Friday, July 1, 2011
Government invites your concerns and opinions on black money
The issue of black money has been rocking India for a while. The issue first came up during 2009 Lok Sabha elections when the BJP has promised to disclose all the Swiss Accounts and bring all the block money saved in Swiss Bank back to India and also announced that it will be declared as national wealth.
After the completion of elections, Baba Ramdev has taken up the issue of black money and went on Satyagraha for 8 days during June 2011.
Though no immediate decision has been expected from the Govt. of India, it has come up with an idea to collect the feed back of citizens through internet. Now anybody can send a mail to Govt. of India expressing their concerns and opinions on black money.
The email id is bm-feedback@nic.in . Public can send their ideas and views on tackling various issues arising out of the menace of black money.
The email bm-feedback@nic.in was created on the server of the National Informatics Centre. General public can immediately send their opinions.
They can suggest any measures like imposing huge penalties and punishments and making penal provisions to deal with the issue of black money. In response to the growing concern over the scale and impact of black money from people of various walks of life, the Government of India has also formed a committee headed by Central Board of Direct Taxes (CBDT) Chairman Prakash Chandra.
The committee will work on devising new strategies to deal with the issue. The Prakash Chandra committee is expected to submit its recommendations to the Center in the coming six months.
The email account bm-feedback@nic.in will be continuously monitored by the officials of Finance Ministry, Govt. of India. The ministry would place the aggregated messages / mails before Prakash Chandra committee.
After the completion of elections, Baba Ramdev has taken up the issue of black money and went on Satyagraha for 8 days during June 2011.
Though no immediate decision has been expected from the Govt. of India, it has come up with an idea to collect the feed back of citizens through internet. Now anybody can send a mail to Govt. of India expressing their concerns and opinions on black money.
The email id is bm-feedback@nic.in . Public can send their ideas and views on tackling various issues arising out of the menace of black money.
The email bm-feedback@nic.in was created on the server of the National Informatics Centre. General public can immediately send their opinions.
They can suggest any measures like imposing huge penalties and punishments and making penal provisions to deal with the issue of black money. In response to the growing concern over the scale and impact of black money from people of various walks of life, the Government of India has also formed a committee headed by Central Board of Direct Taxes (CBDT) Chairman Prakash Chandra.
The committee will work on devising new strategies to deal with the issue. The Prakash Chandra committee is expected to submit its recommendations to the Center in the coming six months.
The email account bm-feedback@nic.in will be continuously monitored by the officials of Finance Ministry, Govt. of India. The ministry would place the aggregated messages / mails before Prakash Chandra committee.
Concession in Rajdhani/Shatabdi to Blind/mentally challenged persons
It has been decided by the Government of India, Ministry of Railways to extend facility of concession in rail fare to completely blind persons and mentally retarded persons in Rajdhani and Shatabdi trains. The concession for both the categories would be 25 per cent in 3rd AC and AC Chair Car in Rajdhani and Shatabdi trains. Same concession will also be admissible to one escort accompanying such person. It has been stipulated that for availing concession by blind persons, certificate in prescribed proforma issued by RMP or Government Doctor or Head of the Institution for Blind listed in IRCA Coaching Tariff is required and for mentally retarded persons also certificate issued by a Government in prescribed proforma is required.
The concession will be effective on tickets purchased on or after 01.07.2011. In case of tickets already issued for travel on and after 01.07.2011 refund of difference of fares will not be admissible.
As we are aware, at present the concession in rail fair for both the category of persons is 75 per cent in Sleeper Class, AC Chair Car & 3rd AC and 50 per cent in 2nd AC &1st AC in all trains except Rajdhani and Shatabdi trains. Same concession is also admissible to one escort accompanying such person.
This is a welcome step towards the welfare of Blind/Mentally challenged passengers and will be of great help to them.The concession will be effective on tickets purchased on or after 01.07.2011. In case of tickets already issued for travel on and after 01.07.2011 refund of difference of fares will not be admissible.
