Government hikes 10 % DA Dearness allowance

The  government today  28 February 2014 brought up dearness allowance to 100 %, from 90 %, benefiting its 50 lakh personnel and 30 lakh pensioners. Deciding to hike DA to its employees, and to provide dearness relief intended for pensioners, by 10 % to 100 % was taken from the Union Cabinet within its meeting held here. "The...

Government approves 7th pay commission for hike salaries

The Cabinet today 28 February 2014  gave mandate to the 7th Pay Payment for revising pays of over 50 lakh key government employees as well as remuneration of thirty lakh pensioners. The move comes before general elections owing in April-May. "The decision can lead to the benefit regarding improved pay and allowances and also rationalisation of the pay...

Passengers need to fill baggage declaration form along with arrival card

Passengers returning to India need to fill luggage declaration form along with arrival card. This is new rule under custom baggage declaration regulation. Custom department issued a circular no.5/2014 dated 27 February 2014. Full circular is as under.  Attention is invited to Customs Baggage Declaration Regulation, 2013 notified vide Notification No 90/2013-Cus (N.T.) dated 29.08.2013 subsequently amended vide...

Income tax department extends last date to claim refund

Taking relief for taxpayers looking forward to refunds, the Tax Department has extended some time limit for submitting I-T return confirmation (ITR-V) form for three assessment many years including FY10, FY11 and FY12 till March 31. ITR-V form should be filled by assessees filing tax returns electronically with not a digital signature. The form, duly signed, should be...

Why you shouldn't withdraw PF amount while switching job

A question that you regularly gets to hear is: “I feel switching job. Must i withdraw my provident fund amount? ” Our instant reply is “no”. A provident fund (PF) is often a corpus to become maintained for retirement life or emergencies. It shouldn’t become withdrawn as so when you change work. Retaining the amount in the PF...

Form 15CA updated utility free download

Form 15CA is an income tax form to be used for information to be furnished for payments, chargeable to tax, to a non-resident, not being a company, or to a foreign company.  INSTRUCTIONS TO USE FORM 15CA (Online and Offline) You should be a registered user in the e-Filing portal to submit Form 15CA. Procedure for submission of...

DA will be merged in basic pay soon for government employees

Ahead of the general elections, the actual Centre has declared measures to woo Authorities employees and pensioners along with minorities. The Cabinet accredited the terms of reference for the 7th Pay Payment. Government officials said the particular include merging regarding dearness allowance (DA) along with basic pay. Before, the DA ended up being merged with basic pay, only...

Maintenance can't be claimed by financially independent wife

Observing that  wife who is financially independent can not claim maintenance from her estranged spouse, the Bombay High Court has declined to grant relief to your 61-year-old woman searching for monthly maintenance. A division regular of Justices Sixth V K Tahilramani and also P N Deshmukh had been hearing a petition filed by the woman challenging a good...

New simple pension form for retired govt employees

Government on 21 February introduced a new pension form due to the retired employees which simplifies the process of sanctioning pension and getting rid of the requirement with regard to submission of affidavits.The new 'Form 5' has become brought for the advantage of pensioners and it will eventually record all information by self-attestation by your specific concerned, said Sanjay...

New format of form 15G and 15H with auto fill facility in excel

Income tax department changed the format of form 15g and 15h. These forms are the declaration as their income is less than threshold limit and hence no TDS is deducted on the income earned.  Section 197A of income tax act says that in this case assessee can give form 15G OR 15H to the deductor.To whom these forms should...

Important points of filing TDS corrective statements

The Centralized Processing Cell (TDS), in its constant endeavour to keep our stakeholders informed and educated, feels glad to remind important facts related to submitting Correction Statements. Following are some useful information to adhere before submitting Corrections, with special reference to C3 & C9:     What are C3 & C9 Corrections?     · C3 Correction involves Updation  or Addition of Deductee...

Income tax slabs for financial year 2014-15 and analysis year 2015-16

The new income tax slabs for the financial year 2013-14 and the analysis year 2014-15 are as follows.A. Normal Rates of tax:Total IncomeRate of taxWhere the total income does not exceed Rs.   2,00,000/-.      NilWhere the total income exceeds Rs. 2,00,000but does not exceed Rs. 5,00,000/-.                       ...