Income Tax for Premature Provident Fund withdrawal of more than Rs.30,000

Income Tax for Premature Provident Fund withdrawal of more than Rs.30,000

The Government has announced that income tax will be imposed if, at the time of premature withdrawal, the Provident Fund amount is in excess of Rs.30,000.

Finance Minister brought a new provision in his budget that allows for TDS on Provident Fund withdrawal before five years of continuous service. When calculating the period of continuous service of five years, the previous employment can also be included. The intention of this at promoting long-term savings. The amendment will come into force from June 2015.

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Clarification on Children Education Allowance as FAQ issued by Railway Board on 1.6.2015

Clarification on Children Education Allowance as FAQ issued by Railway Board on 1.6.2015

A table of ‘Frequently Asked Questions’ issued by Railway Board regarding Children Education Allowance. The order repeatedly indicates the same line of sentence for the question of ‘Third Child’ as ‘Reimbursement is permissible only the two eldest surviving children..’

And also clarified for the questions of Number of Note books and Recognition of Educational Institution in form of FAQ. Reproudction of the order and given below for your ready reference…

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Defence Civilians Medical Aid Fund – Exemption from Income Tax on donation exceeding Rs.250

Defence Civilians Medical Aid Fund – Exemption from Income Tax on donation exceeding Rs.250

Exemption u/s 80 (G) of Income Tax Act on donation to DCMAF – PCDA Orders

Defence Civilians Medical Aid Fund (DCMAF)

Ministry of Defence

Room No. PC – l, B-Block

Dalhousie Road,New Delhi-110011

19 March 2015

To

Heads of All Defence Units

All Labour Welfare Commissioners

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One Rank One Pension – Ex-Servicemen Decide to Fight

One Rank One Pension – Ex-Servicemen Decide to Fight

Ever since Narendra Modi took charge as the new Prime Minister, expectations have been running high. When expectations run high, so do disappointments. Despite the fact that some time is needed for implementing the various promises that his party had made during the Parliamentary elections, questions are also being raised as to why there is such a long delay.

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Modi Government to Raise Bonus Limits from Rs.3500 to Rs.4500

Modi Government to Raise Bonus Limits from Rs.3500 to Rs.4500

The Government has decided to raise the upper limit for the annual bonus that is being given to Central Government employees all over the country.

Payment of Bonus (Amendment) ordinance 2007 according to which section 12 of the payment of Bonus Act 1965 had been amended raising the ceiling for calculation purpose from salary of 2500/- P.M. to Rs.3500/-P.M. w.e.f. 01.04.2006. And also amended the Payment of Bonus Act, 1965 to raise the eligibility limit for payment of bonus from the salary or wage of Rs. 3500/- per month to Rs. 10000/- per month.

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Investment guidelines for NPS Scheme with effect from 10.6.2015 – PFRDA Circular

Investment guidelines for NPS Scheme with effect from 10.6.2015 – PFRDA Circular

Investment guidelines for NPS Schemes (Applicable to Scheme CG, Scheme SG, Corporate CG and NPS Lite schemes of NPS and Atal Pension Yojana) w.e.f, 10th June, 2015.

Pension Fund Regulatory & Development Authority issued an important circular regarding the investments guidelines for NPS Scheme with effect from 10.6.2015

"NPS investments have been restricted to 5% of the ‘paid up equity capital’* of all the sponsor group companies or 5% of the total AUM under Equity exposure whichever is lower, in each respective scheme and 10% in the paid up equity capital of all the non-sponsor group companies or 10% of the total AUM under Equity exposure whichever is lower, in each respective scheme."

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Meeting with 7th Pay Commission – NC JCM meets all Standing Committee Members on 8.6.2015

Meeting with 7th Pay Commission – NC JCM meets all Standing Committee Members on 8.6.2015

NC JCM(Staff Side) has decided to meet all the standing committee members before the final Meeting with 7th Central Pay Commission will be held on 9.6.2015. And National Anomaly Committee meeting on 12 pending NAC items also expected to be held on 9th June 2015.

MEETING WITH 7TH CPC

Shiva Gopal Mishra

Secretary

National Council (Staff Side)

Joint Consultative Machinary

For Central Government Employees

13-C. Ferozshah Road. New DelhI – 110001

E Mall :nc.jcm.np@gmail.com

No.NC/JCM/7th CPC/2015

Dated: May 30, 2015

All the Standing Committee Members of the National Council, JCM (Staff Side)

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