Small Savings set to fetch higher returns

There is finally some good news for individuals in a season of duty hikes and provident fund rate cut. The government is raising interest rate on small savings schemes such as National Savings Certificate (NSC) and post office deposits by 20-50 basis points.

The new rates will, however, be applicable on investments that you make from April 1 and not on those that you park over the next 10 days to meet your tax saving requirements.

As a result, NSC and public provident fund (PPF), which is a voluntary deposit as opposed to employee provident fund, will earn you 8.8-8.9% instead of 8.6% a year.

Expansion of Postal Services

The Government has formulated comprehensive working plan for the development, expansion and modernization of postal services. Under this, major activities , as laid out in XII Five Year Plan, include opening of branch Post Offices, setting up of Automatic Mail Processing Centers, development and deployment of Rural ICT solution, deployment of Core Banking, increasing insurance cover, establishment of Parcel and Logistics Post Hubs, up gradation of Speed Post Centers, Human Resource Training to Personnel, construction of Post offices/administrative offices, installation of Solar Power Packs and setting up of Postal Training Centers.

Latest RD customer Package Version Released.

For RD bulk posting Latest RD Customer package version is released with Sanchay post 6.6.1 version release.


Click here to download the MPKBY/PRSS agent bulk posting RD customer package software


For guidelines please Click here to download the document file

Sanchay Post 6.6.1 version released from SDC Chennai

For Latest version download and upgradation guidelines Please visit http://tamilnadupost.nic.in/sdc/ Frequently Asked Questions - Sanchay Post Version 6.6.1

Negative List upto 29.02.2012 is released from PTC Mysore

The file 'NL_29.02.2012.exe'  needs to be copied to DBAnalyzer folder and executed. 

This will update the negative list upto 29/02/2012  (corrections received upto 19/03/2012) in Sanchay Post. 

Interest Rates On GPF - 8.6% (eight point six percent) with effect from 1.12.2011

Interest Rates On General Provident Fund (GPF) has been revised to 8.6% (eight point six percent) with effect from 1.12.2011...

Resolution - accumulations at the credit of subscribers to the GPF and other similar funds - 2011-2012(89 KB)  (Dated 19th March, 2012)

(PUBLISHED IN PART I SECTION 1 OF GAZETTE OF INDIA)

F.NO. 5(1)-B(PD)/2011

Government of India

Ministry of Finance

(Department of Economic Affairs)

New Delhi, the 19th March, 2012

RESOLUTION


It is announced for general information that during the year 2011-2012, accumulations at the credit of subscribers to the General Provident Fund and other similar funds shall carry interest at the rate of 8% (Eight per cent) for the period from 1.4.2011 to 30.11.2011 and 8.6% (eight point six percent) with effect from 1.12.2011.

PS Group 'B' Exam Re-Scheduled

The Examination Scheduled to be held on 27.05.2012 as now been re-scheduled to 03.06.2012

(DG (P) No. A34012/01/2012-DE dated 09.03.2012)

Date of next increment in the revised pay structure under Rule 10 of CCS (RP) Rules 2008

Postal services including Speed Post will not attract service tax - Proposed in Union Budget 2012-13

While proposing  increase of  service tax from the present 10% to 12% in the Union Budget 2012-13, the Finance Minister has proposed exemption of some services from levying of service Tax. The details of such services exempted from levying of  12% increased service Tax are included in the Negative list of Services. At present, the service tax is levied on the basis of a positive list, meaning that the tax is levied on the specified services only.

According to the negative list, postal services, including Speed Post provided by the Department of Post, will not attract service tax.

Other important services, which will not attract the tax, include funeral, burial, mutate services and transport of deceased, Metered taxis, entry to amusement facilities, second-class rail travel,  betting, gambling, lottery, travel by radio taxis and auto rickshaw, Distribution of electricity, trading of goods, agriculture extension and support services, road tolls, renting of residential properties and services relating to bank deposits and sanction of loans.

As regards education, the service tax will not be levied on school, university education and approved vocational courses.The coaching classes and training institutions, however, will continue to be subject to the service tax.As regards sale and purchase of foreign currency, it has been clarified that such activity among the banks and dealers will be kept out of the service tax net. However, by implication, the sale of foreign currency by dealers to individuals will attract the levy.

In order to bring as many services as possible in the net, the government has come out with a wide definition of service. With some exception, it has been defined service as “any activity carried out by a person for consideration.''. In addition to the existing services, which are subject to the service tax, the negative list clarified that the tax will be levied on travel by first class and in air-conditioned rail coaches, transport of goods by a transportation and courier agencies.

The date for operation of the negative list, according to the budget papers, will be notified later.

CENTRAL D.A. TO BE ANNOUNCED ON 22ND MARCH

The Central government on Thursday i.e.22/03/2012 will announce to release of seven percent Dearness Allowance (DA) to its employees and pensioners.




“The Central cabinet, which will meet on Thursday i.e.22/03/2012 under the chairmanship of Prime Minister, Manmohan Singh will accord administrative approval to payment of DA to government employees and pensioners – revised rates effective from January 1, 2012,” Government reliable source indicated.
With the increase of seven percent, the rate of DA, it would go up from 58 to 65 percent.

courtesy pay commission