Important message for employees retiring within the next six months

The Department of Pension and Pensioners Welfare is organizing a Pre-retirement counselling workshop on 25th August, 2015 from 2.00 PM to 5.00 PM in the Lecture Room-I, India International Centre (Annexe) 40, Max Muller Marg, New Delhi-110003.

The employees of Government of India retiring within the next six months and who have not attended the workshop yet are hereby informed that they may attend the workshop. Confirmation with Name, Ministry & Phone No. may be sent at the email address mkumar.mol@nic.in.

The persons desirous of attending the workshop are also requested to bring their PAN and Aadhar No. A write-up on the Commendable works done by the retiring employee during his entire service is also required to upload the same on ‘ANUBHAV’ on website persmin.nic.in/pension.asp

sd/-

US (Sankalp)

Department of Pension & Pensioners’ Welfare

Phone No.24641627

Authority: http://pensionersportal.gov.in/

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New Pension Scheme (DCPS) and Tax Deductions.

The New Pension Scheme works on defined contribution basis and will have two tiers – Tier-I and II.  Contribution to Tier-I is mandatory for all Government servants joining Government service on or after 1-1-2004 (Maharashtra State (DCPS)  w.e.f. 01.11.2011) (except the armed forces in the first stage), whereas Tier-II will be optional and at the discretion of Government servants.

Employee’s Contribution:
Deduction is available under section 80CCD(1) in respect of employee’s contribution in the year in which contribution is made. However no deduction is available in respect of Employee’s contribution, which is in excess of 10% of the salary of the Employee.

Employer’s contribution:
Employer’s contribution to NPS is taxable as salary income in the year of contribution. However, Deduction available is under section 80CCD(2) in respect of employer’s contribution- Contribution by employer to NPS is deductible in hands of the concerned employee in the year in which contribution is made. However, no deduction is available in respect of employer’s contribution which is in excess of 10% of the salary of the employee.

Deduction & Taxability:
Employer & Employee contribution forms part of the income of the salaried assessee as mentioned above. Both the contributions are eligible for deduction u/s 80CCD read with section 80C of the IT Act. The aggregate amount of deduction under section 80C, 80CCC and 80CCD cannot exceed Rs. 1,00,000/-.

Other Information:
Pension (or any other payment) out of NPS account (for which deduction has been claimed under section 80CCD) will be taxable in the hands of recipient. If, however, the amount of pension received from NPS is used for purchasing an annuity plan in the same previous year, then it will be exempt from tax.

For calculating 10% limit for the above purpose, “salary” includes dearness allowance, which will be deducted from his salary bill every month by the PAO concerned.  The Government will make an equal matching contribution.  However, there will be no contribution from the Government in respect of individuals who are not Government employees.

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How to determine Personal Taxation, Payments, Investments, Deductions and Exemptions from Income Tax?

It is a common demand with lot of practical relevance and need a sensible & personalized by individual approach. The Taxpayee doesn’t have any benefits without investments from Income Tax. In a family, flow of funds plays a very vital role in tax-ability and accrual of income therefrom. Under the Income Tax Act-1961, the movement of funds also determines the admissibility & availability of deduction. By whom or in whose name the amount should be invested vary significantly depending upon various factors as under:

• Applicable Income Tax Slab of the individuals investor of relevant Assessment Year
• Nature of Investment for Long or Short Term Capital Gain
• Nature of Earning of Income whether it is Tax Free or Taxable
• Risk Element involved therein
• Present & Future Income comes out from investment etc.

The investment in the name of wife or husband or major/minor child need to be done after considering various other factors also & it is practically impossible to standardize or advise it in totality in an isolated manner.

Normally, most of the deductions are admissible subject to the condition of payment. The deduction u/s 80C towards the repayment of the principal portion of housing loan would not be available to wife when-

• the husband pays the amount
• the same is paid by & on his own behalf by the husband and
• the amount appears to be non recoverable from wife.

However, if the correct accounting treatment is given in the books & Balance-sheet to show that the amount though paid by husband is indeed paid on behalf of the wife as well and the same is recoverable or adjustable against other amount, the wife could also claim the deductions. The same is the case with the claim towards interest on housing loan.

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What Pension papers should be forwarded to Accountant Generals office ?

Friends, The Finance Department issued notification while submitting the pension papers forwarded to Account Generals Office as per Check List. The Maharashtra Government - Finance Department - further states, retirement, superannuation or death claim pensions cases should not submit in prescribed format as mentioned in Maharashtra Service Rules (Pension/Family Pension), 1982 thus the claim of pension will not provide in time to pensioners/Family pensioners and due to this unwanted complications are creats. There for the following Check list mentioned by the Finance Department which is mendatory while submitting the Pension Cases.

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List of Checks to be exercised while forwarding a pension case to office of the Pr Accountant General (A&E) Maharashtra, Mumbai 400020

Know about Age of Retirement Click Here

1. General
2. Voluntary Retirement Pension Cases
3. Invalid Retirement Cases
4. Pension cases of employees finally absorbed in public Sector Undertakings/Autonomous Bodies
5. Non Government Educational Institutions
6. Family Pension Cases (Death in harness)
7. Pension cases where payment is to be made through defacto guardian
8. Pension to families of Government Servants whose whereabouts are not know
9. Commutation of Pension
10. Service Book
    

What is completion & movement of Service Book ?

When a Non-Gazetted Government servant is transferred, from one office to another, the necessary entry of the nature and reason of the transfer should be made in his service book in the office from which the Government servant is transferred and the service book after being duly verified to date and attested by the Head of the Office, should be forwarded to the Head of the Office to which the Government servant has been transferred. The service book will thereafter be maintained in that office. If he finds any error or omission in the book on receipt, he should return it to the forwarding officer for the purpose of having the error rectified or the omission supplied before the service book is taken over by him. The service book should not be made over to the Non-Gazetted Government Servant who has been transferred.

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What Compassionate Gratuity Rule?

The rules regulating the grant of Compassionate Gratuities to a family of a non-teaching employee left in indigent circumstances through the premature death of the person upon whom they depended for support are embodied in Form (2) in Appendix-III appended to these rules. Each application for grant of Compassionate Gratuity shall be accompanied by the particulars in section A and B of form of Appendix III.

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Do you know Service Rules Click Here
What are the New Pension Schemes ? (Click Here)

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