This blog is meant for use by members of the Association for news and views. Send comments / suggestions / views to e-mail Id:

Saturday, August 1, 2015

Non-salaried ITR forms are out, notifies CBDT

The Central Board of Direct Taxes (CBDT) has notified the revised income tax (I-T) return forms for non-salaried individuals for the assessment year 2015-16 (financial year 2014-15, which ended as of March 31, 2015). 

Forms ITR-3 to ITR 7 have been prescribed for tax payers such as sole proprietors (businessmen or professionals), limited liability partnerships, partnership firms, Hindu Undivided Families (HUFs) and companies (see table). 

Companies are required to file their tax return using Form ITR-6, which as compared to earlier years calls for a plethora of additional disclosures. Some of these disclosures such as corporate social responsibility (CSR) expenditure relate to new regulations applicable toIndia Inc for the first time during the FY 2014-15 others have been introduced to enable tax authorities to keep better track of overseas assets and income. The latter, could help tax authorities detect money laundering. 

India Inc has for the year ended March 31, 2015, incurred for the first time, expenditure towards corporate social responsibility. Such expenditure is not treated as a business expenditure under section 37(1) of the I-T Act and is not allowed as a deduction for tax purposes (In other words, it does not reduce the taxable income of the company). Thus if CSR expenditure has been debited to the profit and loss account of the company, it needs to be disclosed separately in Form ITR-6. Investment allowance was another new provision introduced in tax laws. 

If a company invests Rs. 25 crore or more in new plant and machinery during a year, a deduction of 15% of its value was allowed as an investment allowance. Details have to be provided of such investment allowance claimed. ITR-6 also calls for details of all domestic bank accounts, such as name of the bank, IFSC code, account number, and nature of the bank account. No details are required in respect of dormant bank accounts which have not been operational for the past three years. 

To keep better track of foreign income earned by India Inc and identify any possible instances of round tripping or money laundering, a detailed schedule FA has been introduced in ITR-6. 

India Inc has to fill in details of foreign assets including foreign bank accounts, interests in overseas trusts and immovable property held 'at any time during the financial year'. This also includes disclosure of foreign assets which are held as a beneficiary and not just direct ownership. The income from such foreign assets also requires to be disclosed.

Source:-The Economic Times

Jeevan Pramaan an Aadhaar based Life Certification system has been launched to facilitate submission of life certificate by pensioners.

To view please Click Here.

Friday, July 31, 2015

Govt admits to shortage of doctors in CGHS dispensaries

New Delhi, Jul 31 (PTI) The government today admitted that there is "some" shortage of doctors in the Central Government Health Scheme (CGHS) dispensaries across the country.

"There is some shortage of doctors in the CGHS dispensaries across the country. Main reason of shortage of doctors in CGHS is low rate of joining medical officers," Health Minister J P Nadda told Lok Sabha.

Elaborating about steps taken to rectify the situation, Nadda said requisitions have been sent to UPSC to fill up vacant post while promotion of senior administrative grade has been made time bound without linkage to vacancies.

He said that the age of superannuation of non teaching and public health specialists has been increased from 60 to 62 years while the period of study leave for CHS doctors has been increased to 36 months as against 24 months for other central government employees.

As per the data, out of the total of 1,383 sanctioned doctors, 381 are vacant in the country. The maximum 699 posts are sanctioned in Delhi in which 190 are lying vacant.

Replying to another question, Nadda said that in 2015, 224 posts are vacant in three central government hospitals in Delhi - Safdarjung, RML hospital and Lady Hardinge Medical College and Associated Hospitals.

In AIIMS, in the same year period, 213 posts are vacant.

He said that the reasons behind vacancy in CHS cadre are low rate of joining, recruitment of teaching, non teaching and public health sub cadres could not be done during 2011-13 and non availability of eligible candidates belonging to SC/ST/OBC communities against seats reserved for them.

