Amendment Of Rules Regarding Quoting Of PAN For Specified Transactions To Come Into Force From 01.01.16

Amendment Of Rules Regarding Quoting Of PAN For Specified Transactions To Come Into Force From 01.01.16

Amendment of Rules regarding quoting of PAN for specified transactions to come into force from 1st January, 2016 

The Government is committed to curbing the circulation of black money and widening of tax base. To collect information of certain types of transactions from third parties in a non-intrusive manner, it is mandatory under Rule 114B of the Income-tax Rules to quote PAN where the transactions exceed a specified limit. In case of transactions of sale or purchase of goods and services, PAN will be required to be quoted, irrespective of the mode of payment if the transaction exceeds Rs. two lakhs. 

To bring a balance between burden of compliance on legitimate transactions and the need to capture information relating to transactions of higher value, the Government has amended Rule 114B to enhance the monetary limits of certain transactions which require quoting of PAN. 

The changes made to the Rules have been notified through S.O. No. 3545(E) dated 30th December, 2015. These changes will take effect from 1st January, 2016. 

The Notification is available on the website of the Department www.incometaxindia.gov.in.

A chart highlighting the key changes to Rule 114B of the Income-tax Act is attached.

Sl.	NATURE OF TRANSACTION	MANDATORY QUOTING OF PAN (RULE 114B)
		Existing requirement	New requirement
1.	Immovable property	Sale/ purchase valued at Rs.5  lakh or more	i.       Sale/ purchase exceeding Rs.10 lakh; ii.     Properties valued by Stamp Valuation authority at amount exceeding Rs.10 lakh will also need PAN.
2	Motor vehicle (other than two wheeler)	All sales/purchases	No change
3.	Time deposit	Time deposit exceeding Rs.50,000/- with a banking company	i.      Deposits with Co-op banks, Post Office, Nidhi, NBFC companies will also need PAN; ii.    Deposits aggregating to more than   Rs.5 lakh   during the year will also need PAN
4.	Deposit with Post Office Savings Bank	Exceeding Rs.50,000/-	Discontinued
5.	Sale or purchase of securities	Contract for sale/purchase of a value exceeding Rs.1 lakh	No change
6.	Opening an account (other than time deposit) with a banking company.	All new accounts.	i. Basic Savings Bank Deposit Account excluded (no PAN requirement for opening these accounts); ii. Co-operative banks also to comply
7.	Installation of telephone/ cellphone connections	All instances	Discontinued
8.	Hotel/restaurant bill(s)	Exceeding Rs.25,000/- at any one time (by any mode of payment)	Cash payment exceeding Rs.50,000/-.
9.	Cash purchase of bank drafts/ pay orders/ banker's cheques	Amount aggregating to Rs.50,000/- or more during any one day	Exceeding Rs.50,000/- on any one day.
10.	Cash deposit with banking company	Cash aggregating to Rs.50,000/- or more during any one day	Cash deposit exceeding Rs.50,000/- in a day.
11.	Forseign travel	Cash payment in connection with foreign travel  of an amount exceeding Rs.25,000/- at any one time (including fare, payment to travel agent, purchase of forex)	Cash payment in connection with foreign travel or purchase of foreign currency of an amount exceeding Rs.50,000/- at any one time (including fare, payment to travel agent)
12.	Credit card	Application to banking company/ any other company/institution for credit card	No change. Co-operative banks also to comply.
13.	Mutual fund units	Payment of Rs.50,000/- or more for purchase	Payment exceeding Rs.50,000/- for purchase.
14.	Shares of company	Payment of Rs.50,000/-  or more to a company for acquiring its shares	i.      Opening a demat account; ii.    Purchase or sale of shares of an unlisted company for an amount exceeding Rs.1 lakh per transaction.
15.	Debentures/ bonds	Payment of Rs.50,000/- or more to a company/ institution for acquiring its debentures/ bonds	Payment exceeding Rs.50,000/-.
16.	RBI bonds	Payment of Rs.50,000/-or more to RBI for acquiring its bonds	Payment exceeding Rs.50,000/-.
17.	Life insurance premium	Payment of Rs.50,000/- or more in a year as premium  to an insurer	Payment exceeding Rs.50,000/- in a year.
18.	Purchase of jewellery/bullion	Payment of Rs.5 lakh or more at any one time or against a bill	Deleted and merged with next item in this table
19.	Purchases or sales of goods or services	No requirement	Purchase/ sale of any goods or services exceeding Rs.2 lakh per transaction.
20.	Cash cards/ prepaid instruments issued under Payment & Settlement Act	No requirement	Cash payment aggregating to more than Rs.50,000 in a year.

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Transfers and Postings in ASP cadre in Vijayawada Region

RO, Vijayawada has ordered the following Transfers and Postings in ASP cadre in Vijayawada Region vide memo no ST-1/7-1/2015 dated 30.12.2015.

copy of the memo is furnished below.

