Syndicate Bank Pension Circular

[Sudeep]

Hi All,

The syndicate bank circular has been issued, You can find the same at
http://www.syndicatebank.in/

or

http://www.syndicatebank.in/downloads/empl_welfare_pension.pdf

It is one of the best circular i have seen till now, with no mistakes.

Regards,
Sudeep

[Jagdish bhargava]

kindly elaborate good ingredients of the said circular for the benefit of group members. J. K. Bhargava A-38 Minal Residency J. K. Road Bhopal M. P. 462023 Ph:(0755)2682058(H) 9424090339(M) --- On Fri, 17/9/10, Sudeep <sudeep...@yahoo.com> wrote:

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[varadaraj pai]

Dear All,

 

Please find the attachement of Syndicate Bank Pension option circular.

 

B V Pai

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[Sudeep]

Hi J. K Bhargava,

Please note the additional effort by Syndicate bank for the pensioners
in the circular

=======================================================================
Steps are taken separately to advise those who retired from the
service from 29.09.1995 in the last
known address, the following information as available in the Bank’s
records.
(a) The amount of Bank’s contribution to PF with interest paid to him/
her at the time of retirement
including management contribution portion of NRW, if any, with
interest.
(b) 56% of the above amount representing his/her share in the funding
gap.
(c) The lumpsum amount he/she may get if he/she exercises his/her
option to join the pension
scheme and choose to commute 1/3rd of basic pension.
=======================================================================

Regards,
Sudeep

On Sep 17, 10:28 am, Jagdish bhargava <bhargavajagd...@yahoo.com>
wrote:

> kindly elaborate good ingredients of the said circular for the benefit of group members.
>
> J. K. Bhargava
> A-38 Minal Residency J. K. Road
> Bhopal M. P. 462023
> Ph:(0755)2682058(H) 9424090339(M)
>

> --- On Fri, 17/9/10, Sudeep <sudeep_he...@yahoo.com> wrote:

>
> From: Sudeep <sudeep_he...@yahoo.com>
> Subject: bankpensioner Syndicate Bank Pension Circular
> To: "bankpensioner" <bankpe...@googlegroups.com>
> Date: Friday, 17 September, 2010, 7:15 AM
>
> Hi All,
>

> The syndicate bank circular has been issued, You can find the same athttp://www.syndicatebank.in/

>
> or
>
> http://www.syndicatebank.in/downloads/empl_welfare_pension.pdf
>
> It is one of the best circular i have seen till now, with no mistakes.
>
> Regards,
> Sudeep
>
> --
> You received this message because you are subscribed to the Google Groups "bankpensioner" group.
> To post to this group, send an email to bankpe...@googlegroups.com.

> To unsubscribe from this group, send email to bankpensione...@googlegroups.com.

[Vishalakshi H]

Hi all
 I am happy to go thro' Sy ndicate Bank circular.I donot  find any mention about netting/adjustment of pf refundable by employees ie 156% towards commutation amount.Does it mean that we have to refund 1st and apply for commutation later?
     Can anybody clarify this?
  If it is so how can you call this Best circular in real sence?

---

From: Sudeep <sudeep...@yahoo.com>
To: bankpensioner <bankpe...@googlegroups.com>
Sent: Fri, 17 September, 2010 7:15:54 AM

Subject: bankpensioner Syndicate Bank Pension Circular

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[Narayan T Hegde]

Sir,
I understand from the concerned dept.in HO that they willbe netting
the commutation amount at the time of sending the communication as
regards the amount due to the management.However,the matter of netting
the arrears of pension for almost one year will be taken up with the
management.

N T Hegde,Vice President,Bangalore.9945155211
Syndicate Bank Retirees' Association.
On Fri, 17 Sep 2010 13:53:02 +0530 wrote

>Hi all
I am happy to go thro' Sy ndicate Bank circular.I donot find any
mention about netting/adjustment of pf refundable by employees ie 156%
towards commutation amount.Does it mean that we have to refund 1st and
apply for commutation later?
Can anybody clarify this?
If it is so how can you call this Best circular in real sence?

From: Sudeep
To: bankpensioner
Sent: Fri, 17 September, 2010 7:15:54 AM
Subject: bankpensioner Syndicate Bank Pension Circular

Hi All,

The syndicate bank circular has been issued, You can find the same at
http://www.syndicatebank.in/

or

http://www.syndicatebank.in/downloads/empl_welfare_pension.pdf

It is one of the best circular i have seen till now, with no mistakes.

Regards,
Sudeep

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[Sudeep]

Hi N.T.Hegde,

I learnt from the H.O that they have not issued any circular related
to commutation of amount, However they may issue afterwords.
Now only the pension option letter should be submitted to the bank.

