As it is well known that the income tax department has allowed Aadhaar card holders to use the biometric id number in lieu of the Permanent Account Number (PAN). But as per new provision of Income Tax, fine of Rs. 10,000 may be levied in case of wrong Aadhar Number. As per the latest amendments in the Finance Bill 2019, not only allowed people to use Aadhaar in lieu of PAN but also introduced a penalty for giving a false Aadhaar number. However, the new penalty rules are applicable only in cases where you are using Aadhaar in lieu of PAN and where quoting PAN is mandatory according to the income tax department rules. It is well known that although Aadhaar is issued by the Unique Identity Authority of India, yet the fine is not imposed by UIDAI but by the income tax department. Under Section 272B of the Income Tax Act, 1961, the department can impose a penalty in case of default in complying with provisions relating to PAN, i.e., failure to obtain, quote, or authenticate PAN. ...
A new restructured defined contribution pension
system for the new entrants to Central Government service, except to the Armed Forces, replacing the system of defined benefit
pension including
GPF, was notified on 22nd December, 2003.
The Government employees appointed on or after
1.1.2004 and governed by the New Pension System can withdraw 60% of their Pension Fund as a lumpsum when they retire and the balance 40% of their wealth
is used to purchase an annuity scheme from a life insurance company of their choice, which will pay him/her a
monthly pension for the rest of his life.
In case the employees leave the New Pension Scheme
prior to age 60, the mandatory anuitization would be 80% of the pension
wealth.
The monthly annuity under the New Pension Scheme is
only a replacement of pension on retirement and family pension on death after
retirement.
The benefits of Death-cum-Retirement Gratuity
(DCRG) and pension/family pension have been provisionally allowed, vide
Department of Pension & Pensioners` Welfare OM No. 38/41/06-P&PW(A)
dated 5.5.2009, in respect of the Central Government servants covered by the
New Pension Scheme in cases where a Government Servant is retired on
invalidation/disability and in the case of death of a Government servant in
service, on the same rates as are applicable under the old pension scheme,
i.e. CCS (Pension) Rules, 1972.
The details of DCRG payable to employees of
Central Government under NPS are as under:
(i) The retirement gratuity is payable to the
retiring Government servant. A minimum of 5 years qualifying service and
eligibility to receive service gratuity/ pension is essential to get this one
time lump sum benefit. Retirement gratuity is calculated @ l/4th of a month`s Basic
Pay plus Dearness Allowance drawn before retirement for each completed six
monthly period of qualifying service. The maximum retirement gratuity payable
is 16 XA times the Basic Pay, subject to a maximum of Rs. 10 lakhs.
(ii) If the Government Servant dies while in
service, the death gratuity shall be paid to his family at the rates furnished
in the table below:
|
S.No.
|
Length of
Qualifying Service
|
Rate of Death
Gratuity
|
|
1.
|
Less than one year
|
2 times of
emoluments
|
|
2.
|
One year or more
but less than 5 years
|
6 times of
emoluments
|
|
3.
|
5 years or more but
less than 20 years
|
12 times of
emoluments
|
|
4.
|
20 years or more
|
Half of emoluments
for every completed six monthly period of qualifying service subject to a
maximum of 33 times of emoluments.
|
Maximum amount of Death Gratuity
admissible is Rs. 10 lakhs w.e.f. 1.1.2006.
Comments
Post a Comment