 

 

 

DPC for promotion to JTS Group A for the year 2015-16 - Update

DPC for promotion to JTS Group A for the year 2015-16 - Update

DPC for the promotion to the cadre of Junior Time Scale (JTS) of IPoS group A for the vacancy year 2015-16 was convened for 36 vacancies (OC - 30, SC-4 and ST-2). The result of DPC is expected soon. 

PAYMENT OF TRANSPORT ALLOWANCE TO CENTRAL GOVERNMENT EMPLOYEES POSTED IN OFFICES LOCATED AT FARIDABAD, GHAZIABAD, GURGAON AND NOIDA. (DOP Order placed below)

Sh. Ravi Shankar Prasad Today Announced That India Post Would Be Launching Payment Banking By March 2017

Press Information Bureau 

Government of India

Ministry of Communications & Information Technology

28-December-2015 18:47 IS

Sh. Ravi Shankar Prasad

Shri Ravi Shankar Prasad Inaugurates Good Governance Week Celebration

23 New Products Launched
Payment Bank to Begin from March 2017

 A week-long celebration of Good Governance Week was organized by Department of Electronics and Information Technology starting from 25^th December 2015. A National event on Good Governance was inaugurated on 28th December 2015 by Shri Ravi Shankar Prasad, the Hon’ble Minister of Communications & Information Technology (MoCIT) in India Habitat Centre at New Delhi. This event involved active participation from Department of Electronics and Information Technology (DeitY), Department of Telecommunications (DoT) and Department of Posts (DoP) and their agencies.

Speaking on the occasion, Shri Ravi Shankar Prasad reiterated the commitment of the Government towards the successful implementation of ‘Digital India’ which would help to transform India into a truly digitally empowered society and knowledge economy in the 21st century. He said the government is aiming at empowering people of India through digitalization. Millions of citizens have already joined in this initiative and invited others to do so. He said e-services should reach more people at the earliest and sought cooperation from State Governments, industry and acadmecia in the early achievement of this objective.

Sh. Ravi Shankar Prasad also announced that India Post would be launching Payment Banking by March 2017. He said after the successful turn around of BSNL, new initiatives have been taken for improving performance of MTNL. He also announced launch of free incoming all over the Country by MTNL from New Year.

The event saw the launch / inauguration of new 23 products / eServices.

The key launches are as follows:

Department of Telecommunications ·         Inauguration of Wi-Fi hotspots at Har ki Pauri, Haridwar and Dargah Sharif, Ajmer. ·         Announcement of Pan India Free Incoming Roaming Facility for MTNL Customers.	Department of Posts ·         Launch of Post-Terminals (Rural ICT - RICT) – handing over Post Terminals to rural Post Masters.
Department of Electronics and Information Technology
·         Launch of National Centre of Geo-Informatics ·         Launch of e-Payment Portal ·         Launch of Olabs for Schools ·         Launch of Information Security Education and Awareness (ISEA) Phase-II ·         All India BPO Promotion Scheme	·         North East Business Process Outsourcing Promotion Scheme ·         Transfer of Technology for “ICT Centre on Tactile Graphics” at IIT Delhi ·         Announcement of Setting up of NIC Data Centre at Bhubaneswar

* The detail on each of 23 new products / eservices is available at the Digital India Portal (www.digitalindia.gov.in).

The awards for best performing States/Districts during the Digital India Week event (1^st July – 7^th July, 2015) were given to:

a.       State level – Chhattisgarh, Himachal Pradesh and Meghalaya.

b.      District level – 77 Districts across 29 States/UTs.

EDITORIAL POSTAL CRUSADER: JANUARY-2016

MINIMUM WAGE STILL A DREAM FOR WORKERS

            68 years have passed after independence of India. But the need based minimum wage still appears a dream for working class. After reaching a tripartite agreement in 15^th Indian Labour Conference in 1957 a scientific formula called as Dr. Akroid formula based on minimum needs of a workers to survive and work, was accepted. Based on this formula all Central trade unions and independent federations are struggling since long to achieve the demand of minimum wage.

            This time also National council JCM demanded Rs. 26000 as minimum wage to a lowest class employees based on Dr. Akroid formula as on 01.01.2014 taking the commodity prices as Rs. 11344. The rates were taken as an average price of actual market from various cities throughout the India and actual receipts obtained from the shops and consumer stores were also produced as evidence. After adding component of housing, children education and social obligations it comes to 26000.

            But the pay commission has recommended Rs. 18000 as minimum wage taking 12 monthly average of commodity prices quoted by Labour bureau Shimla which is totally contrary to Dr. Akroid Formula and the figures are imaginary not realistic.

