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Income Tax Section 80-CCG : New Tax Saving Scheme 'Rajiv Gandhi Equity Saving Scheme' (RGESS)

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Finance Minister approves the Operational Features of the Rajiv Gandhi Equity Savings Scheme (RGESS)

The Union Finance Minister Shri P. Chidambaram approved a new tax saving scheme called “Rajiv Gandhi Equity Saving Scheme“(RGESS),exclusively for the first time retail investors in Securities Market. This Scheme would give tax benefits to new investors who invest up to Rs. 50,000 and whose annual income is below Rs. 10 lakh. 

The Scheme not only encourages the flow of savings and improves the depth of domestic capital markets, but also aims to promote an ‘equity culture’ in India. This is also expected to widen the retail investor base in the Indian securities markets. 

Salient features of the Scheme are as under: 

How Dearness Allowance increase is calculated..?

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How Dearness Allowance increase is calculated..?

How to calculate Dearness Allowance for Central Government Staff and Employees…

We have been reporting the increase in Dearness allowance every six months, always before official announcement is made. We have not been making predictions or assumptions. Our reporting has always been based on standard calculation used for the purpose. We feel that the visitors also should be aware of the calculation, hence this article.

The Dearness allowance is based on All India Consumer Price Index. The Dearness allowance is granted to compensate the price increase above 536 points (Base Year 1982=100) [115.763 Points (Base Year 2001=100)], to which the revised pay scales relate. This will be approved twice a year, payable from 1st January and 1st July. The twelve monthly average CPI above 536/115.763 points is determined twice in a year for the period ending December and June.

For arriving at Dearness allowance increase we need to know the All India Consumer Price Index for Industrial Workers [CPI(IW)] for the previous six months. For Dearness allowance revision w.e.f 1st January of a year, the CPI of July to Dec are required. For Dearness allowance revision w.e.f. 1st July of a year, CPI of Jan to Jun are required and so on.

The average CPI of the twelve months is then taken for calculation and the following formula is used :

New rate of Dearness allowance = (Average CPI for 12 months – 115.763 x 100) / 115.763

Additional rate of Dearness allowance = New DA rate – Old DA rate

The All India Consumer Price Index Numbers will be notified by the Labour Bureau on the last day of next month on its official website.

Example as follows…
AICPIN for the months for
Jul-11 193
Aug-11 194
Sep-11 197
Oct-11 198
Nov-11 199
Dec-11 197
Jan-12 198
Feb-12 199
Mar-12 201
Apr-12 205
May-12 206
Jun-12 208

Total = 2395
Average = 199.58

Calculation as follows…

2395 – 115.763 x 100
---------------------------- = 72.41
115.763

The total Dearness allowance with effect from Jan 2012 will be 72%.

Source: www.cgstaffnews.com
[http://cgstaffnews.com/?page_id=8025]

Online Reservation of Train Tickets

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Ministry of Railways

Online Reservation of Train Tickets 

The change in the timings of Tatkal was made effective from 10.7.2012. The Indian Railway Catering and Tourism Corporation (IRCTC) website recorded its highest booking of 4.95 lakh e-tickets in a single day on 13th July, 2012. The average internet ticket booking was around 3.74 lakh per day in the month of October 2012. 

In case of fully waitlisted tickets on which all the passengers are waitlisted, the names of all the passengers booked on that ticket are dropped from the reservation charts and refunds are credited to the respective bank accounts. Refunds of waitlisted e-tickets are processed by the system and the money is credited automatically into the account of the concerned. For expediting the processing of confirmed e-tickets, on which refunds are sought after chart preparation, the following measures have been taken: 

1. The Exceptional Data Report (EDR) system has been installed to facilitate faster verification of travel details of passengers. 

2. Enhanced Coaching Refund system has been developed by CRIS (Centre for Railway Information Systems) and implemented over the Zonal Railways to enable faster processing of refund cases. 

System improvement based on the customer feedback is a continuous process. 

This information was given by the Minister of State for Railways Shri Kotla Jaya Surya Prakash Reddy in written reply to a question in Rajya Sabha today. 

PIB

Condition of Carrying Identity Card Extended to All Classes of Reserved Train Tickets Including Reserved Second Class and Sleeper Class

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Ministry of Railways

Condition of Carrying Identity Card Extended to All Classes of Reserved Train Tickets Including Reserved Second Class and Sleeper Class

The New Provision will Come into Effect from - Tomorrow (1st December 2012)

The Move Aims to Facilitate the Travel of Bonafide and Legitimate Passengers and to Reduce the Scope for Misuse of Reserved Ticketing System by Unscrupulous Elements/Middleman

The List of Prescribed Proofs of Identity has been Expanded to Cover More Variety of Photo Identity Cards for the Convenience of the Passengers

Unique Facility for EPF members to Download their E-Pass Book

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Ministry of Labour & Employment

Unique Facility for EPF members to Download their E-Pass Book 

A unique facility for EPF members to download their e-pass book each month, if they are active members and ECR is being uploaded by their employer, was today formally launched by Shri R.C.Mishra, Central PF Commissioner here in the EPFO headquarters, New Delhi.

The salient features of this facility are as under: 

No Comparison between pay Structure of Central Government Employees and of Bank Employees

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Ministry of Finance

No Comparison between pay Structure of Central Government Employees and of Bank Employees 

The pay scales of employees in Public Sector Banks (PSBs) are determined as per the agreement between the management and Associations/Unions every five years. Besides the pay, employees in banks are also entitled to a number of other allowances and benefits. 

Expected DA : AICPIN for the month of October 2012

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Consumer Price Index Numbers for Industrial Workers (CPI-IW) October 2012

Press Information Bureau 
Government of India
Ministry of Labour & Employment 
30-November-2012 17:07 IST
Consumer Price Index Numbers for Industrial Workers (CPI-IW) October 2012

The All-India CPI-IW for October, 2012 rose by 2 points and pegged at 217 (two hundred and seventeen). On 1-month percentage change, it increased by 0.93 per cent between September and October compared with 0.51 per cent between the same two months a year ago. 

PERCENTAGE OF WOMEN EMPLOYEES IN RAILWAYS...

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WOMEN EMPLOYEES IN RAILWAYS...

Total number and  the  percentage  of women employees in the Railways as on date, Group-wise..?

The below data was given by the Minister of State in the Ministry of Railways Shri.Adhir Ranjan Chowdhury in written reply in the Parliament on 22nd November, 2012 as follows...

A Statement is laid on the Table of the House.

Group-wise   total   number   of  Railway  employees and percentage of women employees on Indian Railways as on 31.03.2011(latest available) is as under:

State wise details of funds deposited in the EPF...

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State wise details of funds deposited in the EPF...

EMPLOYEES PROVIDENT FUNDS

The below details was given in the Parliament in written reply to a question by the Minister of Labour and Employment Shri.Mallikarjun Kharge as follows...

State-wise details o>1F the funds deposited in the Employees Provident Fund (EPF) is given alt Annex.

GPF CUM PENSION SCHEME

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GPF CUM PENSION SCHEME

Whether the Government has issued any order to extend the benefit of GPF-cum- Pension Scheme to the officials of some Universities/Inter-University Centres..?

The below information was given by the Minister of Human Resource Development Shri.E.Ahamed as written answer for the question raised in the Parliament is given below...

The Central Government has extended GPF-cum-Pension scheme (for officers/staff) to six Inter University Centres (IUCs) who have joined prior to 1.1.2004 and had opted for the same. 


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