Tamilnadu Postal and Telecom Accounts and Finance Officers Association

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NEW DELHI: Days after the Budget announced that tax deducted at source (TDS) will also apply to recurring deposits, banks are witnessing a rush of investors closing down their deposits prematurely. Though it is fully taxable, the interest from recurring deposits is exempt from TDS. This only applies to interest from fixed deposits if the income exceeds Rs 10,000 in a year. The new rule is proposed to come into force from June 1 , so investors are rushing to close their recurring deposits before the taxman gets whiff of their wealth. "Premature closure of my recurring deposit will fetch me a lower interest rate. But at least there won't be a tax deduction," said an investor at a public sector bank branch in Delhi. Banks may see more premature closures of deposits as more investors become aware of the new rule. It is not difficult to see why investors are panicky. Since the TDS is credited to the permanent account number of the investor, not mentioni...

GMail Banned in Govt Offices :  The Government said in the notification that “The e-mail services provided by other service providers shall not be used for any official communication,”. This decision is took by Central Government and will be followed by both government employees of both central government and state government including the UT also. This policy strictly says that no Government employee should use the Gmail login or any other foreign E-Mail accounts like Yahoo mail, HotMail for the official work by the staff, And the staff should use the E-Mail services provided by only NIC. Due to this policy all the government data shall be passing from the Government Servers covering nearly 5-6 lakh Central and State government employees. And the notification also says that NIC will be Monitoring the activities of the staff and have the power to access the access, review, copy or delete any files on the server of any users (Govt. Staff) for security reasons. ...

Most of us would not be aware of the fact that the Department of Posts has been in existence for more than 150 years. The Department has touched the lives of million of Indians ever since it started its operations, right from delivering letters to their near and dear ones, enabling them to send money to their friends and relatives who stay in faraway places and even providing special schemes for investing their hard earned money. It is very appealing to know that DoP, the department of posts has been recognized as the most widely distributed postal network in the world. The department of Posts proudly boasts of having 155,000 post offices and provides employment opportunities to 474,000 people. The DOP generates annual revenue of more than EUR 1.1 billion. In the current times also more than six billion articles are safely delivered every year through the vast network of offices of the DOP. Post urbaniz...

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BENGALURU: Internet retailers may have been the bane of the  brick-and-mortar retail trade and a pain for the old order of things, but for  one relic from the past, they are a proving to be a veritable godsend. For India Post, a 240-year-old straggler long fighting for relevance in a  digital economy, the explosive growth in this new-age business has offered it a  fresh lease of life and given it the luxury of dreaming big.  These dreams have been bolstered by firms such as Flipkart and Amazon signing up for its services and with the theatre of  activity for the fastgrowing ecommerce sector now moving to the country's remote  corners. The Department  of Posts is targeting a seemingly implausible 50-fold increase in ecommerce  revenues. "With decline in document shipments, ecommerce is our department's new  focus," a top official at the Department of Posts, told ET. "We are targeting Rs .5,000 crore in revenue from this segment alon...

Following are the highlights of the Union Budget 2015-16 presented by Finance Minister Arun Jaitley in Parliament today:   * No change in personal Income Tax  * Health Insurance Premium deduction hiked from Rs 15,000  to Rs 25,000; for senior citizens to Rs 30,000  * Transport allowance exemption hiked to Rs 1,600, from Rs  800 per month  * Additional 2% surcharge on people earning over Rs 1 cr;  to fetch Rs 9,000 cr  * Wealth tax abolished  * Direct Taxes Code (DTC) dropped  * Rs 50,000 deduction for contribution to New Pension  Scheme  * To lower Corporate Tax to 25% over next four years  * GAAR implementation deferred by 2 years to April 2017  * Service Tax rate hiked to 14%, from 12.36%  * Tax free bonds for roads, railways, irrigation projects  * 2015-16 growth between 8-8.5%, double digit growth  feasible  * Retail inflation close to 5% by March, room f...