Saturday, September 23, 2017

D.A order issued by the India Post.



IRCTC Ticket Booking – RAILWAYS RESTRICTS CARD PAYMENT TO THESE SIX BANKS

Currently, the IRCTC website allows card-based payments only for cardholders of Indian Overseas Bank, Canara Bank, United Bank of India, Indian Bank, Central Bank of India, HDFC Bank and Axis Bank.
A squabble between banks and Indian Railway Catering and Tourism Corporation (IRCTC) over fees has resulted in the latter disallowing a number of lenders from using its payment gateway for debit cards. Bankers FE spoke to explained that IRCTC had stopped them from operating on the website because they were unwilling to share a portion of the convenience fees earned on customer transactions.
An email sent to IRCTC requesting a comment remained unanswered. The Indian Railways subsidiary’s website is among the most busy portals in the country. Currently, the IRCTC website allows card-based payments only for cardholders of Indian Overseas Bank, Canara Bank, United Bank of India, Indian Bank, Central Bank of India, HDFC Bank and Axis Bank. Earlier this year, IRCTC had asked banks to share with it half the convenience fee that lenders recover from card transactions on the website. The Indian Banks’ Association (IBA) is understood to have been discussing the issue with IRCTC and the Indian Railways with a view to resolving the matter.
Post-demonetisation, IRCTC had waived the convenience fee of Rs 20 it was charging customers. “Every day we are losing 50,000 transactions,” a senior executive with State Bank of India (SBI) said on condition of anonymity. “Normally, the merchant pays the acquiring bank. But, since IRCTC does not pay us, we were recovering our costs from customers and that is how it had been all these years.” Merchants who use the services of a bank for accepting card-based payments typically pay the bank a charge, referred to as the merchant discount rate (MDR). Banks that have refused to comply with IRCTC’s demand say they are doing so because it violates the principles of the merchant-acquiring business.

So did Narendra Modi kill the Indian economy? Demonetisation dealt a big blow to the economy, but it was slowing anyway, and GST would always have destabilised things.

So did Narendra Modi kill the IndiaSo did prime minister Modi kill the economy by following up demonetisation with GST as many seem to be suggesting? Even if the government does not agree with former prime minister Manmohan Singh’s prediction of a DeMo-induced disaster, the fact that it is talking of the need for a stimulus package means it agrees the economy is sluggish and that jobs are not getting created.

There are, however, many caveats.The economy was slowing when Modi took over and with inflation at 9.4% and the fiscal deficit at 4.5% in FY14, India’s macros were poor (see graphic). Investment, which was growing at 16% in FY08, fell to 1.6% in FY14, private consumption slowed from 9.4% to 7.3% and government expenditure from 9.6% to 0.6%. Also, India was knee-deep in the twin balance sheet problem—both bank and corporate balance sheets were deeply in red—and getting out of this takes at least 5-6 years as the global experience shows.

None of this is to say Modi didn’t make major mistakes, he did. This newspaper has catalogued his wasted three years in fixing telecom, gas-pricing, freeing agriculture—this aggravated the rural crisis, and prolonged the slowdown in a big way —and poor progress in reforming labour laws or genuinely easing business or resolving the Pranab-era retrospective taxes… Indeed, Modi went the other way by imposing more controls in drugs pricing and even cotton-seeds and in creating bigger PSUs instead of privatising them… Even simple solutions such as the apparel package put together by chief economic advisor Arvind Subramanian took forever to put in place.


Yet, there has been good progress in fixing subsidies other than food, and even in that case, there is some progress. The pro-poor measures like JanDhan accounts, direct benefit transfers and low-cost life/accident/crop insurance are by all accounts a success. And at a time when there were few growth drivers, it was prudent budgeting that saw the government raise petroleum taxes and use the money to dramatically hike government capex in roads/rail—though Suresh Prabhu had to resign due to railway accidents, he began major reforms. In FY14-17, thanks to inflation collapsing, nominal GDP has slowed from 13% to 11% but tax-GDP still rose from 10.1 to 11.2, very unusual in low-growth periods.

While most macros like inflation or the twin deficits improved under Modi, it goes beyond good luck with lower global inflation—by that logic, the go-go years of the UPA were surely influenced by high global growth. Exports growth that averaged 26.4% in FY05-08 played a big role in the average GDP growth of 9.1% — in FY14-17, exports contracted 3.8% on average. The role of RBI in keeping interest rates high—and thereby the rupee getting stronger—is also a big factor in sluggish GDP growth as it restricted local production and encouraged greater imports — Modi is guilty of accepting inflation-targeting (IT) that made RBI behave this way, but IT was pushed by the UPA.

There can be little doubt that demonetisation added to the problem by badly hitting supply chains, especially in the informal sector, and it could be years before they revive, if at all—this is Manmohan Singh’s point. Demonetisation hit the real estate sector the most since that was a large user of black money, and this has large implications for jobs creation as well—along with the new RERA rules, though, reforming real estate will be a big plus if it makes housing affordable in the medium-term.

