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Wednesday, March 2, 2016

Rates of income-tax in respect of income liable to tax for the assessment year 2016-2017

Rates of income-tax in respect of income liable to tax for the assessment year 2016-2017.
DIRECT TAXES
RATES OF INCOME - TAX

Rates of income-tax in respect of income liable to tax for the assessment year 2016-2017

In respect of income of all categories of assessees liable to tax for the assessment year 2016-2017, the rates of income-tax have been specified in Part I of the First Schedule to the Bill. These are the same as those laid down in Part III of the First Schedule to the Finance Act, 2015, for the purposes of computation of "advance tax", deduction of tax at source from "Salaries" and charging of tax payable in certain cases.

(1) Surcharge on income-tax

Surcharge shall be levied in respect of income liable to tax for the assessment year 2016-2017, in the following cases:-

(a) in the case of every individual or Hindu undivided family or every association of persons or body of individuals, whether incorporated or not, or every artificial juridical person referred to in sub-clause (vii) of clause (31) of section 2 of Act, cooperative societies, firms or local authorities, the amount of income-tax shall be increased by a surcharge for the purposes of the Union at the rate of twelve percent. of such income-tax in case of a person having a total income exceeding one crore rupees.

Tuesday, March 1, 2016

Clarification about Changes made in the Tax Treatment for Recognised Provident Fund & National Pension System (NPS)

Clarification about Changes made in the Tax Treatment for Recognised Provident Fund & National Pension System (NPS) 

Press Information Bureau
Government of India
Ministry of Finance

Dated: 01-March, 2016 

Clarification about Changes made in the Tax Treatment for Recognised Provident Fund & National Pension System (NPS) 

There seems to be some amount of lack of understanding about the changes made in the General Budget 2016-17 in the tax treatment for recognised Provident Fund & NPS. 

The following clarifications are given in this matter:- 

(i) The purpose of this reform of making the change in tax regime is to encourage more number of private sector employees to go for pension security after retirement instead of withdrawing the entire money from the Provident Fund Account. 

Strengthening of administration — Periodical Review under FR 56 (j) and Rule 48 of CCS (Pension) Rules, 1972 ...

Strengthening of administration — Periodical Review under FR 56 (j) and Rule 48 of CCS (Pension) Rules, 1972 ...

No.25013/01/2013-Estt.A-IV 
Government of India 
Ministry of Personnel, Public Grievances and Pensions 
Department of Personnel and Training 
Establishment A-IV Desk 

North Block, New Delhi 
Dated 1st March, 2016 

OFFICE MEMORANDUM 

Subject :- Strengthening of administration — Periodical Review under FR 56 (j) and Rule 48 of CCS (Pension) Rules, 1972 : Composition of Representation Committee.

The undersigned is directed to refer to para 12 of DoP&T's O.M. of even number dated 11.09.2015 on the above mentioned subject and to say that the Representation Committee for officers below Secretary level in Ministries / Departments of Government of India will be as follows:- 

(i) A Secretary to be nominated by the Cabinet Secretary; 

(ii) One nominee of the Cabinet Secretary of AS / JS level : and 
(iii) One representative of Cadre Controlling Authority, to be nominated by its Secretary. 

2. A request to constitute the Committee may be sent to Cabinet Secretariat in case of receipt of representation from any Government servant whom the Appointing Authority has decided to retire under FR 56 (j) and Rule 48 of CCS (Pension) Rules, 1972. 

(Mukesh Chaturvedi) 
Director (Establishment) 
Tel.23093176 

Signed Copy click here