Forgot to file I T return ? Do it now.

Yes, You can still file your return of income for the financial year 2016-17 and even for the financial year 2015-16 within 31st March 2018.
If you have no tax due, you even don't have to pay any interest for late filing of return for for the financial year 2016-17. Do remember that if you are liable to file return and do not file it, you may be subject to penalty even if there is no tax due. So be cautious and file your return.

DA hike for AP govt staff with retrospective effect from 1.1.2017

Here is a piece of good news for state government employees. The state Cabinet, chaired by Chief Minister N Chandrababu Naidu here on Wednesday, approved a raise of 2.09 per cent in dearness allowance (DA).

According to Information and Public Relations Minister Kaluva Srinivasulu who briefed the media on the Cabinet decisions, the DA has been raised from 22.008 per cent to 24.1014 per cet in accordance with the Pay Revision Commission (PRC)' recommendations of 2015.

Karnataka Budget Brings Good News For State Employees, to Get 30 % Salary Hike

Karnataka Chief Minister Siddaramaiah on Friday announced a 30 per cent hike in the salary for government employees as per the Sixth Pay Commission recommendation. This will cost the state government an additional Rs 10,508 crore.

Bank employees to strike against delay in wage revision

United Forum of Bank Unions (UFBU), an umbrella of Nine Unions has given a call for All India Strike on March 15 over the delay in wage revision settlement due from November 2017.

The UFBU which met in Mumbai on Tuesday also decided to hold various protest programmes like demonstrations and rallies on the issue, All India Bank Employees Association (AIBEA) General Secretary Ch Venkatachalam told UNI.

Download Karnataka sixth pay commission report

Revised Pay Structure & Pay Scales: • State to continue to have its own pay structure for its employees;
 • New pay structure to be related to the AIACPI level of 191.5 points as on 1.1.2012 (base 2001=100); 
• Concept of master scale with 91 stages retained;
 • Fitment benefit of 22.5 per cent inclusive of 15 per cent interim relief; • Existing 25 standard scales, segments from the Master Scale to be retained;
 • Revised pay scales, allowances and pensions to be effective from 1.4.2012; • Minimum pay scale to be revised from Rs.4800-7275 to Rs.9600-14550; • Maximum pay scale to be revised from Rs.28275-39900 to Rs.56550-79800;
 • Existing rates of increments to be doubled; • New pay was to be fixed w.e.f. 1.4.2012 by including the following: Chapter-2 146 a) Basic Pay as on 1.4.2012 b) DA of 76.75 per cent as on 1.1.2012 c) Fitment benefit of 22.5 per cent of basic pay inclusive of 15 per cent Interim Relief.
 • DA from 1.7.2012 is to be allowed with multiplication factor of 0.604 for every 1 per cent of DA sanctioned by Government of India. 
 Allowances and Other Benefits: The following revision of allowances and other benefits were recommended to be implemented from 1.4.2012. 
HRA and Other Allowances: • For determining the rates of HRA payable, classification of cities/ towns /other places reduced from six groups to four groups. The minimum HRA increased from 6 per cent to 7 per cent. Rural allowance of Rs.100 removed;
Click here for the full report

AICPIN for December 2017 and impact on Central D.A. from 01.01.2018

Consumer Price Index for Industrial Workers (CPI-IW) — December, 2017

The All-India CPI-IW for December, 2017 decreased by 2 points and pegged at 286 (two hundred and eighty six).

Central D.A. will be 7% with effect from 1st January 2018

Based on the calculation (taking into account for AICPIN No. for the last twelve months, D.A for Central employees and pensioners will be increased by 2 percentage with effect from 1st January 2018. 