As we are aware, at present the concession in rail fair for both the category of persons is 75 per cent in Sleeper Class, AC Chair Car & 3rd AC and 50 per cent in 2nd AC &1st AC in all trains except Rajdhani and Shatabdi trains. Same concession is also admissible to one escort accompanying such person.
BSNL 3G Connection to cost less for Government Employees
Now, Government Employees including retired government employees can enjoy 3G mobile phone connection operated by BSNL (Bharat Sanchar Nigam Limited) at a lesser cost compared to other citizens.
A discount of 10% on Fixed Monthly Cost of all 3G postpaid data plan is to be offered to Government Employees.
Retired Government Employee can also get discount of 10% on Fixed Monthly Cost of all 3G postpaid data plan.
This concession is applicable for all retired and working employees of Central Government, State Government, and PSUs (Public Sector Undertakings).
Retired and presently working employees having existing 3G Connections as well as new 3G connections will be eligible for this concession after verification of their credentials.
The above 10% discount can not be clubbed with any other special discount/concession.
Higher Education Loan Interest Waiver- Apply before 20th July 2011
As per Press release of Press Information Bureau, Government of India, all eligible students for Central Government Scheme for Interest Subsidy on education loan can get exemption from payment of interest on the education loan which is due on the loans for the academic year 2099-10 onwards.
The last day for claiming this exemption is 20.07.2011. Those already applied for this exemption need not apply again.
All Scheduled Member Banks of the IBA have also been advised to take necessary action to adopt and implement the Scheme so that the benefits of the Scheme accrue to the eligible students. Canara Bank is the Nodal Bank, for the Member Banks of IBA, for claiming reimbursement of interests to student accounts.
The loans are for pursuing of studies in professional/technical streams from recognized institutions in India, subject to a loan ceiling of Rs.10 lakhs.
The details of the Scheme as well as the above communication are available on the website of the HRD Ministry at www.education.nic.in. | |
| Central Government has provided this Interest Subsidy (CSIS) taken by students under educational loan scheme of Indian Banks Association (IBA), to pursue Technical/ Professional education studies in India. The scheme is effective from the academic year 2009-10. The benefits of the Scheme would be applicable to those students belonging to economically weaker sections(EWS), with an annual gross parental/family income upper limit of Rs.4.50 lakhs per year (from all sources). |
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Some of the salient features of the scheme : |
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| The Governemt of India has approved a scheme to provide full interest subsidy during the period of moratorium i.e. Course Period plus one year or six months after getting job, whichever is earlier, on loans taken by students belonging to Economically Weaker Sections from scheduled banks under the Educational Loan scheme of the Indian Banks’ Association, for pursuing any of the approved courses of studies in technical and professional streams, from recognised institutions in India The Scheme would be applicable only for studies recognised Technical/Professional Courses in India. The interest subsidy shall be linked with the existing Educational Loan Scheme of IBA and restricted to students enrolled in recognised Technical/ Professional Courses (after Class XII) in India in Educational Institutions established by Acts of Parliament, other Institutions recognised by the concerned Statutory Bodies, Indian Institutes of Management (IIMS) and other institutions set up by the Central/State Government. Objective of the Scheme The Governemt of India has approved a scheme to provide full interest subsidy during the period of moratorium i.e. Course Period plus one year or six months after getting job, whichever is earlier, on loans taken by students belonging to Economically Weaker Sections from scheduled banks under the Educational Loan scheme of the Indian Banks’ Association, for pursuing any of the approved courses of studies in technical and professional streams, from recognised institutions in India Applicability of the Scheme |
| The Scheme would be applicable only for studies recognised Technical/Professional Courses in India. The interest subsidy shall be linked with the existing Educational Loan Scheme of IBA and restricted to students enrolled in recognised Technical/ Professional Courses (after Class XII) in India in Educational Institutions established by Acts of Parliament, other Institutions recognised by the concerned Statutory Bodies, Indian Institutes of Management (IIMS) and other institutions set up by the Central/State Government. |
Interest RatesThe interest rates charged on the educational loan shall be as per the BPLR/Base Rate of the Individual Banks |
