Saturday, March 16, 2013

New procedures/forms for filling Income Tax returns

New ITR Filing Procedure

The Government proposes to introduce new procedures/forms for filling Income Tax returns. Every year government notifies forms for filing of income-tax returns after incorporating the changes brought out by the Finance Act of the previous year and the suggestions received from stakeholders. The new forms for filing of income tax returns for the assessment year 2013-14 are proposed to be notified by the end of March, 2013.

This was stated by Minister of State for Finance, Shri S.S.Palanimanickam, in written reply to a question in the Lok Sabha today.

All India strike by trade unions

All India strike by trade unions

In Rajya Sabha Minister mallikarjun Kharge submitted a statement on 13th March, 2013 regarding the all India strike by Central Trade Unions as follows...

"Government was aware of the two days all India Strike by different trade unions on February 20 and 21, 2013. A meeting was convened by Union Minister of Labour & Employment with the representatives of Central Trade Unions (CTUs) on 13th February, 2013 to discuss the charter of demands. The demands of CTUs were discussed at length.

It was clarified to the Union representatives that their demands would be looked into by the Government and they were requested to withdraw strike. The Hon’ble Prime Minister also made an appeal to CTUs to withdraw their country-wide General Strike. Subsequently, a group of Senior Ministers of the Cabinet held a meeting with the representatives of the major CTUs on 18th February, 2013.

The GoM assured the representatives of CTUs that Government is serious on the demands related to working class and taking all possible measures to redress them. They also appealed to the representatives of CTUs to reconsider their stand for going on strike.

Government has taken various measures to address the concerns raised by the trade unions. Particular attention is drawn to the huge amount of food subsidy incurred by the Government to ensure availability of food grains to the poor at very concessional rate through the Public Distribution System. The Government’s efforts to pass the Food Security Bill in the Parliament will further increase the availability of subsidized food grains to the larger segments of the population. Ministry of Labour & Employment has prepared a National Employment Policy to ensure that the growth process is inclusive and equitable.

The policy has been drafted with a view to mainstreaming employment into policy making for socio-economic development of the country. It will provide a proper framework towards achieving the goal of remunerative and decent employment for all women and men in the labour force. So far enforcement of labour laws in Central Sphere is concerned, there exists a well-defined and effective machinery. Similar arrangements are also available in the States. The Government has enacted Unorganised Workers’ Social Security Act, 2008. The Government of India has also set up National Social Security Fund (NSSF) with a corpus of Rs.1000 crore. National Social Security Board (NSSB) has also been constituted which is advising the Government from time to time on Social Security Schemes.

Action is being taken to amend the Contract Labour (Regulation & Abolition) Act, 1970 wherein it is, inter-alia, proposed that in case where the contract labour perform the same or similar kind of work as the workmen directly appointed by the principal employer, the wage rates, holidays, social security provisions of contract labour shall be the same as are available to the directly appointed workmen on the roll of principal employer. Further, a Bill is being brought before the Parliament to amend the Minimum Wages Act, 1948 to provide a National Floor Level Minimum Wage".

All India Conference of CAT to be held Tomorrow

All India Conference of CAT to be held Tomorrow

The All India conference of the Central Administrative Tribunal will be held here tomorrow. Mr. Justice Altamas Kabir, Chief Justice of India will be the Chief Guest. Dr. Ashwani Kumar, Union Minister for Law and Justice will preside and Shri V. Narayanasamy. Minister of State for Personnel, Public Grievances & Pensions will be the special Guest. In the afternoon session, Third Rajiv Gandhi Lecture on Administrative Law will be delivered by Dr. G. Mohan Gopal, Director, Rajiv Gandhi Institute of Contemporary Studies. This would be followed by in house discussion and the session would be chaired by Chairman. CAT, Mr. Justice Syed Rafat Alam.


The Conference is attended by all the members of the CAT where issues concerning Tribunal are discussed and necessary recommendations are made.

At present, there are thirty two members of the CAT from the judicial side and thirty three from the Administrative apart from the Chairman. The conference would be attended by almost all the members, besides the other invitees from the Supreme Court, Delhi High Court and the Government.

New Norms for Life Insurance Products

Norms for LIC Products 
 
The Insurance Regulatory and Development Authority (IRDA) has informed that two regulations have been framed, namely, (i) Insurance Regulatory and Development Authority (Linked Insurance Products) Regulations 2013 dated 18.02.2013 and (ii) Insurance Regulatory and Development Authority (Non- Linked Insurance Products) Regulations 2013 dated 18.02.2013 to make life insurance products user friendly. 
 
The provisions of the regulations are helpful to the policyholders in the following manner :
 
• Product classification is defined to bring transparency. 
 
• Minimum death benefit is prescribed to ensure that the beneficiary will get a reasonable amount on death of policyholder. 
 
• The commission is linked to the premium payment term to encourage long-term products. 
 
• Minimum Guaranteed Surrender Value in respect of individual products and the surrender penalty in respect of fund based group products are prescribed to protect the interests of policyholders and to ensure reasonable benefits to policyholders on surrender. 
 
• The surrender penalty in respect of Fund based group products is restricted to give more return to policyholders. 
 
• The norms regarding disclosure to policyholder have been strengthened to help the policyholder make an informed decision. 
 
• Better yield to the customers of variable Insurance Products through specification of limits on reduction in yield. 
 
• To encourage revival of discontinued Unit linked policies revival period is enhanced beyond the lock-in period. 
 
IRDA has further informed that the existing products which are not compliant with the new regulations have to be modified before 30th June 2013 for Group products and before 30th September 2013 for Individual products. 
 
This was stated by Minister of State for Finance, Shri Namo Narain Meena, in written reply to a question in the Lok Sabha today. 
 
PIB

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