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Wednesday, November 27, 2024
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Tuesday, November 26, 2024
Saturday, November 23, 2024
Bank Unions Oppose PLI Scheme for Senior Bank Executives
PLI Ceiling for Each Category
Grade | PLI Ceiling as % of Annual Basic Pay |
---|---|
EDs and MDs of Nationalised Banks, DMDs, MDs, and Chairman of SBI | 100% |
Scale VII and Scale VIII | 90% |
Scale V and Scale VI | 80% |
Scale IV | 70% |
AIBEA Urges DFS to Review Revised PLI Scheme for Senior Bank Executives
The All India Bank Employees’ Association (AIBEA) has expressed concerns over the revised Performance Linked Incentive (PLI) scheme for Whole Time Directors and senior executives in public sector banks (PSBs). In a letter addressed to the Secretary of the Department of Financial Services (DFS), AIBEA highlighted issues arising from the recent directive mandating PSBs to formulate board-approved policies under the revised scheme.
The DFS notification dated November 19, 2024, extends the PLI framework to officers from Scale IV to Scale VIII. AIBEA argues that this directive undermines the collective bargaining agreements already in place between the Indian Banks’ Association (IBA) and the United Forum of Bank Unions. These agreements cover employees from clerical staff to officers in Scale VIII and are based on mandates provided by bank boards.
AIBEA pointed out the inequity in limiting performance-linked incentives to less than 5% of the workforce, primarily senior officers, while excluding the remaining 95% of employees who contribute significantly to business growth at the field level. This selective approach, the association warned, risks fragmenting the workforce and impacting collective harmony.
Concerns Over Autonomy and Governance
Citing the Gyan Sangam summit of January 2015, where the Prime Minister emphasized professional autonomy for banks, AIBEA noted that the current directive contradicts this principle. The association asserted that the scheme imposes centralized control, undermining the autonomy of PSB boards to govern independently. It warned that such micromanagement could hinder strategic decision-making tailored to the unique challenges of individual bank
AIBEA also criticized the scheme’s reliance on the controversial “bell curve” method for performance evaluation, describing it as outdated and detrimental to employee morale. The association argued that this system fails to account for individual competencies and potential, often forcing arbitrary rankings that lead to unfair outcomes.
Risks of Reward-Driven Systems
The letter highlighted the pitfalls of reward-based compensation systems, warning that they could erode intrinsic motivation and teamwork. AIBEA argued that incentivizing individual performance at the expense of collective growth could harm organizational excellence and innovation. The association stressed that true excellence stems from intrinsic motivation rather than extrinsic rewards like monetary incentives.
Call for Collaborative Compensation Design
AIBEA urged the DFS to respect the autonomy of public sector banks and entrust the IBA and bank managements with designing compensation mechanisms in consultation with unions and associations. Such an approach, the association argued, would ensure fairness, sustainability, and alignment with the collective growth of banks and their workforce.
The AIBEA concluded by emphasizing the need for inclusive and equitable policies that recognize the contributions of all employees rather than prioritizing a select few. It called on the DFS to revisit the PLI scheme in the interest of preserving organizational harmony and ensuring the long-term success of public sector banks.
Kerala High Court says Income From Sale Of Immovable Properties should be Treated as ‘Capital Gains’ Not ‘Business Income’
The Kerala High Court has clarified that income from the sale of immovable properties should be taxed as ‘capital gains’ and not as ‘business income.’ This ruling came from a Division Bench comprising Justices A.K. Jayasankaran Nambiar and K.V. Jayakumar, who emphasized the importance of maintaining uniformity and consistency in tax assessments, especially when categorizing the nature of an assessee’s income-generating activities.
Background of the Case
The assessee had consistently classified its rental income as “Income from House Property,” a practice accepted by the tax department in previous assessments. However, for the assessment years 2012-13 and 2015-16, the Department reclassified the income as “Business Income,” leading to the taxation of the sale proceeds of immovable properties under that category instead of as capital gains.
Challenging this reclassification, the assessee filed appeals with the Commissioner of Income Tax (Appeals), who ruled in its favor. The Revenue subsequently appealed the decision before the Income Tax Appellate Tribunal (ITAT), which initially dismissed the Revenue’s challenge. However, the Tribunal later accepted a rectification application by the Revenue based on audit objections and restored the appeals.
