SUPREME COURT JUDGEMENT IN FAVOUR OF SBM RETIREES

Circular issued by AIBRF on the above subject is reproduced below
Quote
Ref:2018/017
Date : 10.02.2018
The Office Bearers/ Central Committee Members/State Body Chiefs
A.I.B.R.F
Dear Comrades,
Re: SUPREME COURT JUDGEMENT IN FAVOUR OF SBM
RETIREES
We are happy to inform that Supreme Court has delivered two important judgments in favour of retirees of State Bank of Mysore. Our affiliate, State Bank of Mysore Pensioners’ Commune was fighting this legal battle for last several years to protect interest of large number of retirees in the bank. Details of the judgement are as under:
(a) Benefit of 1684 points neutralisation should be extended to those who retired between 1998 to 2002 ( 7th wage settlement)
(b) 5 years notional benefit in fixing basic pension as per Regulation No. 29 of Pension Regulations should be extended to those who took VRS under Special VRS Scheme of the bank
2.It is very important and historical victory of our affiliate and their comrades for which they successfully fought relentlessly. We convey our heartiest congratulations
to their General Secretary, Shri C.N.Prasad ( Vice President, AIBRF) and his entire team for this significant achievement.
3. It may be clarified to avoid possible quarries that the above two benefits are already available to the pensioners of other banks through efforts of AIBRF. Benefit of 1684 point was extended to pensioners retired under 7 settlement as per the
provisions of 8th settlement and AIBRF affiliates successfully fought in Supreme Court for 5 years notional benefit and about 1 lakhs affected pensioners were given this benefit by banks in 2009 as per the court order.
With Warm Regards
Yours Sincerely,
( S.C.JAIN)
GENERAL SECRETARY
Unquote

Tax Exemptions/Concessions to Senior Citzens in Union Budget 2018-2019

A circular issued by AIBRF on the above subject is reproduced below
Quote

Ref:2018/016                                                 Date : 10.02.2018

    

    The Office Bearers/ Central Committee Members/State Body Chiefs

    A.I.B.R.F

    Dear Comrades,

                

         Re: TAX EXEMPTIONS/ CONCESSIONS TO SENIOR CITIZENS

                IN UNION BUDGET 2018-2019

Finance Minister has announced some significant concessions/ exemptions to the senior citizens  while presenting union budget for 2018-2019. The following are worth noting.

(1)     INTEREST INCOME FROM BANKS: Exemption of interest income on deposits with banks and post offices to be increased from Rs. 10,000 to Rs. 50,000.

(2)     TDS EXEMPTION: TDS not required to be deducted under section 194A. Benefit also available for interest from all fixed deposit schemes and recurring deposit schemes. (Section 194A: For quick and efficient collection of taxes, the Income tax Law has incorporated system of deduction of tax at the point of generation of income. This system is called “Tax Deducted at Source” normally known as TDS. Under this system, tax is deducted at the point of origination of income. Tax is deducted by the payer and the same is directly remitted to the Government by the payer on behalf of the payee.) In other words, starting from 01.04.2018, no TDS will be deducted from interest income by banks in case of senior citizens.

(3)     Hike in deduction limit for health insurance premium and/ or medical expenditure from Rs. 30,000 to Rs. 50,000 under section 80D.

(4)     Increase in deduction limit for medical expenditure for certain critical illness from Rs. 60,000 (in case of senior citizens) and from Rs. 80,000 (in case of very senior citizens) to Rs. 1 lakh for all senior citizens, under section 80DDB.

(5)     Proposed to extend Pradhan Mantri Vaya Vandana Yojana up to March, 2020. Current investment limit proposed to be increased to Rs. 15 lakh from the existing limit of Rs. 7.5 lakh per senior citizen.

(6)     Standard deduction of Rs 40,000 for pensioners

2. As advised you earlier, while writing on FRDI issue to FM vide our letter dated 18.12.2017 AIBRF had given suggestion to increase exemption limit on interest income from existing Rs. 10000 to Rs. 50000 to senior citizens to provide much needed relief to this group. We are indeed happy that our suggestion has been favorably considered by the FM.

3. The above concessions / exemptions will reduce tax liability of senior citizen (including bank retirees ) from Rs. 9000 to Rs. 27000 p.a. and per family Rs. 18000 to Rs. 54000 p.a. if spouse is also tax payer. We welcome these announcements and convey our thanks to the Finance Minister for this positive gesture towards senior citizens. 

   

                           With Warm Regards

                                                                    Yours Sincerely,

                                                                                                                         

                                                                        ( S.C.JAIN)

                                                                GENERAL SECRETARY

 Unquote

DEARNESS RELIEF PAYABLE TO PENSIONERS FROM 1st FEB'18 TO 31st July'18 - 49 SLABS INCREASE

DEARNESS RELIEF PAYABLE TO PENSIONERS FROM 1st FEB'18 TO 31st July'18
Average Index		6551		Increase	49	Slabs
Dearness Relief to Pensioners who retired on or after 1st Day of January,1986
but before 1st Day of November,1992/ 1st July 1993.
					Index
Basic Pension:					1487	Over 600
Up to 1250	1251 to 2000	2001 to 2130	Above 2130
996.29	817.85	490.71	252.79	%
Dearness Relief to Pensioners who retired on or after 1st Day of November,
1992/ 1st July 1993.
Up to 2400	2401 to 3850	3851 to 4100	Above 4100		1350	over 1148
472.5	391.5	229.5	121.5	%
Dearness Relief to Pensioners who retired on or after 1st April,1998.
Upto 3550	3551 to 5650	5651 to 6010	Above 6010		1216	Over 1684
291.84	243.2	145.92	72.96	%
Dearness Relief to Pensioners who retired on or after 1st November ,2002.
			191.7	%	1065	Over 2288
Dearness Relief to Pensioners who retired on or after 1st November,2007
			139.2	%	928	Over 2836
Dearness relief to Pensioners who retired on or after 1st November,2012.
			52.7	%	527	Over 4440
.pm./31.1.18

D.A calculator is available for calculating revised D.A. and difference. For calculating D.A , enter basic ( original basic without reducing commutation amount) and click on the calculate button. Revised D.A , Present D.A. and difference will be displayed on the calculator. Select appropriate retirement date range according to the date of retirement.

 
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