Saturday, July 19, 2014

Income Tax Department Launches New and Improved Online Calculator

Income Tax Department Launches New and Improved Online Calculator

The Income Tax Department has launched an easy-to-use online calculator on its website. User can calculate his/her income tax based on the income and complete the tax formalities, including paying the tax, online.

Information and details regarding the tax amount to be paid have been sent to the email id of all taxpayers. Based on this, taxpayers can calculate the amount of tax they will have to pay for their various incomes and fill up the online form appropriately.

The online calculator helps in calculating taxes from bonuses and incentives, income from assets like house, capital gains, business, profits from trade, and agricultural income.

Launching of the online calculator is part of the Government’s efforts to encourage and simplify tax payment processes.

Tax Calculator as per Union Budget 2014-2015.

Income Tax Calculator 2014-15

Government to take disciplinary action and cancel future LTC benifits for fake LTC claims

Government to take disciplinary action and cancel future LTC benifits for fake LTC claims

 Minister of State for Personnel, Public Grievances and Pensions Jitendra Singh while replying to a question at Lok Sabha via written reply informed that any government employee found guilty in preferring a fraudulent LTC claim may be imposed penalty and barred from getting travel allowance for next two or three years.

The minister said "in case of Leave Travel Concession (LTC) if any fraudulent claim is made, the irregularities are looked into in terms of the CCS (LTC) Rules, 1988 and disciplinary proceedings are initiated against the government servant on the charge of preferring a fraudulent claim,"

The minister added "if found guilty, the government servant shall not be allowed the next two or more sets of LTC in addition to the sets already withheld during the pendency of the disciplinary proceedings,".

The Department of Personnel and Training ( DoPT) had received a letter from Central Vigilance Commissioner addressed to Cabinet Secretary regarding irregularities and misuse in availing LTC by the public servants in the central government, its public enterprises and public sector banks, in violation of the guidelines, he said, adding that the matter was being investigated by CBI.

Reimbursement of Children Education Allowance-lok sabha Q&A

 Reimbursement of Children Education Allowance

It has been informed by the Department of Personnel and raining that the annual ceiling limit for reimbursement of Children Education Allowance (CEA) is Rs. 18,000/- per child. The Hostel subsidy shall be Rs. 4,500/- per month per child. The annual ceiling for reimbursement of CEA for disabled children of Government employees if Rs. 36,000/- per annum per child and the rates of Hostel subsidy for disabled children of Government employees is Rs. 9,000/- per child per month. These revisions are applicable with effect from 1st January, 2014. The reimbursement is admissible for children studying in institutions affiliated to any Board or recognized institution, whether in receipt of Government aid or not, recognized by the Central or State Government or Union Territory Administration or by University or a recognized educational authority having jurisdiction over the area where the institution is situated. No change is proposed to be made in the same.

This information was given by the Union Minister of Finance, Shri Arun Jaitley in written reply to a question in Lok Sabha today.

Source : PIB

Retirement Age Becomes the Centre of Attention Once Again!

Retirement Age Becomes the Centre of Attention Once Again!

For the second time this year, there is sensational news about the retirement age of Central Government employees!

Will the retirement age of Central Government employees be extended by another two years, from 60 to 62? This is one of the hottest topics of discussion among Central Government employees these days.


The reason for this excitement is the reply given by the Minister concerned to the question raised by Raja Mohan Reddy in the Parliament. With the change of government, the question was asked in order to find out the state of mind of the new Government.

The Minister’s reply is given below:

Whether there is any proposal under the consideration of the Government to raise the retirement age of Central Government employees..?

No, there is no proposal to increase the age of retirement of central government employees from existing 60 to 62 years, Jitendra Singh, Minister of State for Personnel, Public Grievances and Pensions, and in Prime Minister’s Office, said in a written reply to the Lok Sabha on 16.7.2014.

Central Government had raised the retirement age of its employees to 60 from 58 years in 1998.

Source: CGEN.in

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