            The pay commission has also reduced the component of expenses on social obligation and children education as 15% contrary to the Supreme Court judgment of 25% on the plea that the employees are paid children Education allowance separately. The Children Education allowance is not fully reimbursed and expenses on education have increased heavily after liberalization of the education sector. The housing component has also been reduce by the pay commission stating that employees are paid HRA separately. House Rent Allowance is not full compensation of expenditure incurred on rent of accommodation obtained by an employee Earlier 3^rd Pay commission has given 7.5% as the factor for housing.

            Thus this 7^th CPC has drastically cut the minimum wage.

            The website of Agriculture Ministry also maintains the record of prices of commodities which are required to compute the minimum wage. Though these prices also vary from the real retail market. But if these prices had been taken by the pay commission as an all India average of the prices as on 01.07.2015. It will work out Rs. 10810. Thus the computation of minimum wage will arrive as Rs. 19880. After adding 25% for arriving at MTS scale it will come as Rs. 24850 and to convert it as on 01.01.2016 after adding 3% as suggested by 7^th CPC. The final computation will come as 25596 when rounded off it shall be Rs. 26000/-

            Without modification of minimum wage, no improvement is expected in the higher pay scales. Therefore it requires recomputation and revision. If it is revised consequently the fitment formula, multiplication factor and pay matrix will have to be revised.

            Thus it is the urgent need to revise the minimum wage.

            The NJCA, Confederation and NFPE have given charter of demands to the Government of India seeking modification in so many demands failing which all Central Government Employees will be compelled to go on indefinite strike from 1^st week of March-16.

            NFPE call upon the entirely of Postal, RMS and GDS employees to act as per the agitational programme given by the Confederation and NFPE and make the Government ready to accept the genuine demands of Central Government Employees

R-4(NFPE) CIRCULAR ON  34TH ALL INDIA CONFERENCE HELD AT ATTIRUPATHI (ANDHRA PRADESH).

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GOVT. CONSIDERING GRATUITY FOR NPS SUBSCRIBERS

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ADMISSION OF CHILDREN OF GDS IN KENDRIYA VIDYALAYAS CLICK HERE FOR DETAILS

  

CENTRAL GOVT EMPLOYEES FEAR DELAY IN IMPLEMENTATION OF PAY COMMISSION AWARD

New Delhi: Central government employees are being promised bigger pay hike from next year but implementation of the Seventh Pay Commission Award is making very slow and painful progress.

Finance Minister Arun Jaitley

Central government employees have expressed frustration at this, and are worried that the Seventh Pay Commission’s recommendations might not be implemented on time.

The Finance Minister Arun Jaitley promised in the Parliament on February 27 to implement the pay commission’s recommendations from next year and said “the Seventh Pay Commission impact may have to be absorbed in 2016-17.”

After receiving the Seventh Pay Commission report, the Finance Ministry has set up a cell in Expenditure Department headed by a Joint Secretary for a period of one year with effect from November 20, 2015 for implementation the recommendations of the Commission.

Giving one year time to implementation cell to process the the Seventh Pay Commission report to implement may hamper timely implementation as the cell would be placed it before the cabinet for its nod through the group of secretaries of revision pay panel report headed by cabinet secretary. which is also a time taking process.

It is also noted, the central government appointed senior IAS officer R K Chaturved as the head of the cell after one moth of its set up.

There are several states who have approached the Prime Minister’s Office, Cabinet Secretary and Niti Aayog, seeking more time in implementation of the Seventh Pay Commission’s report.

West Bengal, Tamil Nadu, Punjab, Uttar Pradesh and Odisha governments suggested delay in implementation of Seventh Commission’s recommendation for central government employees will give them more time to equip themselves with resources to meet Seventh Pay Commission Award for their employees.

The Seventh Pay Commission had last month submitted its report to the Ministry of Finance. It had recommended a 23.55 per cent increase in salary, allowances and pension of government staff, involving an additional burden of Rs 1.02 lakh crore in 2016-17. This is less than the overall hike of the Sixth Central Pay Commission.

The Seventh Pay Commission recommendations will benefit 47 lakh central government employees and 52 lakh pensioners. It will lead to an additional outgo of Rs 73,650 crore from the Union Budget and Rs 28,450 crore from Railway Budget.

The new pay scales, subject to acceptance by the government, will come into effect from January 1, 2016.

The government constitutes the Pay Commission almost every 10 years to revise the pay scale of its employees and often these are adopted by states after some modifications.

The Sixth Pay Commission was implemented with effect from January 1, 2006, the fifth from January 1, 1996 and the fourth from January 1, 1986.

TST

 

 

Govt To Increase Maternity Leave In Pvt Sector From 12 To 26 Weeks

The union government is set to increase the maternity leave for women employed in private firms from the existing 12 weeks to 26 weeks.