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Moratorium PeriodUnder the scheme, the interest payable by the student belonging to EWS for availing of the Educational Loan for Technical/Professional Courses in India for the period of moratorium i.e. Course Period plus one year or six months after getting job, whichever is earlier. After the period of moratorium is over, the interest on the outstanding loan amount shall be paid by the student, in accordance with the provisions of the existing Educational Loan Scheme of Banks and as may be amended from time to time, whichever is earlier. |
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Income Limit/ProofThe benefits of the Scheme would be applicable to those students belonging to economically weaker sections(EWS), with an annual gross parental/family income upper limit of Rs.4.50 lakhs per year (from all sources). The scheme is intended to cater to the needs of students belonging to EWS with prescribed upper parental gross income limit of the family from all sources, which is based on economic index and not on social background. The scheme is independent of any other schemes which may cater to Economically Weaker Sections. |
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Competent AuthorityThe Ministry of HRD, Government of India shall issue an Advisory to all the State Governments requesting them to designate appropriate authority or authorities who are competent to issue income certificates, based on economic index and not social background, for the purpose of this scheme. The Banks shall implement the Scheme based on the notification of the certification authority by State Governments communicated through District Level Consultative Committees (DLCCs). |
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Eligibility for Interest SubsidyThe interest subsidy under the Scheme shall be available to the eligible students only once, either for the first undergraduate degree course or the post graduate degrees/ diplomas in India. Interest Subsidy shall, however, be admissable for integrated courses (graduate+ post graduate). Interest subsidy shall not be available for the following student borrowers, Those students once they discontinue the course midstream, or who are expelled from the Institutions on disciplinary or academic grounds. However, the interest subsidy will be available only if the discontinuation was due to medical grounds for which necessay documentation to the satisfaction of the Head of educational institution will have to be given |
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Nodal BankThe Scheme shall be implemented through Canara Bank, which is the Nodal Bank for the scheme. However, the student can apply under the scheme only through branch where educational loan is availed |
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Applicable Academic YearThe Scheme shall be applicable from the academic year 2009-10 starting 1stApril, 2009. The loan amount taken starting from the Academic Year 2009-10 (irrespective of the date of sanction) shall only be covered under the scheme of interest subsidy. Interest on any amount disbursed for courses starting before the academic year 2009-10 would not be considered for subsidy |
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List of Technical/Professional coursesStudents enrolled in recognised Technical/Professional Courses (after Class XII) in India in Educational Institutions established by Acts of Parliament, other Institutions recognised by UGC/AICTE and other Statutory Bodies, Indian Institutes of Management (IIMS) and other institutions set up by the Central/State Government. |
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Indicative List of Eligible CoursesUnder Graduate Courses and Post Graduate Courses in Engineering (B.E/ M.E, B.Tech/M.Tech,B.Arch/ M.Arch etc.) Medical/ Para Medical (MBBS/MD, B.SC/ M.Sc.Nursing,B.Pharmacy/M.Pharmacy, BPT/MPT, BOI/MOI,Siddha, Ayurveda, Homeopathy,Naturopathy etc.)Agriculture, Veterinary, Law, Dental (BDS/MDS), Management, Computer (MCA) etc.,Post Graduate diploma courses duly approved by AICTE/UGC and conducted byrecognized institutions. |
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Indicative List of Non Eligible coursesFor studies in institutions abroad, courses pursued without completing class XII, Non Professional and Non Technical under Graduate and Post Graduate courses in Arts, Science, Commerce, Sociology, Music etc., Diploma Courses, Teacher Training Courses, Skill Development, Vocational Training courses etc., |
Proposals for opening of 275 new Kendriya Vidyalas
The Ministry of Human Resource Development (HRD) New Delhi, has been considering the matter pertaining to the proposal of opening of 275 new Kendriya Vidyalayas under the Public Private Partnership (PPP). Now, the Ministry has desired from Kendriya Vidyala Sanghatan to prepare the EFC MEMO for opening of 275 new KVs under the PPP mode. As the proposed scheme deserves extensive study, the Ministry has constituted a high level committee comprising the following members with immediate effect to study the proposal of opening of 275 new Kendriya Vidyalays under PPP mode and deliberate thereon. The Committee will submit its report within 3 months to the Commissioner, KVS.