I have submitted the option letter and got clarification on
commutation from R.o and H.o.

Please let me know, if i have to apply for commutation what is the
procedure??.

Regards,
Sudeep

On Sep 18, 7:28 am, "Narayan T Hegde" <nthe...@rediffmail.com> wrote:
> Sir,
>     I understand from the concerned dept.in HO that they willbe netting
> the commutation amount at the time of sending the communication as
> regards the amount due to the management.However,the matter of netting
> the arrears of pension for almost one year will be taken up with the
> management.
>
> N T Hegde,Vice President,Bangalore.9945155211
> Syndicate Bank Retirees' Association.
> On Fri, 17 Sep 2010 13:53:02 +0530  wrote>Hi all
>
> I am happy to go thro' Sy ndicate Bank circular.I donot find any
> mention about netting/adjustment of pf refundable by employees ie 156%
> towards commutation amount.Does it mean that we have to refund 1st and
> apply for commutation later?
>  Can anybody clarify this?
>  If it is so how can you call this Best circular in real sence?
>
> From: Sudeep
> To: bankpensioner
> Sent: Fri, 17 September, 2010 7:15:54 AM
> Subject: bankpensioner Syndicate Bank Pension Circular
>
> Hi All,
>

> The syndicate bank circular has been issued, You can find the same athttp://www.syndicatebank.in/

>
> or
>
> http://www.syndicatebank.in/downloads/empl_welfare_pension.pdf
>
> It is one of the best circular i have seen till now, with no mistakes.
>
> Regards,
> Sudeep
>
> --
> You received this message because you are subscribed to the Google
> Groups "bankpensioner" group.
> To post to this group, send an email to bankpe...@googlegroups.com.
> To unsubscribe from this
>  group, send email to bankpensione...@googlegroups.com.

> For more options, visit this group athttp://groups.google.com/group/bankpensioner?hl=en-GB.

[AMARJIT ARORA]

Sir,   Making payment of 156%., which means full PF received and 56% out of the arrears of salary /gratuity received.  As on the the said payments we have paid Income tax. After total computation i.e netting commutation amount, I will have to repay to the Bank about 7.50lacs. for opting for pension.  Whether this recovery of amount by the Bank will be deductable out of the total taxable income ( i.e arrear paid and pension received druing this financial year). Seondly, I retired in 2009 and paid I.Tax as usual on leave encashment, gratuity etc. and of course out of that amount we have to contribute towards 156% repayment. Clarification regarding treatment in view of IT will help a lot. Thanks amarjit arora

--- On Fri, 17/9/10, Sudeep <sudeep...@yahoo.com> wrote:

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[R Balaji]

Pl note that you have not paid Income tax on your PF amount and gratuity for Rs 3.50 lakhs. Further at the time of retirement encashment of PL is also not taxable. Under the circumstances, how you can say that you have paid IT on the amount received.
Pl discuss.
Balaji

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[ramalingam k.k]

Dear Amarjit Arora,

Please note the following Income tax implication

• The 100% of pf being returned  by you has no tax implications since you have not paid tax at the time of receipt.
  
• The 56% additional payment you are making is out of your income/savings and  but is not tax deductable.
• On the contrary, to the best of my knowledge the commutation and the arrears of pension you are going to receive from nov 2009 is taxable according to. corresponding income slab in which you will be falling.

with regards.
ramalingam

On Sat, Sep 18, 2010 at 3:52 PM, AMARJIT ARORA <arora_...@yahoo.com> wrote:

Sir,   Making payment of 156%., which means full PF re ceived and 56% out of the arrears of salary /gratuity received.  As on the the said payments we have paid Income tax. After total computation i.e netting commutation amount, I will have to repay to the Bank about 7.50lacs. for opting for pension.  Whether this recovery of amount by the Bank will be deductable out of the total taxable income ( i.e arrear paid and pension received druing this financial year). Seondly, I retired in 2009 and paid I.Tax as usual on leave encashment, gratuity etc. and of course out of that amount we have to contribute towards 156% repayment. Clarification regarding treatment in view of IT will help a lot.

To unsubscribe from this group, send email to bankpensione...@googlegroups.com.