Court’s Observations
The High Court noted that the assessee’s consistent practice of earning rental income and categorizing it under “Income from House Property” had been accepted by the Department in prior and subsequent assessment years. The Bench stated that merely selling a portion of its properties during the disputed years did not transform the assessee’s primary activity into a business of buying and selling properties, even if such activity was permitted by its Memorandum of Association.
The Court also highlighted that these property sales were incidental to the assessee’s main activity of letting out properties for rent. This incidental nature could not alter the established classification of income under “capital gains.”
Tribunal’s Jurisdiction Questioned
The Bench agreed with the assessee’s argument that the ITAT lacked jurisdiction to entertain the Revenue’s belated rectification application. It reiterated that the Tribunal, as a statutory body, could not extend its powers beyond those explicitly granted by law.
Verdict
In its judgment, the Kerala High Court ruled that the sale of immovable properties during the disputed assessment years should be treated as “capital gains” for taxation purposes. It further held that the ITAT’s acceptance of the Revenue’s rectification plea was beyond its statutory jurisdiction. Consequently, the Court allowed the appeal, reinforcing the importance of consistency and fairness in tax assessments.
Sunday, November 17, 2024
Court says Salary Reduction and Designation Downgrade without prior notice violates principles of natural justice
Background
The case involved petitioner Suray Deo Paswan, a non-teaching employee at Magadh University. Initially appointed as a Dresser in 1985, he was promoted to Dispenser in 2012. As of January 1, 2016, his salary was fixed at ₹49,600. However, the Pay Verification Cell later reduced his salary and downgraded his designation from Dispenser to Compounder without any notice or justification.
The petitioner challenged the action, claiming it violated principles of natural justice and disregarded a prior Patna High Court judgment that mandated specific procedural safeguards.
Key Arguments
For the Petitioner
Advocate Mr. Anil Singh argued that the Pay Verification Cell had exceeded its jurisdiction by making unilateral changes to the petitioner’s pay and designation. He emphasized:
- The lack of prior notice or consultation violated natural justice.
- A prior High Court ruling required notice and consultation with the employee and the University before any adverse decision.
- The doctrine of res ipsa loquitur applied, as the actions of the Pay Verification Cell spoke clearly of procedural violations and disregard for judicial precedents.
For Magadh University
Advocate Mr. Pankaj Kumar Singh contended that the University’s Pay Fixation Committee had acted within its legal authority when setting the petitioner’s pay. He argued:
- The Pay Verification Cell’s role was strictly advisory and did not extend to altering decisions already made by the University.
- The Cell’s actions in reducing pay and designation were procedurally flawed and unauthorized.
Court’s Findings
1. Violation of Natural Justice
The Court found that the Pay Verification Cell acted unilaterally, without notifying the petitioner or the University. The Court emphasized that any action causing adverse consequences to an individual requires prior notice and a hearing, which were absent in this case.
2. Disregard of Judicial Directives
The Court highlighted that its previous ruling mandated specific procedural steps for the Pay Verification Cell, which were ignored. It reiterated that the Cell cannot override or amend decisions made by the University without adhering to due process.
3. Arbitrary Actions by the Education Department
The Court criticized the Education Department’s undue haste in implementing the salary reduction. It noted that the delay in resolving pay fixation issues stemmed from the University’s inaction, not the petitioner’s fault.
4. Limited Jurisdiction of the Pay Verification Cell
The Court clarified that the Pay Verification Cell’s role is confined to auditing and advising. It cannot enforce decisions or make unilateral changes affecting employees’ pay or designation, as this authority lies solely with the University’s Pay Fixation Committee.
5. Impact on the Petitioner
The Court acknowledged that the salary reduction and demotion caused financial harm and professional embarrassment to the petitioner, who had served the University for decades.
Conclusion
The Court ruled in favor of the petitioner, declaring the Pay Verification Cell’s actions and the Education Department’s directive illegal. Both were quashed. The case was remanded to the State authorities for appropriate action in accordance with due process.
This judgment reaffirms the principles of natural justice and underscores the limited jurisdiction of the Pay Verification Cell in matters affecting employees’ rights and entitlements.
