Govt employees alert! You may face heavy penalty, disciplinary action if you fail to report high-value transactions – Key guidelines

Govt employees alert! Non-reporting high-value transactions could lead to disciplinary action – Key guidelines you must know

All central and state government employees must adhere to certain guidelines as far as reporting their high-value transactions is concerned. The Centre recently clarified certain aspects of rules governing reporting income and asset reporting by employees.

The Minister of State for Personnel, Public Grievances, and Pensions, Jitendra Singh, outlined the rules regarding the annual submission of property details by government employees, in response to queries posed by parliamentarian Arun Govil in the recently concluded Parliament session.

Also Read Identification of Tax Evaders: Taxpayers alert! Govt conducts surveys to identify evaders Strict action against officers for releasing public notices over ‘fraudulent’ schemes, says Delhi CM Atishi Good news for CGHS beneficiaries! Crackdown on overcharging, fraudulent billing by empanelled hospitals! Acting with restraint

Govil raised questions about monitoring property disclosures, comparing annual immovable property returns (IPRs), and addressing disproportionate assets of central and state government employees.

Also read: Taxpayers cheers! THESE 5 income tax rule changes make return filing easier now!

Government seeks annual property details from employees

Whether the union and state governments and the public undertakings obtain the details of properties from their officers and employees every year and this detail is compared with the property details given by them in the previous year, the minister asked.

The member also sought to know about the action taken by the government against the officers and employees of the central government and the undertakings who fail to submit their annual property details on time.

Govil went on to know about the action taken by the government against the officers/employees whose value of the property is found to be more in proportion to their income of the last two years.

The minister clarified that government servants are required to report their assets and liabilities upon their first appointment and submit annual immovable property returns (IPRs) by January 31 of the following year. This rule applies under the Central Civil Services (Conduct) Rules, 1964, and All India Services (Conduct) Rules, 1968. Employees of Central Public Sector Enterprises (CPSEs) are also subject to similar provisions.

Failure to submit IPRs on time can lead to the denial of vigilance clearance for specific purposes.

 » Read More

Related Articles

Top 5 ELSS Funds: Up to 21% CAGR returns over 10 years! Rs 10K SIP grows up to a whopping Rs 42 lakh

Equity-Linked Savings Schemes (ELSS), also known as tax-saving mutual funds, have the potential for higher returns, and they also carry the added advantage of tax savings for investors. ELSS fund invests primarily in equity and equity-related instruments. As per SEBI norms, it is mandatory for an ELSS fund to invest at least 80% of the

Budget 2025: Will Budget introduce measures to streamline tax structures to smoothen merger and acquisition deals

With Finance Minister Nirmala Sitharaman all set to table the Union Budget 2025 on February 1, Deloitte expects the government to streamline tax structures and improve the overall ease of doing business in terms of mergers and acquisitions. During the first nine months of 2024, the total value deals in India surged by 66 per

Quadrant Future Tek IPO allotment today: Here’s how to check status online on NSE and Link Intime

Quadrant Future Tek IPO shares will be allotted to investors who applied for it on January 10. The issue was closed on January 09 and was subscribed to a total of 196 times. The retail portion was booked to a total of 256.46 times. The NIIs ruled the subscription with 268.03 times. The QIBs booked

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Stay Connected

0FansLike
0FollowersFollow
0SubscribersSubscribe
- Advertisement -

Latest Articles

Top 5 ELSS Funds: Up to 21% CAGR returns over 10 years! Rs 10K SIP grows up to a whopping Rs 42 lakh

Equity-Linked Savings Schemes (ELSS), also known as tax-saving mutual funds, have the potential for higher returns, and they also carry the added advantage of tax savings for investors. ELSS fund invests primarily in equity and equity-related instruments. As per SEBI norms, it is mandatory for an ELSS fund to invest at least 80% of the

Budget 2025: Will Budget introduce measures to streamline tax structures to smoothen merger and acquisition deals

With Finance Minister Nirmala Sitharaman all set to table the Union Budget 2025 on February 1, Deloitte expects the government to streamline tax structures and improve the overall ease of doing business in terms of mergers and acquisitions. During the first nine months of 2024, the total value deals in India surged by 66 per

Quadrant Future Tek IPO allotment today: Here’s how to check status online on NSE and Link Intime

Quadrant Future Tek IPO shares will be allotted to investors who applied for it on January 10. The issue was closed on January 09 and was subscribed to a total of 196 times. The retail portion was booked to a total of 256.46 times. The NIIs ruled the subscription with 268.03 times. The QIBs booked

Capital Infra Trust InvIT IPO allotment today: How to check your allotment status online on BSE, NSE, Kfin Technologies

How to Check Capital Infra Trust Invit IPO Share Allotment Status: Capital Infra Trust InvIT IPO was opened for subscription from January 7 to January 9, with price band set between Rs 99 to Rs 100 per share. With the allotment status set to be announced today, January 10, here is how you can check

IT stocks surge in a volatile market: Here is why…

It’s been a choppy Friday for the markets so far. The Nifty and Sensex tumbled hard in the morning trade but recovered some ground eventually. The Nifty 50 dropped well past the 23,500 support zone and slipped to 23,344.35. But then recouped back above this key support level. The Sensex too fell 500 points before