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--
K.K.Ramalingam
Mobile: 9481240692
Residence:080-26669746

[Dr. Manmohan]

pls check your statmentwith some informed CA
as per my little knowledge the amt paid for pension fund is deductible under income tax
THE AMT RECD AS COMMUTATION IS DEDUCTIBLE U/S 10 OF IT ACT
ARREASR ARE TAXABLE AND SPREAD IS AVAILABLE FOR THE LAST YEAR ARREARS

On Mon, 20 Sep 2010 09:38:29 +0530 wrote

>Dear Amarjit Arora,

Please note the following Income tax implication

The 100% of pf being returned  by you has no tax implications since you have not paid tax at the time of receipt.
The 56% additional payment you are making is out of your income/savings and  but is not tax deductable.
On the contrary, to the best of my knowledge the commutation and the arrears of pension you are going to receive from nov 2009 is taxable according to. corresponding income slab in which you will be falling.
with regards.
ramalingam

On Sat, Sep 18, 2010 at 3:52 PM, AMARJIT ARORA wrote:


Sir,
 
Making payment of 156%., which means full PF re ceived and 56% out of the arrears of salary /gratuity received.  As on the the said payments we have paid Income tax. After total computation i.e netting commutation amount, I will have to repay to the Bank about 7.50lacs. for opting for pension.  Whether this recovery of amount by the Bank will be deductable out of the total taxable income ( i.e arrear paid and pension received druing this financial year). Seondly, I retired in 2009 and paid I.Tax as usual on leave encashment, gratuity etc. and of course out of that amount we have to contribute towards 156% repayment. Clarification regarding treatment in view of IT will help a lot.

Thanks
amarjit arora

--- On Fri, 17/9/10, Sudeep wrote:

From: Sudeep
Subject: Re: bankpensioner Syndicate Bank Pension Circular

To: "bankpensioner"

Date: Friday, 17 September, 2010, 12:30 PM



Hi J. K Bhargava,

Please note the additional effort by Syndicate bank for the pensioners
in the circular

=======================================================================
Steps are taken separately to advise those who retired from the

service from 29.09.1995 in the last
known address, the following information as available in the Bank’s
records.
(a) The amount of Bank’s contribution to PF with interest paid to him/
her at the time of retirement

including management contribution portion of NRW, if any, with
interest.
(b) 56% of the above amount representing his/her share in the funding
gap.
(c) The lumpsum amount he/she may get if he/she exercises his/her

option to join the pension
scheme and choose to commute 1/3rd of basic pension.
=======================================================================

Regards,
Sudeep

On Sep 17, 10:28 am,
Jagdish bhargava

wrote:
> kindly elaborate good ingredients of the said circular for the benefit of group members.

>
> J. K. Bhargava
> A-38 Minal Residency J. K. Road
> Bhopal M. P. 462023
> Ph:(0755)2682058(H) 9424090339(M)
>

> --- On Fri, 17/9/10, Sudeep wrote:

>
> From: Sudeep
> Subject: bankpensioner Syndicate Bank Pension Circular

> To: "bankpensioner"

> Date: Friday, 17 September, 2010, 7:15 AM

>
> Hi All,
>
> The syndicate bank circular has been issued, You can find the same athttp://www.syndicatebank.in/
>
> or
>

> http://www.syndicatebank.in/downloads/empl_welfare_pension.pdf
>
> It is one of the best circular i have seen till now, with no mistakes.

>
> Regards,
> Sudeep
>
> --
> You received this message because you are subscribed to the Google Groups "bankpensioner" group.
> To post to this group, send an email to bankpe...@googlegroups.com.

> To unsubscribe from this group, send email to bankpensione...@googlegroups.com.

> For more options, visit this group athttp://groups.google.com/group/bankpensioner?hl=en-GB.


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--
K.K.Ramalingam
Mobile: 9481240692
Residence:080-26669746




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Dr Manmohan
Wealth management Consultants
Life and Money.

[ramalingam k.k]

Dear light candles,

Thanks for asking this question. I referred the web site. I regret for my earlier email whre I had said that commutation is taxable. It was based on the logic that when pension is taxable, commutation which is part of the pension is also taxable. But as per sec 10 of IT act the commutation is taxable/not taxable as under:

5.2.3 Commutation of Pension [Sec 10(10A)]:

In case of employees of central & state government, local authority, defence services and corporations established under Central or State Acts, the entire commuted value of pension is exempt.

In case of any other employee, if the employee receives gratuity, the commuted value of 1/3 of the pension is exempt, otherwise, the commuted value of 1/2 of the pension is exempt.

Judges of S.C. & H.C. shall be entitled to exemption of commuted value upto 1/2 of the pension (Circular No. 623 dt. 6.1.1992).

with regards,
ramalingam

On Mon, Sep 20, 2010 at 7:31 PM, LIGHT CANDLES INSTEAD OF CURSING DARKNESS <lightca...@gmail.com> wrote:

Ramalingam jee.

Will commutation will also be subject to Income Tax?

Please oblige by personal mail to me..

lightcandles.

[ramalingam k.k]

Dear Manmohanji,

you are absolutely right. I subsequently had corrected my statement by my subsequent email. Thanks.

with regards,
ramalingam