Rates of Income Tax as per Finance Act, 2015 – Financial Year 2015-16(AY 2016/17)

Rates of Income Tax as per Finance Act, 2015 – Financial Year 2015-16(AY 2016/17)

RATES OF INCOME-TAX AS PER FINANCE ACT, 2015: As per the Finance Act, 2015, income-tax is required to be deducted under Section 192 of the Act from income chargeable under the head “Salaries” for the financial year 2015-16 (i.e. Assessment Year 2016-17) at the following rates:

Rates of tax : A. Normal Rates of tax:

Rates of tax for every individual, resident in India, who is of the age of sixty years or more but less than eighty years at any time during the financial year:

In case of every individual being a resident in India, who is of the age of eighty years or more at any time during the financial year:

Education Cess on Income tax:

The amount of income-tax including the surcharge if any, shall be increased by Education Cess on Income Tax at the rate of two percent of the income-tax.

Secondary and Higher Education Cess on Income-tax:

An additional education cess is chargeable at the rate of one percent of income-tax including the surcharge if any, but not including the Education Cess on income tax.

CENTRAL EXCISE OFFICIALS ANNOUNCE ’SATYAGRAHA’ ON JAN 17 AGAINST PAY COMMISSION REPORT

New Delhi: Central Excise officials have decided to launch a country-wide ‘satyagraha’ (civil disobedience) on January 17, ahead of the Union Budget presentation against the Seventh Pay Commission report. The government, however, said they expect the impact to be Nil.

CBEC Chairman Najib Shah

Ravi Malik, Secretary General, All India Association of Central Excise Superintendents, has written a letter to Union Finance Minister Arun Jaitley complaining about the lack of career growth options available to them besides salary issues.

In his letter Malik said, “They are forced to retire at a PB2 post with only single promotion in the career after joining as Inspector whereas their counterparts are easily enjoying PB4 levels after getting 5-6 promotions.”

He has complained that Central Board of Excise and Customs (CBEC) has been apathetic towards their problems.

He alleges the CBEC has not put their problems seriously before the Seventh Pay Commission. Hence the pay commission rejected their demands.

He added that they would go on a ‘Satyagraha’ on January 17 to draw the attention of the Finance Ministry to their demands.

CBEC sources said yesterday that there will be no impact on Satyagraha due to January 17 is Sunday,

However, CBEC asked the employees list from subordinate offices who will get involved in Satyagraha.

BSNL Offers Free Missed Call Alert Service (MCA) to All Mobile Customers

India’s National Telecom backbone Bharat Sanchar Nigam Limited (BSNL) provides Missed Call Alert (MCA) service. This service (MCA) is Free to all BSNL Mobile Customers except those from North Zone. Missed Call Alert Service is a Value Added Service which allows a BSNL Prepaid or Postpaid Mobile Customer to retrieve their Missed Call details via SMS, when the customer is in out of coverage area or when the users mobile runs out of battery.

BSNL Missed Call Alert (MCA) service will inform the mobile customer about the details of their missed calls such as the call timings, the number of missed calls and thereby helping them to call back and get in touch. BSNL provides Missed Call Alert Sevice Free of cost to all BSNL Mobile Customers except North Zone.

Procedure for Activation of BSNL Missed Call Alert (MCA) Service

To activate Free Missed Call Alert service,BSNL customers may 'Divert Voice Calls when Out of Coverage Area' to the number '+9117010'.

How to Divert Voice Calls for BSNL Missed Call Alert Service 

• Go to Settings
• Select : Call settings
• Select : Call divert/Call Forward
• Select : 'Divert when Out of Coverage Area' (Options may differ from phone to phone )
• Type the Number +9117010
• Save the settings

Some handsets allows the customers to activate the Missed Call Alert(MCA) Service by  dialing the code: **62*+9117010#

Procedure for De-Activation of BSNL Missed Call Alert (MCA)

• Go to Settings
• Select : Call settings
• Select : Call divert / Call Forward
• Select : When Unreachable
• Delete the number +9117010
• Save the settings

Some handsets allows the customers to de-activate the Missed Call Alert(MCA) Service by  dialing the code: ##002#

Private operators are currently charging their customers at the rate of Rs.30 / month for providing Missed Call Alert Service. BSNL Missed Call Alert Service is available to North Zone Customers at a nominal cost of Rs.15 / month. The activation / de-activation procedures are common for all BSNL customers irrespective of their Telecom Circle / Zone.

Readers, have you activated this Free Missed Call Alert service from BSNL? Just compare similar service, which was offered by private operators.

Central Government Unlikely To Announce Dearness Allowance In January

New Delhi: All those central government employees unhappy with the recommendations of the 7th Central Pay Commission on salary hike, may be waiting for the Labour Ministry to announce the All India Consumer Price Index or AICPIN (for Industrial workers) for the month of December in January.

