issued Notification on Exits and Withdrawals Under the National Pension System
New Delhi, the 11th May, 2015
No.PFRDA/12/RGL/139/8─ In exercise of the powers conferred by sub-section (1) of section 52 read with clauses (g), (h), and (i) of sub-section (2) thereof of the Pension Fund Regulatory and Development Authority Act, 2013 (23 of 2013), the Pension Fund Regulatory and Development Authority hereby makes the following regulations, namely:-
CHAPTER I
PRELIMINARY
1. Short title and commencement.—(1) These regulations may be called the Pension Fund Regulatory and Development Authority (Exits and Withdrawals under the National Pension System) Regulations, 2015. “The regulations aim at providing an effective mechanism in the interest of subscribers, upon exit or withdrawal from the National Pension System, including the conditions, purpose, frequency and limits for withdrawals from individual pension account, as also the conditions, subject to which a subscriber shall exit from the National Pension System and purchase an annuity thereupon.”

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