Fake Bank Account Scam Uncovered: 1,800 Fake Bank Accounts Sold, Gang Arrested in Bhopal
Extensive Fraud Network Uncovered
The arrested gang operated across multiple cities, including Bhopal, Indore, Lucknow, Mumbai, and Ahmedabad. They established their base by renting a house in Bhopal and setting up a call center in a room located in Ibrahimpura. This strategic setup enabled them to efficiently produce and distribute fake documents essential for creating fraudulent bank accounts. During interrogation, the accused admitted to manufacturing fake Aadhaar and PAN cards while operating from six different cities across the country.
Modus Operandi: Creating and Selling Fake Bank Accounts
The gang meticulously crafted fake bank accounts, selling approximately 1,800 accounts for ₹10,000 each. These accounts were created using forged Aadhaar and PAN cards, allowing cyber fraudsters to conduct illicit transactions. Police investigations revealed that these fake accounts were used to facilitate transactions worth crores of rupees, highlighting the extensive scale of the fraud.
Financial Transactions and Cyber Fraud Implications
Police Commissioner Harinarayan Chari Mishra emphasized the gravity of the situation, stating, “The accused used to sell a fake account for about ₹10,000. Cyber fraudsters exploited these fake accounts to carry out fraudulent activities. We have uncovered evidence of transactions worth crores of rupees in these accounts.” The use of such accounts not only defrauds innocent individuals but also undermines the integrity of the banking system.
Suspicion on Bank and Postal Employees
DCP Riyaz Iqbal raised concerns about the potential involvement of bank and postal employees in facilitating the fraud. “Due to the ease of opening a large number of fake bank accounts, the role of bank employees, postal employees, and employees of various departments appears suspicious. We are actively investigating the possibility of their involvement in this fraud,” he stated. This angle is being thoroughly examined as the police seek to uncover any internal collusion that may have aided the gang’s operations.
Profile of the Accused
All seven accused have educational backgrounds ranging from the fourth to the 12th grade. The main accused, Shashikant Kumar alias Manish, aged 26, is identified as the gang leader. Residing in Nalanda, Bihar, he was responsible for preparing Aadhaar and PAN cards and selling them further. Other key members include:
- Sapna alias Sadhna (21) – From Patna, Bihar, Sapna used fake documents to open bank accounts by obtaining SIM cards.
- Ankit Kumar Sahu alias Sunil (20) – Hailing from Jehanabad, Bihar, Ankit engaged in opening accounts using forged Aadhaar and PAN cards after completing his 12th standard.
- Kaushal Mali alias Pankaj (19) – From Jehanabad, Bihar, Kaushal opened bank accounts using fake documents after passing the 10th standard.
- Roshan Kumar (20) – Resident of Patna, Bihar, Roshan created fake accounts using forged documents after completing the 10th standard.
- Ranjan Kumar alias Vinod (19) – From Patna, Bihar, Ranjan opened bank accounts using fake documents after completing the 5th standard.
- Mohammad Titu alias Vijay (18) – The youngest accused from Patna, Bihar, Mohammad completed up to the fourth grade and was involved in opening bank accounts with fake documents.
Rapid Movement and Short Stays
Police investigations revealed that the accused did not stay in any single city for more than two months, facilitating their ability to operate across different regions without raising immediate suspicion. Their transient lifestyle made it easier to evade detection while expanding their fraudulent activities.
Raid and Seizure
Acting on a tip-off from an informer, Hanumanganj police conducted a raid on the gang’s hideout, successfully dismantling the network. During the raid, police seized a significant number of fake documents and evidence of financial transactions, further solidifying the case against the accused.
Detailed Investigation Findings
During interrogation, the accused admitted to editing and forging documents to create fake Aadhaar and PAN cards. These documents were then used to open bank accounts and purchase SIM cards, facilitating cyber fraud against unsuspecting victims. The police found that these fake accounts were instrumental in executing large-scale fraudulent transactions, compromising the financial security of numerous individuals.
Taxpayers Alert: CBDT Launches Awareness Campaign for Accurate Reporting of Foreign Assets in ITR 2024-25
The government mandates this disclosure under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, to ensure transparency about foreign income and assets.
Key Points:
- Schedule FA and FSI: These sections are crucial for taxpayers who have foreign assets or income from foreign sources. The government requires full disclosure of these in the ITR.
- Campaign Objective: The CBDT is sending out SMS and email notifications to resident taxpayers who have already filed their ITR for AY 2024-25. These individuals are identified through international agreements and may have foreign accounts, assets, or income.
