credit of pension arrears
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Perumal Velayudhan
3 de jan. de 2011, 05:36:5503/01/2011
para bankpe...@googlegroups.com, syndicate-bank...@googlegroups.com
3rd Jan 2011
Dear all,
Mr. Vasudevan of syndicate bank was kind enough to inform me that he contacted HO regardeing credit of pension and it was informed that HO has finalised and almost all the pension arrears was sent and that the pensioners may receive the same within a day or too. He asked me to contact the branch. Accordingly, today I went to the branch and enquired. In the passbook there was no entry. On further enquiries , i was told that some TTs have come without any specifica account number. When i produced my passbook,they found that my pension arrears was received. They credited the amount today and i have updated the passbook too.
I do hope that most of the retirees of syndicate bank would have got the pension by this time. The calculation sheet is yet tobe received.
vmperumal
S.H.S. Mani
3 de jan. de 2011, 08:52:3703/01/2011
para bankpe...@googlegroups.com
| Sir, Congrats. I could understand the anxiety of all our friends and all are very eager to receive the first month pension. I could also understand how much happiness in their wordings about pension credit, though being received after very much long waited period, and after paying 56% more. All should get soon and I pray a healthy life of all. Thanks. With regards. --- On Mon, 3/1/11, Perumal Velayudhan <vmpe...@gmail.com> wrote: |
|
sham kalra
3 de jan. de 2011, 21:51:4003/01/2011
para bankpe...@googlegroups.com, vmpe...@gmail.com
Thank you shri perumal ji I have also received pension arrears alongwith pension for Dec2010 at Syndicate Bank Patiala Branch amounting to Rs82539/- with the same problem you have faced .The HO/SWD has sent the TT but without details and it was written on TT wait for further instruction.The Patiala Branch contacted me and then I enquired from HO/swd and then they have instructed Patiala Brach to credit amount to my Saving Account.
Thanks
Sham Kalra
EX Emp. Syndicate Bank
Patiala Branch (Punjab)
(M)09316430630
--
Bhag Chand Jain
4 de jan. de 2011, 05:27:3104/01/2011
para bankpe...@googlegroups.com
I get my pesion arrear as wellas pension for the month of Dec.-2010
>> bankpensione...@googlegroups.com<bankpensioner%2Bunsu...@googlegroups.com>
ramanujam govindarajan
4 de jan. de 2011, 05:40:2904/01/2011
para bankpe...@googlegroups.com
Now that Pension arrears are credited to most of the Retirees, the next question of payment of income tax surfaces. Blog memebers who are well versed in IT rules may enlighten the group members regarding calculation of IT , with emphasis on whether the pension fund gap paid by the Retirees can be deducted from the pension arrears for computation of pension income, about Section 89(1), exemption for the pension commutation amount and other related matters., for which all the concerned will be very much obliged and gratefull.-Regars -G.Ramnujam.
From: S.H.S. Mani <shsm...@yahoo.co.in>
To: bankpe...@googlegroups.com
Sent: Mon, 3 January, 2011 7:22:37 PM
Subject: Re: bankpensioner credit of pension arrears
Perumal Velayudhan
5 de jan. de 2011, 04:25:1605/01/2011
para bankpe...@googlegroups.com
hi all,
The points raised by Mr. Ramanujam is the next important aspect. Many of us might have paid IT last year too and hence in those cases, sec 89(1) ie splitting of pension to last year may not help much unless u r in high tax bracket now and last year ur tax rate was low or if no tax was due for last year.
Learned persons well versed can suggest ,/ highlight the other points tobe taken note of in this regard
vmperumal
PM
5 de jan. de 2011, 08:14:3705/01/2011
para bankpensioner
Dear Mr.Ramanujam Govindarajan,
01. Please note that Pension received from a former employer is
taxable as salary.
Section 60 of the CPC and Section 11 of the Pension Act defines
Pension as a periodical allowance or stipend granted on account of
past service, particular merits, etc. As such the relevant provisions
of TDS as specified in Section 192 and other relevant provisions are
also applicable to pension income and tax is deductible on the same as
it is in the case of payment of salary.
Rebates under Sec 80C can be claimed by pensioner as the case may be.
02.As far as Arrears of Pension is concerned, which falls under two
Financial Years( 27.11.2009 to 31.3.2010) and from 1.4.2010 to
31.3.2011),relief under Sec.89 (1)can be sought, which says, where an
assessee is in receipt of a sum in the nature of salary, being paid in
arrears due to which his total income is assessed at a rate higher
than that at which it would otherwise have been assessed, the
Assessing Officer shall, on an application made to him in this behalf,
grant such relief as may be prescribed.