1. Sh.O.M.Prabhakaran, Joint Commissioner (Admn) – Chairman 2. Dr. E. Prabhakar, Dy. Commissioner (Pers) – Member
3. Sh U.N.Khaware, Dy. Commissioner (Acad) – Member
4. Sh B.S Nagaraja, Assistant Commissioner (Fin.) – Member
5. Sh. K.K.Ahuja, Ex. Engineer – Member
6. Sh N.S.Rana E.O., RO Dehradun – Member
7. Sh D. Manivannan E.O. RO Chennai – Member
8. Sh Rajender Kr. Sharma, Sr. Admn Officer – Member Secretary
Exemption from Filing of return for Salaries Employees
No.402/92/2006-MC (14 of 2011)
Government of India / Ministry of Finance
Department of Revenue
Central Board of Direct Taxes
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New Delhi, dated the 23rd June, 2011
PRESS RELEASE
The Central Board of Direct Taxes has notified the scheme exempting salaried
taxpayers with total income up to Rs.5 lakh from filing income tax return for assessment year
2011-12, which will be due on July 31, 2011.
Individuals having total income up to Rs.5,00,000 for FY 2010-11, after allowable
deductions, consisting of salary from a single employer and interest income from deposits in
a saving bank account up to Rs.10,000 are not required to file their income tax return. Such
individuals must report their Permanent Account Number (PAN) and the entire income from
bank interest to their employer, pay the entire tax by way of deduction of tax at source, and
obtain a certificate of tax deduction in Form No.16.
Persons receiving salary from more than one employer, having income from sources
other than salary and interest income from a savings bank account, or having refund claims
shall not be covered under the scheme.
The scheme shall also not be applicable in cases wherein notices are issued for filing
the income tax return under section 142(1) or section 148 or section 153A or section 153C of
the Income Tax Act 1961.
Salient Features of this Order
Government of India / Ministry of Finance
Department of Revenue
Central Board of Direct Taxes
***
New Delhi, dated the 23rd June, 2011
PRESS RELEASE
The Central Board of Direct Taxes has notified the scheme exempting salaried
taxpayers with total income up to Rs.5 lakh from filing income tax return for assessment year
2011-12, which will be due on July 31, 2011.
Individuals having total income up to Rs.5,00,000 for FY 2010-11, after allowable
deductions, consisting of salary from a single employer and interest income from deposits in
a saving bank account up to Rs.10,000 are not required to file their income tax return. Such
individuals must report their Permanent Account Number (PAN) and the entire income from
bank interest to their employer, pay the entire tax by way of deduction of tax at source, and
obtain a certificate of tax deduction in Form No.16.
Persons receiving salary from more than one employer, having income from sources
other than salary and interest income from a savings bank account, or having refund claims
shall not be covered under the scheme.
The scheme shall also not be applicable in cases wherein notices are issued for filing
the income tax return under section 142(1) or section 148 or section 153A or section 153C of
the Income Tax Act 1961.
Salient Features of this Order
The salient features of this Notification are as follows :-
1) This is applicable for the A.Y.2011-12 (Financial year 2010-11)
2) This is applicable only for salaries employees with Total Income (after considering all deductions) is less than 5 Lakhs.
3) Under this scheme salaried employees with income (after deductions) upto Rs. 500000 and having Interest on Savings bank account upto Rs.10000 shall not file their income-tax returns provided they declare their entire income to the employer and the tax is deducted on the same and Form 16 is issued.
This scheme is not applicable in respect of following cases :-
1) Employees employed with more than 1 employer during the year.
2) Employees with refund claims
3) Employees with any other sources of income other than salary & interest on savings bank deposit (example, FD Interest,Capital gain on sales, rent,etc.,)
4) Cases where the Assessment proceedings have been initiated under section 142/148/153A/153C of the Income tax Act,
Quote :-
Practically this benefit cannot be used by the employees for the A.Y.2011-12 (F.Y.2010-11) since the due date for filing Quarterly returns is over and by now all the companies would have issued Form 16 without considering the Bank Interest from Savings account.
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