- Target Audience: The messages are meant for individuals who may not have fully filled out Schedule Foreign Assets in their ITR, especially in cases of high-value foreign assets.
- Technology for Compliance: The campaign emphasizes the government’s goal of using technology to simplify the process for taxpayers, reducing the need for human intervention and promoting a more efficient tax system.
- Automatic Exchange of Information (AEOI): The tax department is using data from international exchanges of tax information to cross-check foreign assets and income.
Government’s Vision:
This campaign is part of the Viksit Bharat vision (developed India), focusing on encouraging taxpayers to voluntarily comply with tax laws. It aims to create a transparent and accountable tax system while fostering economic development.
How to Get Help:
For detailed guidance on completing Schedule Foreign Assets, taxpayers are encouraged to visit the official Income Tax Department website www.incometax.gov.in, where step-by-step resources are available.
In summary, the campaign aims to ensure taxpayers accurately report foreign income and assets, promoting transparency, accountability, and voluntary compliance, while leveraging technology to simplify the process.
Friday, November 15, 2024
World sees 600 mn cyber attacks daily, AI can secure devices: Microsoft’s Chik
A mind-boggling 600 million cyber attacks are conducted daily, and artificial intelligence (AI) can play a critical role in securing billions of electronic devices by assessing attack patterns and developing autonomous defences over time, a top Microsoft official said.
In an exclusive interview with Mint, Joy Chik, president of identity and network access at Microsoft, said that the implementation of machine learning and other subsets of AI is gradually helping the company take on the immense challenge of securing over 1.5 billion desktops and laptops that use the company’s Windows operating system.
“We’re using AI to analyze ‘signals’ that we receive from around the world, and assess these using machine learning (ML) algorithms for real-time risk assessment. Identifying behavioural patterns for real-time cyber security tracking is made possible only because of AI. Over time, advanced AI algorithms integrated within software platforms will be able to make autonomous decisions in protecting people around the world,” Chik said
For Microsoft, cyber security for consumers is a key challenge to address. Windows, as per estimates by market researcher Statista, is the world’s second-largest overall operating system, and the largest on desktops, laptops and tablets (collectively classified as personal computers, or PCs)—powering 27% of all devices and 71% of PCs around the world as of June this year. Google's Android is the world's largest operating system, powering 45% of all devices globally.
Best Product Management courses: Give your career prospect a boost, pick from market leaders like ISB, IIM, Kellogg
Product Management is a burgeoning discipline, offering expansive career growth for today's professionals. It entails guiding a product through its lifecycle, from inception to market launch, with strategic planning, market analysis, and collaboration across teams. A course from a leading institute can markedly enhance career opportunities.
Industry data too, reflects this reality. There is a high demand for product managers who can align stakeholders in launching or enhancing products while providing strategic vision. This field needs professionals with high qualifications.
The year-on-year hiring growth in product management stood at 48.6% with professionals in Bachelor’s Degree in 2022 compared to the year before. It also recorded the highest hiring growth among professionals with an MBA degree at 30.4%. (2023, LinkedIn Guide to Kickstarting Your Careers).
Looking at the Indian market scenario, therecruitment platform Naukri.com reported that "product management is among the top 10 in-demand jobs of 2023 despite threats of AI".
We bring to you some of the best product management courses available in India today. Check out product management courses in India to make a decision now. Apply by July 24, 2024, and get 5% enrollment benefit.
Starts on: August 13, 2024
Duration: 16 Weeks Online (4-6 hours/week)
Programme fee: ₹1,50,000 + GST
Eligibility: Any Graduate/ Diploma holder
Special Offer:Limited time 5% enrolment benefit available
ISB Executive Education’s Product Management programme offers a structured approach to the entire product life cycle. Learn ideation, testing, and product launching strategies to create customer-loved products and stay competitive by implementing AI and Generative AI in your daily product decisions.
Here are the highlights of this programme:
- Over 140 pre-recorded videos for self-paced learning from top ISB faculty.
- Cutting-edge modules on AI and Generative AI and a live masterclass on Generative AI applications in product management.
- Cutting edge modules on AI and Generative AI in product management.
- Access to 9 top product management tools
- 8 masterclasses featuring leading product managers
- 4 real-world case studies
- Capstone project to reinforce everything that you learn in this programme
- Over 20 assignments and quizzes
- Participation in 15 live online sessions with programme leaders.
