Exemption of Salaried Employees from Requirement of Filing of Returns for Assessment Year 2012-13.

   Central Board of Direct Taxes (CBDT) vide its Notification No. 9/2012 dated 17th February, 2012 has exempted salaried employees from the requirement of filing the returns for assessment year 2012-13. The exemption is applicable only if all the following conditions are fulfilled:-

•    Employee has earned only salary income and income from savings bank account and the annual interest earned from savings bank account is less than Rs. 10 thousand.

•    The total Income of the employee does not exceed Rs. 5 Lakh (Total Income means Gross Total Income Less deductions under Chapter VIA).

Relaxation of condition relating to enhancement of age of superannuation of teachers in state institutions consequent of the implementation of the revised pay scales on the basis of 6th Pay Commission recommendations.

   The Cabinet today approved the proposal to relax the condition of enhancement of age of superannuation of teachers to 65 in state institutions for the implementation of the revised pay scales on the basis of 6lh Pay Commission recommendations and become eligible for receiving Central share of 80% of the arrear payment.

   It also decided that reimbursement of 80% of the Central share of the arrears be paid in 2-3 installments to those States who have already made the payment and submitted their proposals for reimbursements to the Central Government.

   The decision of Cabinet is expected to provide relief to teachers in State institutions with the payment of arrears. It will also benefit State Governments, who will be able to make the arrear payment in installments and also claim reimbursements simultaneously.

Out of turn promotion for sportspersons.

   The Union Cabinet today approved a policy to promote sportspersons for excellence in international sports events, by giving upto three out of turn promotions in their service career for winning medals in Olympic Games, Commonwealth Games, Asian Games and World Championships. The sportsperson winning a medal or more than one medal in a Game/Team Events/Championships in a particular year will be eligible for an out of turn promotion in that year. Further record-breaking medal winning performance in National Games will also be considered for one out of turn promotion during the service career. Two out of turn promotions will be given for performance as a Coach, if he/she has trained a sportsperson who wins a medal in international sports events.