AIBOC CIRCULAR NO. 68 DATED 12.07.2011

AIBOC issued its circular No. 68 dated 12.07.2011 on recovery of tax on 2.8 times Basic Pay contribution to the pension fund. We are reproducing the same here for our readers.

CIRCULAR NO. 68                                             DATE: 12.07.2011

To,

All Affiliates /Members

RECOVERY OF TAX ON 2.8 TIMES BASIC PAY CONTRIBUTION  TO THE PENSION FUND.

With further reference to our Circular letter No.34 dated 29th March, 2011, we are glad to advise that, our affiliate Laxmi Vilas Bank Officers’ Association, who are petitioner No. 1 in the M P.Nos. 1 to 1 of 2011, in WP No.6116 to 6120 of 2011, filed in the High Court of Judicature at Madras, have been able to get orders to continue the interim injunction passed on 29th March, 2011, until further orders.

The above said order which is passed on 04th July, 2011 further says that, any tax deducted from the pensioners should be held with the concerned Bank, until further orders are passed by the Court. If such tax is already remitted to the Income Tax Department, members may claim refund of the same as per the income tax rules and procedures.

Copy of the Court order is enclosed for your ready reference.

With greetings

Sd/-

(G.D. NADAF)

GENERAL SECRETARY