Basically, the relief under section 89(1) is arithmetical. It
involves finding out of two rates of tax. The first is the rate of tax
applicable to the total income including the extra amount in the year
of receipt. The second is finding out the rate by adding the arrears
to the total income of the years to which they relate. For this
purpose the assessee should be asked for a true and authentic
statement of the total income of the earlier years to which the
arrears pertain.
03.Regarding exemptions ,please note that as per IT Rules, all
receipts which give rise to income are taxable unless they are
specifically exempted from tax under the Act. Such exempted income are
enumerated in section 10 of the Act.Accordingly Payment of
Gratuity,Provident Fund ,Commutation of Pension,Encashment of Leave,Ex-
gratia received on VRS (up to Rs.5lakjs)etc. are exempted
04. Refund made towards “Pension Fund Gap “ is neither an item
specifically exempted or rank for rebate under IT Act.It is only an
understanding/condition made by IBA and Unions vide settlement dt
27.4.10, to refund PF and 56 % thereof by retirees to eligible to opt
for 2nd option on Pension.Funding of 'Gap' has no justification and
legal background.
Investment in Pension Fund under Sec80.ccc is different from above.
Hence the question of admissibility of relief on adjusting refund
amount towards arrears does not arise.
Income Tax Rates for current FY is as follows:
Rs 0 – 1,60,000
Up to Rs.19000(Women)
Up to Rs.24000(Sr.Citizen(65Yrs) - Nil
Rs. 1,60,001 – Rs. 5,00,000 - 10%
Rs. 5,00,001 – Rs. 8,00,000 - 20%
Above Rs. 8,00,000 - 30%
On Jan 4, 5:40 am, ramanujam govindarajan
> For more options, visit this group athttp://groups.google.com/group/bankpensioner?hl=en-GB.- Hide quoted text -
>
> - Show quoted text -
01. Please note that Pension received from a former employer is
taxable as salary.
Section 60 of the CPC and Section 11 of the Pension Act defines
Pension as a periodical allowance or stipend granted on account of
past service, particular merits, etc. As such the relevant provisions
of TDS as specified in Section 192 and other relevant provisions are
also applicable to pension income and tax is deductible on the same as
it is in the case of payment of salary.
Rebates under Sec 80C can be claimed by pensioner as the case may be.
02.As far as Arrears of Pension is concerned, which falls under two
Financial Years( 27.11.2009 to 31.3.2010) and from 1.4.2010 to
31.3.2011),relief under Sec.89 (1)can be sought, which says, where an
assessee is in receipt of a sum in the nature of salary, being paid in
arrears due to which his total income is assessed at a rate higher
than that at which it would otherwise have been assessed, the
Assessing Officer shall, on an application made to him in this behalf,
grant such relief as may be prescribed.
Basically, the relief under section 89(1) is arithmetical. It
involves finding out of two rates of tax. The first is the rate of tax
applicable to the total income including the extra amount in the year
of receipt. The second is finding out the rate by adding the arrears
to the total income of the years to which they relate. For this
purpose the assessee should be asked for a true and authentic
statement of the total income of the earlier years to which the
arrears pertain.
03.Regarding exemptions ,please note that as per IT Rules, all
receipts which give rise to income are taxable unless they are
specifically exempted from tax under the Act. Such exempted income are
enumerated in section 10 of the Act.Accordingly Payment of
Gratuity,Provident Fund ,Commutation of Pension,Encashment of Leave,Ex-
gratia received on VRS (up to Rs.5lakjs)etc. are exempted
04. Refund made towards “Pension Fund Gap “ is neither an item
specifically exempted or rank for rebate under IT Act.It is only an
understanding/condition made by IBA and Unions vide settlement dt
27.4.10, to refund PF and 56 % thereof by retirees to eligible to opt
for 2nd option on Pension.Funding of 'Gap' has no justification and
legal background.
Investment in Pension Fund under Sec80.ccc is different from above.
Hence the question of admissibility of relief on adjusting refund
amount towards arrears does not arise.
Income Tax Rates for current FY is as follows:
Rs 0 – 1,60,000
Up to Rs.19000(Women)
Up to Rs.24000(Sr.Citizen(65Yrs) - Nil
Rs. 1,60,001 – Rs. 5,00,000 - 10%
Rs. 5,00,001 – Rs. 8,00,000 - 20%
Above Rs. 8,00,000 - 30%
On Jan 4, 5:40 am, ramanujam govindarajan
<ramanujamgov...@yahoo.co.in> wrote:
> Now that Pension arrears are credited to most of the Retirees, the next question
> of payment of income tax surfaces. Blog memebers who are well versed in IT rules
> may enlighten the group members regarding calculation of IT , with emphasis on
> whether the pension fund gap paid by the Retirees can be deducted from the
> pension arrears for computation of pension income, about Section 89(1),
> exemption for the pension commutation amount and other related matters., for
> which all the concerned will be very much obliged and gratefull.-Regars
> -G.Ramnujam.
