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Showing posts from August, 2010

EPFO Trustees' decision final on PF investments: Labour Ministry

Amid reported differences between the ministries of labour and finance, the former today asserted that the decision of EPFO trustees would be "final and supreme" on whether a portion of Rs 5 lakh crore of provident funds should be invested in stock markets.
The Finance Ministry wants the Labour Ministry to follow the investment pattern that is has notified, which provides for up to 15 per cent of the corpus in stock markets.
"Central Board of Trustees (CBT) decision is final and supreme. We would go by that. This matter would be placed before trustees in their next meeting scheduled on September 10", Labour Secretary P C Chaturvedi told reporters at CII event.
"We are careful in investing money of our workers. People call us very conservative, but paramount thing is safety of principal amount (deposits) of workers," he added.
In a recent letter to Chaturvedi, Finance Secretary Ashok Chawla had referred to the changes by made in EPF schemes earl…

New Direct Tax Code: Pay less in taxes from April 2011

The Cabinet has cleared the Direct tax code and will be introduced in Rajya Sabha, and referred it to a select committee, during the monsoon session.The new provisions under the Direct Tax Code are as follows:Tax for income between Rs. 2 lakh - Rs. 5 lakh: 10% Tax for income between Rs. 5 lakh - Rs. 10 lakh: 20% Tax for income over Rs. 10 lakh: 30% The limit for exemptions for salaried people is Rs. 2 lakh, while that for senior citizens is Rs. 2.5 lakh. Corporate tax has been kept at 30%.
The new Code comes into effect from April, 2011.
After the approval of the Cabinet, the decks are cleared for tabling the legislation in the Monsoon Session of Parliament so that the new Act ushering in reduced tax rates and exemptions may come into effect from next fiscal.
When enacted, the Code will replace the archaic Income Tax Act and simplify the whole direct tax regime in the country.
The Code aims at reducing tax rates, but expanding the tax base by minimising exemptions.
The …

Income Tax Refund fortnight from August 16 to 31

The Income Tax Department will observe the second fortnight of August, 2010 as IT Refund period to solve the pending complaints of salaried tax payers up to the Assessment year 2008 – 2009. This IT Refund Fortnight will be observed all over Tamil Nadu from 16th August, 2010 to 31st August, 2010.IT officers will sit with the complainants and solve the problem. There are about 2200 complaints are pending with IT department related with the refund of excess tax they paid or deducted from their income.The salaried employees those refunds are pending should bring the original TDS certificate, Form 16, PAN card, TAN number, bank account details and current postal address etc., with them. You can view your status by log in to tin.nsdl.com

AICPIN for the month of June-2010 published. DA hike of 10%

Just now All India Consumer Price Index Number for Industrial Workers (CPI-IW) on base 2001=100 value has been released by Labour Bureau. The value of the index stands at 174 level, so in this situation, the Dearness Allowance for Central Government Employeeswill be rised 10% and total of 45% (35% + 10%).
All India Consumer Price Index Number for Industrial Workers (CPI-IW) on base 2001=100 for the month of June, 2010 increased by 2 points and stood at 174 (one hundred and seventy four). 
During June, 2010, the index recorded an increase of 8 points in Varanasi centre, 6 points each in Quilon and Giridih centres, 5 points in 4 centres, 4 points in 8 centres, 3 points in 13 centres, 2 points in 17 centres and 1 point in 19 centres. The index decreased by 1 point each in Ludhiana and Ghaziabad centres, while in the remaining 12 centres the index remained stationary. 
The maximum increase of 8 points in Varanasi centre is mainly due to increase in the prices of Rice, Wheat, Fresh Milk, Onio…