But, at a fundamental level, demonetisation and GST are not too different in their impact on the cash-rich informal sector—in both cases, informal sector units have no option but to get into formal chains and start paying taxes and, as happens with greater formalisation, pay higher wages, etc. Bringing in GST so soon after demonetisation surely accelerated the pain but which politician, including Manmohan Singh, has not been pushing for GST for years due to its long-term benefits? And we can quibble about the timing, but GST had to be brought in 2-3 years before the elections so that the pain associated with it was absorbed over time. That is, if DeMo hadn’t hit the informal sector, GST would have, albeit at a more gradual and more manageable pace.
Once DeMo or GST were brought in, MSMEs lost their tax-arbitrage-driven USP. The only way to fix this was to raise their efficiency —that requires big reforms in labour rules, tax policies … what are called ease-of-doing-business (EoDB) rules. Modi’s failure is that he felt EoDB had been fixed and was unwilling to accept any criticism of this. Nothing cures hubris better than a slowing economy though Modi’s 2019 plank will be more money in the hands of the poor and much lower inflation.
source : Financial express.



TDS certificates in the name of the deceased depositor is not in accordance with law: CBDT notification on TDS on interest on deposits made under the Capital Gains Accounts Scheme, 1988

TDS certificates in the name of the deceased depositor is accordance with law: CBDT notification on TDS on interest on deposits made under the Capital Gains Accounts Scheme, 1988


Government of India
Ministry-of Finance
Central Board of Direct Taxes
Directorate-of Income-tax (Systems)
New Delhi
Notification No. 08/2017 
New Delhi, 13th September, 2017
Subject:- TDS on interest on deposits made under the Capital Gains Accounts Scheme, 1988-where the-depositor has deceased - reg.-
It has. been brought to the notice of CBDT that in cases of deceased depositor who has made deposits under the Capital Gains Accounts Scheme, 1988; the banks are deducting TDS on the interest earned on such deposits in the hand of the deceased depositor and issuing. TDS certificates in the name of the deceased depositor, which is not in accordance with the law. Ideally in Such type of situations, the TDS certificate on the interest income for and upto the period of death of the depositor is required to be issued on the PAN of the. deceased depositor and for the period after death of the depositor is required to be issued
on the PAN. of the legal heir.
2. Under sub rule (5) of Rule 31A of the Income-tax Rules, 1962, the Director General of Income-tax (Systems) is authorized to specify the procedures, formats and standards for the purposes of  furnishing and Verification of the statements or claim for refund: in Form 26B, and shall be; responsible for the day-to-day administration in relation to furnishing administration in relation to furnishing and verification of the statements or Claim fer refund in Form 26B in the manner so specified.
3. In exercise of the powers delegated by the-Central Board of Direct Taxes (Board) under sub-rule (5) of Rule 31A of the Income Tax Rules, 1962, the Principal Director General . of Income-tax. (System's) hereby specifies. that in case of deposits under the Capital Gains Accounts Scheme, 1988 where the depositor has deceased:
(i) TDS on the interest income accrued for and upto the period of death of the depositor‘is required to be deducted and reported against PAN of the depositor, and 
(ii) TDS on the interest income accrued for the period after death of the depositor is required to be deducted and reported against PAN of the legal heir, 
unless a declaration is filed under sub-rule(2) of Rule 37BA of the income-tax Rules, 1962 to that effect.
4. This issues with approval of the Principal Director General of Income-tax (Systems)

Sd/-
(P.S. Thuingaleng)
Dy. Commissioner of Income-tax (CPC-TDS)
O/o the Pr. Director General of income-"tax (Systems),
New Delhi

Thursday, September 21, 2017

FLASH NEWS



M.O.F. D.A Order (India Post will issue order to day evening)Click here to read the order  

Disbursement salary for the month of September 2017Click here to read

DoPT to Launch Mobile app for Retiring Central Govt Employees Todayread more


Article 19 (1)(b) guarantees to all citizens of India rights “to assemble peaceably and without arms”. This right includes the rights to hold meetings and to take out processions. Read more
Travel entitlements of Government employees for the purpose of LTC post Seventh Central Pay Commission-clarification reg.Read more
iCENTRAL GOVERNMENT EMPLOYEES GROUP INSURANCE SCHEME 1980 TABLE OF BENEFITSRead more
Second UPU World CEO Forum starts in Moscow18.09.2017 - Some 60 postal chief executives have gathered at the exclusive UPU eventRead more.

India to supply over half of Asia’s workforce: reportRead more 

Grant of Dearness Allowance ot Central Governmetn Employees

Tuesday, September 19, 2017

Productivity Linked Bonus for POSTA EMPLOYEES Regular Employees and GDS