Yoga in schools will not be compulsory: Govt

The government on Thursday clarified that there is no plan to make teaching of yoga compulsory at all educational institutions in the country. 

However, it said yoga is a subject along with physical and health education for schools affiliated to the Central Board of Secondary Education (CBSE). 

"Yoga is one of the subjects along with physical and health education, and is also included as part of the physical activity in all schools affiliated to CBSE across the country," AYUSH Minister of State Shripad Naik told Rajya Sabha on Thursday. 

He said, "Education is a concurrent subject and state governments administer the schools within their jurisdiction (and also) develop and prescribe their own curriculum." 

The minister said yoga is also included as one of the chapters under physical education curriculum at the senior secondary level. 

The University Grants Commission has informed that yoga has been included in the modules on health, nutrition, fitness and general well-being in all courses at the under-graduate and post-graduate levels while framing the revised XIIth Plan guidelines on the scheme of development of sports infrastructure and equipment at universities and colleges, Naik said. 

In a separate statement, Naik said the Centre provides grant-in aid to states for setting up of AYUSH gram under National AYUSH Mission (NAM). The total amount of grant released under NAM for setting up of AYUSH Gram is Rs 215.15 lakh, he said. 

The Centre has also created facilities for scientific validation of AYUSH systems of medicine through five research councils.

Source:-The Times of India

Monetary ceiling of briefcase/ladies purses for official purposes - Clarification

To view please Click Here.

Revision of sum assured in respect of RPLI policies - order dated 20-07-2015

To view please Click Here.

Simple Reversionary Bonus rate for the year ending 31.03.2011 on the Rural Postal Life Insurance Policies on their becoming claim, due to death or maturity:-

Type of Insurance Policy
Rate of Bonus
Whole Life Assurance (WLA)
Rs.65 per thousand sum assured
Endowment Assurance (EA)
Rs.50 per thousand sum assured
Anticipated Endowment Assurance (AEA)
Rs.47 per thousand sum assured
Convertible Whole Life Policies
Whole Life Bonus would be applicable but on conversion, Endowment Bonus rate will be applicable

The rate of Bonus for the year 2010-11 will be applicable from the date of receipt of this notification by the Circles and this will also be applicable to claim cases received but not settled till the date of receipt of this Notification.
Interim Bonus at the rates mentioned above will also be payable for all claims arising due to maturity or death until future valuation is completed.

Updation of entries in the All India Negative List of Cash Certificate - Corrigendum

To view please Click Here.

Rate of exchange of foreign currencies in to Indian Rupees - 13.07.2015

To view please Click Here.

Thursday, July 30, 2015

Give assets details for two years by October 15: Central government to employees

All central government employees were today asked to file the details of their assets and liabilities for two years by October 15, as part of a mandatory obligation under the Lokpal Act. 

The first return, giving details of assets and liabilities as on August 1, 2014, and second one, as on March 31, 2015, can now be filed by October 15, this year, the Department of Personnel and Training said in a communique sent to secretaries of all central government ministries. 

They have been asked to ensure compliance of all officers working under their charge and those in PSUs and other organisations under the control of their ministries. 

As per rules, notified under the Lokpal Act, every public servant shall file declaration, information and annual returns pertaining to his assets and liabilities as on March 31 every year or on or before July 31 of that year. 

For 2014, the last date for filing returns was September 15, which was later extended to December-end, then till April 30, and now up to October 15. Employees also have to file the details of their assets for 2015 by the extended date. 

The declarations under the Lokpal Act are in addition to similar ones filed by the employees under various services rules. All Group A, B and C employees are supposed to file these declarations. 

Employees need to give details like cash in hand, bank deposits, investment in bonds, debentures, shares and units in companies or mutual funds, insurance policies, provident fund, personal loans and advance given to any person or entity, among others. 

There are about 48 lakh central government employees.

Source:-The Economic Times

Revision of pension of pre-2006 pensioners - reg.

To view please Click Here