On the basis of AICPIN, government announces the Dearness Allowance( DA) for Central Government employees. The DA is paid to Central Government employees to adjust the cost of living and to protect their Basic Pay on account of inflation.

After all its a matter of one's monthly salary hikes! It is not unfair to hope that AICPIN for December is high, resulting in the DA higher than 125%, which the 7th CPC pegged for calculating the minimum pay determination and the fitment factor for the new pay structure. 

The government reviews the DA every six months. The Cabinet, in September, had approved a proposal to hike dearness allowance by 6 percent to 119 percent of the basic pay, effective from July 1, 2015.

if the DA announced in January is higher than 125%, government will be compelled to revise the new salaries.

Since the 7th PC has already merged the DA with the new pay, government is unlikely to announce DA in January 2016 at all. 

When the 6th Pay Commission’s recommendations were implemented from January 2006 onwards, the DA for the months of January 2006 to June 2006 was not paid. DA was issued only from the month of June 2006.

CITI, BARCLAYS, 38 OTHERS WILLING TO PARTNER INDIA POST: RAVI SHANKAR PRASAD

MUMBAI: As many as 40 domestic and multinational financial giants, including Citigroup, Barclays and ICICI Bank, have sought to partner India Post for its upcoming payments bank, Union Minister Ravi Shankar Prasad said today. 

"You have only got the in-principle approval, and other aspects like appointing a consultant are on, but already 40 big financial services groups from the country and abroad have evinced interest in a tie-up with the Postal Department," the Communications and IT Minister said while addressing postal employees here. 

He named American banking giant Citigroup, British lender Barclays and the country's largest private sector lender ICICI Bank among those who have sent tie-up proposals. 

Prasad said the department is aiming to get the bank operational by March 2017. 

He said some of the requests are for selling insurance, while some seek to provide government-to-citizen and company-to-citizen services. 

The Postal Department features in a list of 11 entities who were given the go-ahead by the Reserve Bank last August to set up payments banks, aimed at promoting financial inclusion through deepening the formal financial system by focusing on transactional banking. 

India Post is the only state-run entity to feature in the list, which is populated by industrial houses like the Birlas, Ambanis, and Mahindras, apart from telecom biggies like Airtel and Vodafone. 

The Department's reach, spanning 1.54 lakh touch points across the country, is its strength and the employees should leverage it for maximising revenue, he said. 

Prasad said as against a dip of 2 per cent in 2013-14, the revenue of the department grew 37 per cent in FY15 and has jumped 120 per cent till December 2015. He, however, did not give the absolute figures. 

Prasad, who was speaking after inaugurating an e-commerce parcel processing centre at Parel in central Mumbai, said the department has done cash-on-delivery based deliveries of Rs 1,000 crore in 2015. 

Noting that the e-commerce market is around Rs 98,000 crore and is estimated to grow exponentially going forward, Prasad asked the employees to make India Post the largest e-commerce logistics company in the world. 

7th Pay Commission Implementation not before June 2016

New Delhi: Government is likely to accept the recommendations of the 7th Pay Commission and offer salary hikes to Central Government Employees not before June 2016.

Though, the matter may become clearer when Finance Ministry announces the details on implementation, and that is expected to happen before Budget 2016-17 in February.

Then there are Assembly elections expected in Pondicherry, Assam, Tamil Nadu, West Bengal, and Kerala. So the implementation of salary hike is also expected only when the State Assembly elections are over by June/July.

Also, as per reports, seven states: UP, Punjab, West Bengal, Tamil Nadu, Odisha, Tripura and Sikkim, have requested the Centre to delay implementation of salary hikes due to the financial burden 7th CPC recommendations are likely to cast on the state exchequer. 

1.5 percent extra growth needed to grant wage hikes: Jaitley

1.5 percent extra growth needed to grant wage hikes: Jaitley 

The government is ready to have a dialogue with the trade unions on wage increases, but the country needs to grow by an extra 1-1.5 percent so that it can sustain wage hike and other benefits given to workers and the poor, Finance Minister Arun Jaitley said on Wednesday.

"Our GDP growth of 7.5 percent is at a time when the world is experiencing global slowdown. We need to increase our growth rate. We have to at least increase it by 1-1.5 percent," he said at a felicitation function organised by the Bharatiya Mazdoor Sangh.

"In the coming year, there would be a burden of Rs 1.02 lakh crore of Seventh Pay Commission, OROP (one rank, one pension) burden is also there. That burden can be sustained only when there is increase in economic activity. Because of increased economic activity, government revenue and resources will go up," the finance minister said.

Noting that wages or bonus can only be increased when the government and private sector have the required resources, Jaitley said the minimum wages of labour should, at the least, be respectable and allow for inflation.

He asked the BJP-affiliated BMS to support the growth-oriented policies of the government, which will, in turn, take care of all their reasonable demands.

Read at: Business Standard

HAPPY NEW YEAR 2016

      HAPPY NEW YEAR 2016