Govt to increase maternity leave in pvt sector from 12 to 26 weeks

Women and Child Development Minister Maneka Gandhi Monday said the Ministry of Labour has agreed to increase maternity leave to six-and-a-half months. “We had written to the Labour Ministry asking that the maternity leave be extended taking into account the six months of breastfeeding that is required post childbirth. The Labour Ministry has agreed to increase it to six-and-a-half months,” said Maneka.

The Ministry of Labour is expected to amend the Maternity Benefit Act, 1961, which presently entitles women to 12 weeks of maternity benefit whereby employers are liable to pay full wages for the period of leave.

Officials of the WCD Ministry said they will push for extending the leave to eight months, or 32 weeks, for women employed in both private and government sectors.

But WCD officials said the Labour Ministry has expressed reservations about increasing the maternity leave any further as they perceive that doing so will adversely affect the employability of women.

“The Labour Ministry has decided on six-and-a-half months following meetings with various stakeholders. We, however, feel that eight months of maternity leave — for women in government as well as private sectors — is required. We will move a note to the Cabinet Secretariat in this regard. Six months of exclusive breastfeeding is very important to combat malnutrition, diarrhoea and other diseases in infants and to lower infant mortality rate,” said a WCD official.

The International Labour Organisation recommends a minimum standard maternity leave of 14 weeks or more, though it encourages member states to increase it to at least 18 weeks. At 26 weeks, India is set to join the league of 42 countries where maternity leave exceeds 18 weeks. It, however, falls behind several East European, Central Asian and Scandinavian countries, which have the most generous national legislation for paid maternity leave.

Women employed in government jobs in India get a six-month maternity leave as per the Central Civil Service (Leave) Rules 1972. The last circular in this regard was issued in 2008, when it was increased from four-and-a-half months. If the WCD Ministry’s recommendations to the Cabinet Secretariat are accepted, the Department of Personal & Training will have to issue orders to enhance it to eight months.

Moreover, women government employees are allowed to take childcare leave of up to two years in phases at any point till their child turns 18 years old. The Seventh Pay Commission recently recommended that only the first 365 days of leave should be granted with full pay, while the remaining 365 can be availed at 80 per cent of the salary. But Maneka recently petitioned Finance Minister Arun Jaitley against the proposal, terming it a regressive step at a time when women are trying to become more economically independent.

“Women in India need longer maternity leave in absence of any support in parenting from men. It should not be seen as a deduction in labour hours but as a long-term investment from the future economic point of view. This is in addition to the fact that women need long maternity leave to recuperate and invest in child care,” said Ranjana Kumari, director of the Centre for Social Research.

She added that a recent analysis of the Maternity Benefit Act by CSR for the National Commission of Women showed that discrimination against pregnant women was widely prevalent in the corporate sector in the country.

Promotional Avenues For Central Government Staffs As 30% Of Employees To Retire In Next Ten Years

The data provided in the 7th CPC report suggests that higher Promotional avenues will be available in next ten years since 26 to 29 Percentage of Central Government employees are at the verge of Retirement. The statistics about age profile reveals that the Government servants in the age group of 50 to 60 is higher percentage than other age Group of 20-30, 30-40 and 40-50. So obviously there will be bright chances for those who are waiting to replace the seniors in Promotional Grades

7th CPC report on Age Profile of Central Government Personnel as on 01.01.2014

Of the total 33.02 lakh persons in position as on 01.01.2014, the break up in various age groups is indicated in the pie chart below

Personnel in Age Group of 50 to 60: With a view to ascertaining the retirements that would take place in the coming few years the Commission reviewed the data for all ministries/departments in the age group of 50 to 60 years. Of the total 33.02 lakh persons in position, as on 01.01.2014, 9.48 lakh persons, constituting about 29 percent of personnel were in the age group of 50 to 60 years.

3.60 Table 8 brings out the position in this regard amongst the largest ministries/departments.

Table 8: Proportion of Personnel in 50-60 Age Group

3.61 Data provided to the Commission indicates an unusually large percentage of personnel in the 50-60 years age group in certain ministries/departments- 75 percent in Textiles, 64 percent in Coal, 62 percent in Urban Development, 60 percent in Petroleum and Natural Gas, 57 percent in Science and Technology, 56 percent in Heavy Industry, 52 percent in New and Renewable Energy, 51 percent in AYUSH and 50 percent in Power. This is a ready pointer to the number of retirements that would take place in the next ten years.

3.62 The Ministry wise particulars of age profile of personnel as on 01.01.2014 is detailed in Annex 5

3.63 The Commission notes that losing experienced high level personnel entails unquantifiable costs as new recruits will require training and on the job skills. At the same time it presents ministries/departments the opportunity to align their personnel requirement in line with their current and future challenges.

 

Payment Of Bonus (Amendment) Bill 2015