>
> ________________________________
> From: S.H.S. Mani <shsman...@yahoo.co.in>
> Now that Pension arrears are credited to most of the Retirees, the next question
> of payment of income tax surfaces. Blog memebers who are well versed in IT rules
> may enlighten the group members regarding calculation of IT , with emphasis on
> whether the pension fund gap paid by the Retirees can be deducted from the
> pension arrears for computation of pension income, about Section 89(1),
> exemption for the pension commutation amount and other related matters., for
> which all the concerned will be very much obliged and gratefull.-Regars
> -G.Ramnujam.
>
> ________________________________
> To: bankpe...@googlegroups.com
> Sent: Mon, 3 January, 2011 7:22:37 PM
> Subject: Re: bankpensioner credit of pension arrears
>
> Sir, Congrats. I could understand the anxiety of all our friends and all are
> very eager to receive the first month pension. I could also understand how much
> happiness in their wordings about pension credit, though being received after
> very much long waited period, and after paying 56% more. All should get soon and
> I pray a healthy life of all. Thanks. With regards.
>
> --- On Mon, 3/1/11, Perumal Velayudhan <vmperu...@gmail.com> wrote:
> Sent: Mon, 3 January, 2011 7:22:37 PM
> Subject: Re: bankpensioner credit of pension arrears
>
> Sir, Congrats. I could understand the anxiety of all our friends and all are
> very eager to receive the first month pension. I could also understand how much
> happiness in their wordings about pension credit, though being received after
> very much long waited period, and after paying 56% more. All should get soon and
> I pray a healthy life of all. Thanks. With regards.
>
>
> - Show quoted text -
ramanujam govindarajan
6 de jan. de 2011, 01:13:1906/01/2011
para bankpe...@googlegroups.com
Thank you Mr.PM Sir for your quick and elaborate response to my querry on IT. Regarding contribution to pension fund gap , AIBOC have already sent a communication dated 10.05.2010 to IBA to issue necessary guidelines to the member Banks to treat the contribution towards pension fund gap as investment in superannuation schemes and be exempted from payment of income tax on the same. But the said representation is for the existing officers who have opted 2nd pension by contributing 2.8 times of revised pay as on 01.11.2007 and there is no mention aboubt the 156% or atleast 56% of PF made by the retirees. Please inform in your considered opinion, in the event of the representation of the AIBOC is being agreed upon for the existing Employees/Officers,
whether the same will hold good for retirees also. Further , those who are in close quarters of AIBOC may inform the blog members the on date status of the aforesaid representaion of AIBOC. Regards-G.Ramanujam.
From: PM <moha...@gmail.com>
To: bankpensioner <bankpe...@googlegroups.com>
Sent: Wed, 5 January, 2011 6:44:37 PM
> >bankpensioner+unsub...@googlegroups.com.
> >For more options, visit this group at
> >http://groups.google.com/group/bankpensioner?hl=en-GB.
>
> --
> You received this message because you are subscribed to the Google Groups
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> bankpensioner+unsub...@googlegroups.com.
> For more options, visit this group athttp://groups.google.com/group/bankpensioner?hl=en-GB.- Hide quoted text -
>
> - Show quoted text -
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Perumal Velayudhan
6 de jan. de 2011, 04:57:5906/01/2011
para bankpe...@googlegroups.com, con...@sbra.co.in, syndicate-bank...@googlegroups.com
6th Jan 2011
Dear Ramanujam,
This is a very valuable information, which will go to reduce much of the tax burden. I request the retirees association to take appropriate steps for getting the benefit to retirees who have opted for pension now .Many of the retirees might have borrowed to pay the 156% pension fund and to pay IT too will be a burden on many of them.
Hence urgent steps may be taken to get the benefit
vmperumal
To unsubscribe from this group, send email to bankpensione...@googlegroups.com.
Bajrang Lal Choudhary
6 de jan. de 2011, 04:59:3506/01/2011
para bankpe...@googlegroups.com
Dear Sirs,
Please visit the following blog for some details on incometax on pension.
With Regards,
B L Choudhary
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PM
6 de jan. de 2011, 06:01:5006/01/2011
para bankpensioner
Dear Mr.Ramanujam Govindarajan,
It is true that AIBOC has written a
letter to IBA vide Ref. No./1452/145/10 dated 10.05.2010,to obtain
special permission from the Central Board of Direct Taxes to exempt
the entire contribution towards pension fund, from payment of tax.