- Become part of the ISB Executive Network
2) ISB's Professional Certificate in Product Management (Integrated with AI and Generative AI)
Starts on:September 30, 2024
Duration:28 Weeks Online (4-6 hours/week)
Programme Fee: ₹2,40,000 + GST
Eligibility:Any Graduate/Diploma Holder
Special Offer:Limited time 5% enrolment benefit available
ISB's Professional Certificate in Product Management blends technique and strategy, equipping you with essential skills and insights for successful product development and management.
Here are the highlights of this online product management course:
- Over 30 pre-recorded videos for self-paced learning by top ISB faculty.
- 2 live masterclasses on Generative AI in product management
- Advanced modules on AI and Generative AI in product management
- Access to 10 top product management tools
- 12 masterclasses featuring leading product managers.
- Over 40 case studies, discussion boards, and self-study activities
- Over 30 quizzes and graded assignments
- 6+ demos and simulations
- Live session per week with programme leaders
- Attain ISB Executive Alumni status
3) Indian Institute of Management Kozhikode's Professional Certificate Programme in Product Management
Starts on: September 25, 2024
Duration: 39 Weeks (5 hours/week)
Programme Fee: ₹1,95,000 + GST
Eligibility: Graduate or Diploma Holder
Special Offer:Limited time 5% enrolment benefit available
TheIIM Kozhikode Professional Certificate Programme in Product Management offers essential skills for aspiring product managers, whether fresh graduates or seasoned professionals. It's online, allowing to study from any place globally. It comes with a rigorous curriculum, practical insights, and real-world project experience.
Here are the highlights of this programme:
- Flexible learning: High-quality pre-recorded faculty videos for self-paced study.
- Cohort-based learning: Learn with peers for networking and cross-functional knowledge.
- 200+ recorded video lectures
- 22+ assignments, 21+ quizzes
- Generative AI modules
- Capstone project
- 15+ case studies covering product strategy, agile product management, and product analytics.
- 20+ office hours with industry experts
- Globally renowned faculty
- Student loan available
4) Northwestern Kellogg's Post Graduate Certificate in Product Management
Starts on: September 25, 2024
Duration: 36 Weeks, Online (10-12 Hours/week)
Programme Fee: ₹2,95,000 + GST
Eligibility: Any Graduate/diploma Holder
Special Offer:Limited time 5% enrolment benefit available
Kellogg Executive Education's Post Graduate Certificate in Product Management transforms a professional into a next-gen product manager with expertise in digital product development and design strategies.
Here are highlights of this programme:
- 118 pre-recorded videos for self-paced learning by top Kellogg faculty.
- Product Management certificationin Google Analytics
- Diverse case studies and company examples
- Real-world applications, including a capstone project
- 33 discussions for professionals
- 16 self-study quizzes
- 41 assignments for participants
- 21 try-it activities for students
- 4 career webinars
5) IIM Lucknow's Executive Programme in Data Driven Product Management
Starts on:September 30, 2024
Duration:8 months| Live online
Programme Fee: ₹2,10,000 + GST
Eligibility:Any Graduate/Diploma Minimum of 1 Years of Work Experience
IIM Lucknow offers theExecutive Programme in Data-Driven Product Management, uniquely integrating product, marketing, and development strategies with data analytics and design thinking.
Here are highlights of thisIIML product management course:
- Two-day Immersion at IIML Campus
- 8-month live online programme
- Learn from leading IIM Lucknow faculty and industry experts.
- Network and share experiences with peers
- Hands-on experience with real-world case studies and industry standard tools
- Learn product management and analytics from leaders
- Deep-dive with masterclasses and expert sessions, plus hands-on project
- Comprehensive capstone project
- IIML Executive Alumni Status
Benefits Of Product Management Courses
Career advancement: Product management courses equip professionals with skills in strategic planning, market analysis, and team collaboration, enhancing career prospects in competitive industries.
Skill development: Gain expertise in product lifecycle management, from ideation to launch, honing abilities in customer-centric product development and innovation.
Industry relevance: Stay abreast of industry trends and technologies like AI and data analytics, crucial for driving product success and market competitiveness.
Networking opportunities: Interact with peers, industry leaders, and faculty, building a robust professional network that supports career growth and learning.
Hands-on experience: Engage in real-world case studies, projects, and practical assignments that apply theoretical knowledge to practical scenarios, fostering critical thinking and problem-solving skills.
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