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Sunday, April 1, 2018

Should We Celebrate Gratuity Amendment?

AIBEA has expressed their pleasure that government has enhanced ceiling  for payment of gratuity from Rs10 lakh to Rs20 lakh. They did not think it necessary to prevail upon government to ensure that the proposed enhancement  in gratuity ceiling  is made effective from 01.01.2016 . They perhaps do not treat it as discriminatory. 

AIBOC, NCBE, AIBOA appear to be silent and non committed. Facebook is full of criticism anger and pain expressed by aggrieved retired bank staff but union leaders are comfortable  in their closed chambers. Or they are willingly avoiding concerns expressed by senior citizens in response to discriminatory  treatment  by government . They perhaps wish to ignore the truth that every staff has to retire sooner or late.

This is why I use to say that union leaders are responsible for present pathetic position of bank staff in particilar and bank in general. They never think for welfare of employees but they invariably take care of their own status their self motives and comfort for their friends and kith and kin.

This is clear from the said message that they are celebrating  gratuity effective from 29 03 2018 whereas bankers in general are in anger and in pain. In the same way they celebrate sanction of cost of newspaper to every staff and sacrifice staff in case of wage settlement.  This is called
In Hindi proverb

" Gau markar juta Dan "

This means to say that they donate shoes to nullify the consequences  of their sin of killing a cow.

I never blame government because it is a fact that IBA and UFBU made of bankers are only cheatinģ bankers.

It is unfortunate  that bank staff who chose their leaders and formed a trade union for protecting their rights are also silent spectator of each irresponsible  act of their leaders. They do not have guts to change the leadership or to change the union or to lead the union or to resign from such useless unions. They cry on Facebook or near tea stalls or in dining rooms of the branches or offices duting lunch hours.

Only God can save bank staff and banks

There are some employees or retired persons who hold Modi responsible  for all  their pathetic position. They may blame Modi even when their child fail in school or their parent drink or they fall ill due to virus infection.

Bank staff may form number of unions and groups.  They are not as United and militant  as they used to be in seventies and eighties. Majority  of bank staff are focused on their personal  ego and self interest. They know only to criticise and not ready to sacrifice.

This is why cases related to wages anomalies, promotion irregularities, corruption in recruitment, bribery in lending , updation in pension or unjustified realisation of money in lieu of second option are filedand then remain pending in courts for years and decades and lastly withdrawn by petitioners under pressure from their own leaders.

Good morning

👉 Important changes as per Budget 2018 with effect from April 1, 2018 which are going to impact 

👉From today onwards a large number of Indians will see significant changes in their financial life. April 1 is the first day of the next financial year, 2018-19. The Budget proposals for the new financial year, announced on February 1, will come into force from today. *Below are the key changes which are going to affect individuals as well as companies*:

👉All taxpayers will pay a bit of more tax due to hike in and education cess. Budget 2018 had proposed to hike cess on income tax from 3% to 4% thereby increasing the tax payable by all categories of tax payers. Due to this change, the tax liability for highest tax bracket (assuming Rs 15 lakh income) goes up by Rs 2,625. For the middle income tax payers (between Rs 5 lakh and Rs 10 lakh), tax liability increases by Rs 1,125, and for the lowest bracket (Rs 2.5 lakhs to Rs 5 lakhs) by Rs 125

👉Senior citizens
If you have lots of money earning interest, you need not bother about tax as much as you used to. The exemption limit on income from interest for senior citizens will now be five times higher to Rs 50,000 per year. Those planning to upgrade or buy insurance will benefit from higher limit of deduction for health insurance premium and medical expenditure which has been raised to Rs 50,000 from Rs 30,000 under section 80D of the I-T Act.

Investors will pay tax on long-term capital gains (LTCG) exceeding Rs 1 lakh from sale of shares. However, indexation benefit for computing tax liability on sale of shares listed after January 31 will be available.

👉The salaried and the pensioners
The Budget proposed a standard deduction of Rs 40,000 in lieu of transport allowance and medical reimbursement. This will kick in from April 1. Presently, no tax is applicable on Rs 19,200 of transport allowance and medical expenditure of up to Rs 15,000. This has now been subsumed into the new standard deduction of Rs 40,000.

👉Small businesses
If the turnover of your company is up to Rs 250 crore, you have a big reason to cheer. You will pay less corporate tax, at 25 per cent. As 99 per cent of the tax-filing companies fall in this bracket, this is really a big change.

👉All companies
Every companies will have to adopt more detailed revenue recognition ways from April 1 as the government has notified a new accounting standard. Indian Accounting Standard (Ind AS) 115 would be effective from the new financial year, that is tomorrow. Once it is in force, the other two standards, Ind AS 18 and 11, which are related to revenue and construction contracts, would be withdrawn.

If you drive on national highways, get ready to pay more from April 1. National Highways Authority of India has revised its toll rates by 5 to 7 per cent. The rates have been revised on the basis of Wholesale Price Index (WPI) and may vary from one toll plaza to another in the same region.

The businesses that transport goods worth over Rs 50,000 from one state to another will have to carry an electronic or e-way bill from April 1. An anti-evasion measure that would help boost tax collections by clamping down on trade that currently happens on cash basis, the *e-way bill* provision of the Goods and Services Tax (GST) was introduced on February 1.

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