Welcome to the official blog of AIPSA. This blog is meant for use by members of All India Postal Stenographers' Association******E-mail: parambilmohan@gmail.com
================== Blog maintained by : P. Radhamohan Nair, Retired Private Secretary to Post Master General, Northern Region, Calicut, Kerala Circle===================

Friday, January 05, 2018

All 650 branches of IPPB to be launched by April

NEW DELHI, January 3 (PTI): The government expects to roll out all 650 branches of India Post Payments Bank (IPPB) by April, 2018, Parliament was informed today.
In a written reply to Lok Sabha, Minister of State for Communication Manoj Sinha said IPPB has launched 2 pilot branches on January 30, 2017 at Raipur (Chhattisgarh) and Ranchi (Jharkhand) in 2016-17.
However, no branch was rolled out in the current financial year, Sinha said.

RBI granted licence to IPPB on January 20, 2017 to carry out payments bank activities.
The minister said IPPB aims to have a pan-India reach and subject to feasibility, all post offices (approximately 1.55 lakh) across the country will progressively become its access points to provide banking products and services as per RBI guidelines on payments bank.
In reply to a separate question on IPPB, Sinha said the payments bank proposes to tie up with banking and other financial institutions and expressions of interest for tie-ups have been received.
Also, preliminary discussions are on in this regard.
“IPPB has entered into an MoU with Punjab National Bank (PNB) and PNB MetLife India Insurance Company Ltd,” Sinha said.
IPPB was incorporated on August 17, 2016 under Companies Act, 2013 as a public limited company with 100 per cent Government of India equity under Department of Posts, he said.

SSC Important Notification for CGL(Tier-II) 2017, MTS (NT)(Paper-II) 2016 AND JE (Paper-I) 2017 Examination

Staff Selection Commission (SSC) has published Important Notification for CGL(Tier-II) 2017, MTS (NT)(Paper-II) 2016 AND JE (Paper-I) 2017 Examination, Check below for more details.


Notice:
Candidates are hereby informed that :
1. The Combined Graduate Level Examination (Tier-II), 2017, earlier scheduled to be held from 18.1.2018 to 20.1.2018, has been postponed and will now be held from 17.2.2018 to 22.2.2018.
2. The Multi-Tasking (Non-Technical) Staff Examination (Paper-II), 2016, will be held on 28.1.2018.
3. The Junior Engineers Examination (Paper-I), 2017, earlier scheduled to be held from 22.1.2018 to 25.1.2018, will now be held from 22.1.2018 to 29.1.2018 (There will be no examination on 26th and 28th January 2018).

Official Notification: Click Here

SB Order 16/2017 : Inclusion of Aadhaar in respect of Small Savings Scheme - Addendum


Government launch New Savings Scheme - 7.75% Savings (Taxable) Bonds, 2018


How to claim tax benefit on tuition fees under Section 80C

Sending kids to school has an inbuilt tax advantage for parents. This is because tuition fee qualifies for tax benefit under Section 80Cof the Income-tax Act, 1961. The amount of tax benefit is within the overall limit of the section of Rs 1.5 lakh a year. 

For tax purposes, the fee reduces the total gross income which in turn reduces the tax liability. Let us say you fall in the highest income bracket and you pay 30.9 per cent as tax, and you pay Rs 80,000 a year as schools fees. In this case, the tax saved will amount to Rs 24,720 in that year. 

Here's how to get the maximum benefit out of tuition fees

Are all institutions eligible? 
Tuition fees paid at the time of admission or anytime during the financial year to any registered university, college, school or educational institution based in India qualifies for tax benefit. 

What kind of education? 
It has to be a full-time education, including any play school activities, pre-nursery and nursery classes. The institution can be either private or a government sponsored one. 

What is not covered? 
At times, parents have to make payments, other than tuition fees, to the educational institutions. Payments like development fees or donation or capitation fees, etc., are not covered and do not qualify for tax benefit. Also, if you haven't paid the fees on time, the applicable late fee paid will not be eligible. 

Tax benefit for how many children? 
The benefit applies for the fees paid for up to two children. So if a couple has four children, both can claim tax benefit as both have a separate limit of two children each. 

Which parent gets the tax benefit? 
The parent who makes the payment gets the tax advantage. If both parents are working and pay taxes, both can claim individually up to the amount of fees paid. 

If both are working and want to take the benefit under Section 80C for the amount paid by them respectively, they can do so. So if the fee paid is Rs 2 lakh, of which the father has paid Rs 50,000, while the mother has paid Rs 1.5 lakh, both can claim the amount individually as per the payment made by them. 

Conclusion 
As the upper limit for Section 80C tax benefit is Rs 1.5 lakh a year, see how much of that gets exhausted through tuition fees and then decide on further tax savers. While the tax benefit on tuition fees is incidental and helps you to save tax during the early days of your child's education, do not forget to create a long-term investment plan for his higher education. 

Estimate the amount needed for higher studies and create a savings plan towards that goal, preferably through SIPs in 3-5 equity diversified mutual funds scheme. To ensure that the goal is met, do buy adequate life cover, preferably through a pure term insurance plan.

Source:-The Economic Times

Postal Savings Bank Interest Rate – 01/01/2018 to 31/03/2018 - Ready Reckoner


SB Order No.19/2017-Revision of interest rates of Small Savings Schemes

To view please Click Here.