AIBOC's view is that “The contributions made by the employees towards
the Superannuation Benefits; such as Provident Fund, Pension Fund
etc., are eligible for the tax exemption as per the Income Tax rules
and treated as investments in the eligible securities for all
practical purposes. Thus, the money, so contributed towards pension
fund in Bank is liable to be exempted from the payment of Income tax
by the Tax authorities. It is in this background, there is a need to
issue proper instructions to all the Banks at the time of sending
guidelines for the implementation of the 9th Bipartite settlement as
well as the payment of arrears to cover inter-alia”
IBA while issuing guidelines to Banks on 10th Aug 2010 has not at all
touched the above point.
It is a fact that CBDT has to take decision on the subject on
exemption.If,payment towards 'Pension Fund Gap' is exempted,such
decision will be applicable to all those who have contributed.
On Jan 6, 1:13 am, ramanujam govindarajan
> > >bankpensione...@googlegroups.com.
It is true that AIBOC has written a
letter to IBA vide Ref. No./1452/145/10 dated 10.05.2010,to obtain
special permission from the Central Board of Direct Taxes to exempt
the entire contribution towards pension fund, from payment of tax.
AIBOC's view is that “The contributions made by the employees towards
the Superannuation Benefits; such as Provident Fund, Pension Fund
etc., are eligible for the tax exemption as per the Income Tax rules
and treated as investments in the eligible securities for all
practical purposes. Thus, the money, so contributed towards pension
fund in Bank is liable to be exempted from the payment of Income tax
by the Tax authorities. It is in this background, there is a need to
issue proper instructions to all the Banks at the time of sending
guidelines for the implementation of the 9th Bipartite settlement as
well as the payment of arrears to cover inter-alia”
IBA while issuing guidelines to Banks on 10th Aug 2010 has not at all
touched the above point.
It is a fact that CBDT has to take decision on the subject on
exemption.If,payment towards 'Pension Fund Gap' is exempted,such
decision will be applicable to all those who have contributed.
On Jan 6, 1:13 am, ramanujam govindarajan
<ramanujamgov...@yahoo.co.in> wrote:
> Thank you Mr.PM Sir for your quick and elaborate response to my querry on IT.
> Regarding contribution to pension fund gap , AIBOC have already sent a
> communication dated 10.05.2010 to IBA to issue necessary guidelines to the
> member Banks to treat the contribution towards pension fund gap as investment in
> superannuation schemes and be exempted from payment of income tax on the same.
> But the said representation is for the existing officers who have opted 2nd
> pension by contributing 2.8 times of revised pay as on 01.11.2007 and there is
> no mention aboubt the 156% or atleast 56% of PF made by the retirees. Please
> inform in your considered opinion, in the event of the representation of the
> AIBOC is being agreed upon for the existing Employees/Officers, whether the same
> will hold good for retirees also. Further , those who are in close quarters of
> AIBOC may inform the blog members the on date status of the aforesaid
> representaion of AIBOC. Regards-G.Ramanujam.
>
> ________________________________
> From: PM <mohan...@gmail.com>
> Thank you Mr.PM Sir for your quick and elaborate response to my querry on IT.
> Regarding contribution to pension fund gap , AIBOC have already sent a
> communication dated 10.05.2010 to IBA to issue necessary guidelines to the
> member Banks to treat the contribution towards pension fund gap as investment in
> superannuation schemes and be exempted from payment of income tax on the same.
> But the said representation is for the existing officers who have opted 2nd
> pension by contributing 2.8 times of revised pay as on 01.11.2007 and there is
> no mention aboubt the 156% or atleast 56% of PF made by the retirees. Please
> inform in your considered opinion, in the event of the representation of the
> AIBOC is being agreed upon for the existing Employees/Officers, whether the same
> will hold good for retirees also. Further , those who are in close quarters of
> AIBOC may inform the blog members the on date status of the aforesaid
> representaion of AIBOC. Regards-G.Ramanujam.
>
> ________________________________
> > >For more options, visit this group at
> > >http://groups.google.com/group/bankpensioner?hl=en-GB.
>
> > --
> > You received this message because you are subscribed to the Google Groups
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> > To unsubscribe from this group, send email to
> > bankpensione...@googlegroups.com.
> > >http://groups.google.com/group/bankpensioner?hl=en-GB.
>
> > --
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> > To unsubscribe from this group, send email to
> > For more options, visit this group
> >athttp://groups.google.com/group/bankpensioner?hl=en-GB.-Hide quoted text -
>
> > - Show quoted text -
>
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> > - Show quoted text -
>
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lionmoreshwar bhalerao
7 de jan. de 2011, 11:16:5207/01/2011
para bankpe...@googlegroups.com
contribution of 2.8 times and 56 % can not have differren treatment when both are towards the contribution to funding the gap.it will be bad in the eyes of law and can be challenged on the grounds of equity and natural justice.
On Thu, Jan 6, 2011 at 11:43 AM, ramanujam govindarajan <ramanuj...@yahoo.co.in> wrote:
To unsubscribe from this group, send email to bankpensione...@googlegroups.com.
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