Thursday, July 31, 2014

Central employees to get 7% D.A. from 01.07.2014

Consequent to 2 points increase in the All India Consumer Price Index for June 2014, the final calculation for D.A. from July 2014 can be done.
As informed earlier in this blog, Central employees and pensioners are going to get a 7% increase in Dearness allowance with effect from 1st July 2014.
The increase will have to get cabinet approval and expected to be officially endorsed in the month of September as per existing norms.

Bank D.A. to increase 33 slabs, Pensioners to get 17 slabs more from August 2014


Consumer Price Index for Industrial Workers (CPI-IW) : June 2014

The all India CPI - IW for June 2014 increased by 2 points and stood at 246.
View the Labour Bureau Press Note

Sunday, July 27, 2014

File your Income Tax Return before it is too late

The due date of filing Income Tax Return for assessees whose accounts are not needed to be audited is 31.07.2014. That means all individuals (other than a very high income professionals) including salaried taxpayers should file his return within the last day of July. 
Some frequently asked questions and simple answers.
Website Countdowns
Who has to file return ?

Wednesday, July 23, 2014

Central offices to continue with 5 day week

There is no proposal to change the present five-day week for the employees of central government ministries and departments, Lok Sabha was informed on Wednesday. “No,” said Jitendra Singh, minister of state for personnel, public grievances and pensions in a written reply to a question whether the government plans to change the five days per week working for central government servants. There were reports that the government was considering increasing the five-day week schedule to six days. The minister said there was also no proposal to enhance earned leave and casual leave being granted to the employees. “There is no such proposal under consideration of the government,” he said.
Source : PTI

Tuesday, July 22, 2014

Central D.A. likely to be 7% more from July 2014

Central Govt. employees are probably going to get 7% more D.A. with effect from 1st July 2014.
D.A. is calculated on the average of AICPI of last 12 months as per the formula given below :
Dearness Allowance = (Avg of AICPI for the past 12 months – 115.76)*100/115.76
Out of the last 12 months data only the data for June'14 is yet to be published. The consumer price index was 237, 238, 239, 242, 244 in the last five months. Considering the upward trend, it can be predicted that the June figure may stand in the range of 244 more or less. The D.A. can come down to 6% only if the figure decreases by two points for June'14 which seems unlikely at this point of time.
So, let's keep our fingers crossed and wait for 31st July when the figure of June 2014 to be released. Only then we can calculate it accurately.

Lokpal Act notified – Central Government Employees to declare assets of self, spouse and children

The central government has notified rules under the Lokpal Act making it mandatory for all its employees to file declarations of their assets and liabilities and those of their spouses and dependent children.
It has issued new forms for filing these returns which have fields to give details on cash in hand, bank deposits, investment in bonds, debentures, shares and units in companies or mutual funds, insurance policies, provident fund, personal loans and advance given to a person or any entity, among others.

Saturday, July 19, 2014

No retirement age hike : Govt. cleared the air again

Answering to a question raised by Shri M.R Reddy in Loksabha on 16.07.2014 regarding raising of retirement age for central Gov. employees, Dr Jitendra Singh, Minister of state , DOPT and PMO categorically said in negative. As per his answer, there is no such proposal under consideration.
Click here to to view the question and answer

Tuesday, July 15, 2014

West Bengal hiked bonus and festival advance. Download Orders

The West Bengal government Tuesday announced a hike in the festival advance as well as ad-hoc bonus of its employees.
Ad-hoc bonus of state government employees who are in reciept of basic pay upto Rs 22,000 has been hiked from Rs.2,600 to Rs.3,000. Festival advance has been hiked from Rs.2,500 to Rs.3,000 - Finance Minister Amit Mitra said.
Employees drawing basic pay above Rs 22,000 are entitled for interest free  festival advance.
The festival bonus is given ahead of Eid and Durga puja. Details are awaited.
Click here for Ad hoc Bonus Order
Click here for Festival Advance Order

Monday, July 14, 2014

Recommendations of the Cadre Restructuring Committee on Central Secretariate Service (CSS)

The gist of recommendations of the Cadre Restructuring Committee on Central Secretariat Service (CSS)

Recommendation of Committee
i. Increase in the number of posts in the grades of Section Officer (SO), Under Secretary (US) andDeputy Secretary (DS)
Addl. Posts recommended
* 75 posts each in Central Secretariat Service and Central Staffing Scheme has been recommended.

Thursday, July 10, 2014

Salient features of Budget 2014

* Tax proposals on indirect tax front would yield Rs 7,525 crore.

* ​Indian Custom Single Window Project to be taken up for facilitating trade.

* Clean energy cess increased from Rs 50/ tonne to Rs 100/tonne.

Additional 5% excise tax to be levied on aerated drinks with added sugar (cold drinks). Tobacco products also to get costly as excise duty hiked to 72%

Government announces reduction in excise duty for specified food package industry from 10% to 6%.

*​ Excise duty on footwear reduced from 12% to 6%

Government announces measures to encourage manufacture of LCD/LED panels of TVs. 

Housing loan rebate to raised from Rs 1.5 lakh to Rs 2 lakh.

* Net effect of direct tax proposals is revenue loss of Rs 22,200 crore.

Government proposes to increase investment limit under Section 80C from Rs 1 lakh to Rs 1.5 lakh. 

Tax exemption limit for small and marginal, and senior tax payers changed from Rs 2.0 to Rs 2.5 lakh. For senior citizens, no tax for income up to Rs 3 lakh per annum. 

No changes in tax rate. 

Tuesday, July 8, 2014

Highlights of Rail Budget 2014

Union minister Sadananda Gowda is presenting his first Rail Budget in the Lok Sabha. Here are the highlights :

* Indian railways to become the largest freight carrier in the world.

* Social obligation of Railways in 2013-14 was Rs 20,000 crore.

* Gross traffic receipts in 2013-14 was Rs 12,35,558 crore; operating ratio was 94 per cent.

* Focus in past has been on sanctioning projects rather than completing them, Railway minister says.

* Indian Railways spent Rs 41,000 crore on laying of 3,700 km of new lines in last 10 years.

Fare revision will bring in Rs.8,000 crore; need another Rs.9,000 crore for golden quadrilateral project.

Friday, July 4, 2014

Finance ministry is against any merger of D.A.

Finance Ministry once again ruled out any possibility of merger of D.A. with basic pay for central employees. In a  letter addressed to National Council Secretary Shri Shiva Gopal Mishra on 17.6.2014, regarding the main demand of merger of dearness allowance with basic pay, Govt sticked on the resolution taken on 29.08.2008 in respect of definite proposal of sixth pay commission (No merger of D.A.). 
This has been a long standing demand for central employees and it will certainly dishearten them.
View the letter from Dept. of expenditure (Finmin)

Tuesday, July 1, 2014

PSU IDA to be increased by 2.9% from 1st July, 2014

The IDA for PSU employees (Including BSNL) will be raised from 88.4% to 91.3%, by an increase of 2.9%, with effect from 1st July 2014.
The orders are expected to be issued soon.
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