Salient features of Budget 2018-19

Following features are being reproduced from rediff.com

• Govt levies 10% capital gains tax for Rs 1 lakh gains
• Short-term capital gains tax continues to be 15%
• Capital gains made on shares until Jan 31, 2018 grandfathered
• Customs duties hiked on mobiles to 20 prevent from 15 per cent; on TVs to 15 prevent to boost domestic manufacturing.
• 6 crore toilets have been built so far under the Swachh Bharat campaign. The target for the next financial year is to build another 2 crore toilets.
• No change in personal income tax structure, says Arun Jaitley
• Standard deduction of Rs 40,000 for salaried taxpayers, says Arun Jaitley
• Status quo for salaried class, says Arun Jaitley
• 25% Corp tax rate extended to companies with turnover up to Rs 250 cr
• FM says Rs 90,000 cr extra collected as personal Income Tax in last 1 year. will continue with tax policies that reward honest tax payers.
• FM Arun Jaitley says propose to allow 100% tax deduction to companies registered as farmer-producer companies with a turnover of Rs 100 crore.
• India produced over 275 million tonnes of foodgrain and 300 million tonnes of fruits and vegetables in 2016-17.
• Crop production at record high; govt is committed to giving 50% more than cost of crop production to farmers.
• Govt to set MSP at one-and-half times the cost of production for Kharif crops.
• Govt will ensure farmers get MSP if prices fall; Niti Aayog will discuss with state govts for mechanism to ensure farmers get better prices.
• Rs 2,000 crore fund to be set up for upgrading rural agri markets.
• Govt has promoted organic farmers in a big way; women self-help groups to be encouraged to take up organic farming.
• Food processing sector growing at 8 pc; allocation for food processing ministry being doubled to Rs 1400 cr.
• India's agri export potential is $100 bn as against current $30 bn exports, says FM.
• Mass formalisation of MSME sector is happening after demonetisation and GST.
• Target for loan disbursement under Mudra scheme set at Rs 3 lakh crore for next fiscal.
• Govt to soon announce scheme to address the issue of Non-Performing Assets.
• Rs 4.6 lakh cr sanctioned under MUDRA Scheme.
• Govt's budget for health, education and social security increased to Rs 1.38 lakh crore for 2018-19 from Rs 1.22 lakh crore in current fiscal.
• Govt identifies 115 "aspirational districts" to make them model districts of development.
• PM Jeevn Jyoti Bima Yojana to reach all poor households: Arun Jaitley
• 24 new govt medical colleges and hospitals to be set up by upgrading existing district hospitals
• Health insurance scheme to cover 500 million beneficiaries of 100 million families. FM Jaitley announces a cover of up to Rs 5 lakh per year
• For education sector, the government proposes revitalising infrastructure, opening schools for the ST populations as well as promoting programmes for teachers, in order to improve quality education for students: Arun Jaitley.
• Air Pollution in Delhi NCR is a cause for concern, special scheme will be implemented to support Govts of Haryana, Punjab, UP and Delhi NCT to address it and subsidize machinery for management of crop residue.
• Scheme for revitalizing school infrastructure, with an allocation of 1 lakh crore rupees over four years. Called RISE - Revitalising Infrastructure in School Education.
• Finance Minister says will set up PM Research Fellow Scheme; 1000 B-Tech students to be selected.
• Finance Minister says two new planning & architecture schools to be set up in IITs.
• Finance Minister says total investment of Rs 1 lakh cr for 'RISE'.
• The government will launch a flagship National Health Protection Scheme, which will have 50 crore beneficiaries. The Centre will give up to Rs 5 lakh per family per year. This will include secondary and tertiary healthcare.
• Govt to focus on health, education & social protection. To use technology to improve education from 'blackboard to digital board".
• Allocating natural resources in a more transparent manner, there is a premium on honesty now.
• Rs 14 lakh cr for enhancing rural livelihood.
• Hope to grow at 7.2 per cent-7.5 per cent in the second half of 2017-18.
• Finance Minister says propose to treat education holistically without segmentation.
• 80 million poor families to be given free gas connection under Ujjwala scheme.
• Finance Minister says allocate Rs 2,600 underground water irrigation plan in 96 districts.
• 500 mn beneficiaries of govt health care scheme.
• Rural infra and education get a massive push.
• Finance Minister Arun Jaitley says Rs 16,000 cr allocation for electricity connection to poor families.
• Eklavya schools to be started for Scheduled Tribe population.
• Rs 11 lakh cr for instant farm credit mooted next FY.
• Economy to grow by 7.2-7.5 per cent in second half of current fiscal, says FM.
• When our govt took over India was considered one of the fragile five economies of the world; we have reversed it; India is today fastest growing economy.
• Introduction of GST has made indirect tax system simpler.
• India is today a $2.5 trillion economy and will become fifth largest economy in the world from the present seventh largest.
• Budget will focus on strengthening agricultural and rural economy: FM Jaitley.
• PM has articulated the vision of minimum government, maximum governance: Jaitley.
• We are firmly on path to achieve 8% growth.
• Govt focusing on ease of living now.
• Cooking gas being given free to poor under PMUY, 4 cr unconnected being provided electricity connection, stent prices slashed: FM.
• Direct Benefit Transfer is a global success story.
• Emphasis on generating higher income for farmers; want to help farmers produce more and realise higher prices.