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Friday, July 23, 2010

Income Tax Department Celebrates 150 years

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Income Tax Department Celebrates 150 years of Income tax in India Tomorrow: FM to Release Revised Citizen Charter of I-T Department on the Occasion

The Income Tax department is celebrating 150 years of income tax in India. The Governor General of India accorded to the bill levying the tax, introduced by James Wilson, the first Finance Member in Council, on 24th July 1860. The 150 years of income tax, spanning 3 centuries, have witnessed tremendous global changes. The Income Tax department has traveled this journey by mobilizing resources, from a meager Rs.1.33 crore in 1860-61 to about Rs.380 thousand crore in 2009-10. These revenues have constituted a vital component in the resources used by the Government of India to lift the people out of abject poverty, disease and misery and propel India into the frontiers of strong and self-reliant nations. In the 150th year, the Income Tax department rededicates itself to the people of India with the avowed objective of mobilizing optimum resources to build a modern, developed, vibrant and prosperous nation.

At the close of the first decade of this century, the role of the Income Tax department has radically altered and needs redefining. The department needs to address the rising expectations of taxpayers through innovative use of technology and modern management skills to ensure equity, transparency and efficiency in delivery systems. The Citizen’s Charter 2007 has, accordingly, been revised and will be released by the Hon’ble Finance Minister in a function on 24th July 2010 at 3:30 PM, FICCI Auditorium, New Delhi. The Charter reflects the best endeavour of the Department and is expected to meet the aspirations of the people of India.

A short documentary film on the journey of 150 years of income tax, anchored by actor Om Puri, will be shown and the third volume of the book “Let Us Share” will be released during the function.

The soul of the country speaks through its art. On this historic occasion, an artists’ workshop was recently organized in Kolkata to ponder and reflect on creativity in the field of resource mobilization. Several eminent artists, including Dhiraj Chowdhury, Ganesh Haloi, Prakash Karmakar, Jogen Choudhury, Wasim Kapoor and Sunil Das joined artists in the Department, Bratati Mukherjee and Prasanna Kumar Dash, in bringing forth 40 paintings of outstanding quality. An exhibition of these paintings, along with other expressions of creative outpouring by personnel of the department, will be organized at AIFACS, New Delhi from 25th to 30th July 2010. The exhibition will be inaugurated by Smt. Suvra Mukherjee in the company of several other renowned artists of different parts of the country on 24th July at 6:30 PM


PIB

Recovery of excess payment of Gratuity from Railway Pensiners (Voluntary Retired) - Clarification

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RBE No. 95/2010
PC-VI No. 212

GOVERNMENT OF INDIA
MINISTRY OF RAILWAYS
(RAILWAY BOARD)

No. F(E)III/2008/PN1/13

New Delhi, dated: 06.07.2010.

The GMs/FA&CAOs,
All Indian Railways & Production Units.
(As per Mailing List)



      Subject: Grant of full pension to Government servants who retired on or after 01.01.2006 – recovery of excess payment of Retirement Gratuity from the employees who retired voluntarily after getting the benefit of adding years of service – Clarification reg.

*******


        The Department of Pension & Pensioners’ Welfare (DOP&PW) vide their O.M. No.38/37/08-P&PW(A) dated 10.12.2009, circulated vide this Ministry’s letter of even number dated 15.12.2009, have dispensed with the provision relating to linkage of full pension with 33 years of qualifying service, with effect from 01.01.2006 instead of 02.09.2008. These instructions, inter-alia, provide that the benefit of adding years of qualifying service for the purpose of computation of pension and gratuity shall stand withdrawn w.e.f. 01.01.2006. Simultaneously, para 4 of the said O.M. also provides that the overall calculation, may take into account revised gratuity and revised pension, including arrears up to the date of revision based on these instructions and that no recoveries would be made in the cases already settled



2.       In this connection, clarification has been sought from this office as to whether in the case of employees who retired voluntarily during the period from 01.01.2006 to 01.09.2008, after getting the benefit of adding years of service, the excess payment of gratuity is to be recovered or adjusted from the arrears of pension and commuted value of additional pension arising out of implementation of the instructions contained in DOP&PW’s O.M. dated 10.12.2009 ibid. The matter has, therefore, been examined by this Ministry in consultation with DOP&PW and it is clarified that the recovery of excess payment of gratuity on the above account, shall be regulated as under:



S.No Point Clarification
1 In cases where the employees , retired voluntarily after 1.1.2006 with pro-rata pension calculated for the qualifying service Less than 33 years, pension will under go upward revision and additional amount of pension will also be commutable Excess payment of gratuity on account of withdrawal of weightage w.e.f. 01.01.2006 will be adjusted against arrears of pension (and not commuted value of pension). However, this adjustment will be restricted to the amount of arrears of pension. If the recovery of gratuity is more than the amount of arrears of pension, no recovery in excess of arrears of pension will be made.
2 In cases where employees retired voluntarily after 1.1.2006 after getting the benefit of adding years of qualifying service and were granted pension @ 50% of emoluments/average emoluments, as the case may be, due to their qualifying service having reached 33 years, there will be no revision in the amount of pension but the amount of retirement gratuity will undergo a change due to exclusion of the benefit of adding years of service, already extended to them. Where there is no increase of pension, no recovery of gratuity will be made.


3.       All Zonal Railways etc., are, therefore, advised to settle the cases of the employees who retired voluntarily after 01.01.2006 but before 02.09.2008, in accordance with the above clarification.



(Sunil Bhardwaj)
Deputy Director Finance (Estt.)III,
Railway Board.



www.indianrailways.gov.in

Government finalizes a new Central Scheme for Educational Loans

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HRD MINISTRY FINALIZES SCHEME FOR INTEREST SUBSIDY FOR EDUCATION LOANS

A new Central Scheme has been finalized and implement by the Ministry of HRD Department. The procedure and details of the scheme has published in PIB (we reproduce and given below) and as well as communications are available on the website of this Ministry at www.education.nic.in.

Ministry of Human Resource Development has finalized the modalities for implementation of a new Central Scheme to provide full interest subsidy during the period of moratorium on educational loans for students belonging to economically weaker sections (with parental family income from all sources of less than Rs.4.5 lakh annually) from scheduled banks under the Educational Loan Scheme of the Indian Banks’ Association (IBA) for pursuing courses of studies in professional/technical streams from recognized institutions in India. The modalities have been finalized in consultation with the Indian Banks’ Association. The Scheme is effective for all IBA approved educational loans sanctioned in form of eligible students’ in respect of approval course of studies from the academic year 2009-10.

Under the Scheme, proof of income is required to be certified by authorities to be designated by the State Governments. Accordingly, the Ministry has written to all Chief Secretaries of States/Union Territories to intimate the designated authority/authorities (at the District/Sub-District/Block, etc. levels) to the District Level Consultative Committee (DLCC) so that banking authorities at the branch level where students would be approaching for availing the benefit of the scheme would be aware of the same.

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 credited to student accounts.

The details of the Scheme as well as the above communications are available on the website of this Ministry at www.education.nic.in.

All eligible students who wish to avail of the benefits of the Scheme are advised to approach the respective bank branch from where they availed of the education loan and complete the necessary formalities including obtaining the certification in respect of annual family income from the competent authority at the Block / Tehsil / District Level, so that the individual student accounts could be credited with the interest due on the Loan for the academic year 2009-10 onwards.


PIB


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