No tax on additional interest

Friends,

Its a good news for the employees working in Govt./Semi Govt./ Public and Private Sector employees who are getting higher rate on their Provident Fund Account. The additional quantum of interest on Employees Provident Fund deposits would be exempted from income tax, the Lok Sabha was informed today. The provident fund trustees had on September 15 decided to raise the EPF interest rate by 1% to 9.5 for 2010-11.

However as per income tax rules interest on EPF is exempted only upto 8.5 % only .so as per present rule though the interest payable is 9.5% but interest exempted is only 8.5% means additional 1 % is taxable in employee's hand .But now in Lok sabha Govt has declared that in rate given in income tax for exemption for interest on epf will also be increased to 9.5 %
 "The matter has been discussed with Finance Ministry and they have informed that they will revise the notification to 9.5% once it is approved by the Government," Minister of State for Labour and Employment Harish Rawat said in a written reply. The decision taken by the Central Board of Trustees of EPF to raise the interest rate would benefit 4.71 crore employees in both public and private sectors.

Facebook offers Rs 70 lakh package for IIT Madras students

Friends,

Facebook on Friday recruited one of its addicts from India. The website, which recently logged its 500 millionth active citizen, made an offer of about Rs 70 lakh for a posting in the United States, which has created a buzz on all IIT campuses where annual placements are on.

In the last three days, no other company , domestic or foreign, has come close to offering this kind of a compensation package.

While Facebook is still interviewing more IITians, the student in question, who gives his name as DKS — he is to graduate from the school of computer science and engineering at IIT-Kharagpur in 2011 and doesn’t want his full name to be revealed — has received a ‘‘ join-us’’ post from the website.

On his wall, DKS announces how he is hooked to Facebook, which cuts his day by half. He now knows that the social networking site, known as the Big Boss of the web-world , will eat up his days.

On the offer letter, officials from IIT-Kharagpur said Facebook offered a starting salary of $90,000, a relocation bonus of $10,000 and a one-time signing amount of $25,000 to the 21-year-old from Jamshedpur. But on the Kharagpur campus , students said DKS had also been offered ESOPs and the entire offer translates to about Rs 1.7 crore.

However, sources in the placement cell did not confirm this. DKS, whose father is a government employee, has in his time at IIT interned as a research assistant at the University of British Columbia and at Microsoft India.

Interviews were on till late Friday at IIT-Madras where Facebook shortlisted 10 students. But, after several rounds of interviews, it did not select anyone from IIT-Delhi. Close to 30 students were placed from IIT-B on Friday.

At IIT-Madras , the highest domestic offer on Friday came from Transocean, which offered Rs 28 lakh and the high point of the day was when Intel offered positions to 30 students.

At IIT-B , Tower Research which offered jobs to six students, was among the high paying companies . Several financial institutions — Goldman Sachs, Bank of American, Deutsche Bank, Citibank, Capital One — have made a come back after lying low in the recessionary years.

N Ramesh Babu, adviser (training and placement), IIT Madras, is both excited as well as in a dilemma of sorts with 250-odd recruiters comprising a mix of old and new economy having lined up in close slots till end-January 2011.

‘‘ We are in a position where, say, after 20 days you may not have enough students for recruitment. We have not been able to give dates for some companies.

Most companies which hire here, will also be going to the other IITs,’’ he said. In the last two days, IIT-Delhi too has seen 110 students being offered jobs.

20% Discount for BSNL Broadband Users

Friends,

I am very glad to inform all employee of Central / State Government, are in serving in service or retired from service and those are having BSNL Broad Band facility got 20% discount in bill (Usage/Rental.) The BSNL issued a good scheme to their Broad Band Users as 20% as discount in bill (Usage/Rental). The more information can be collected from BSNL Broad Band by dialing Toll Free Number  18004241600.

Note:-

* If you have not applied for the same till today. Don't worry you can avail benefit of this scheme in your bill w.e.f. 01 st Decemeber 2008. You have to produce an employer certificate from your employer and a simple application to BSNL.

* In case you are unable to dial 18004241600. Then press star+one (*+1) after dialing 18004241600 and then press nine (9) to talk with BSNL Customer representative.

RECRUITMENT OF INFORMATION TECHNOLOGY SPECIALIST OFFICERS (ITSO) IN STATE BANK OF INDIA

Friends,

State Bank of India is one of the most reputed Banks in India. You have a chance to Join the State Bank of India. The bank has demand applications for the post of Information Technology Specialist Officer (ITSO). So if you are eligible for the same then you should go for it without fail.

See the Advertisement Details Here

You can also download the application for free from HERE

Download CASH VOUCHER To apply for this post.

All the Best to all of you in advance.