Karnataka - Mangalore   

Bank officers demand IT cut for salaried class

By Our Staff Correspondent

MANGALORE, FEB. 8. The Syndicate Bank Officers' Association at its fourth Triennial Conference and 16th General Body meeting that concluded here on Sunday, has sought reduction in Income Tax (IT) for the salaried class.

Dinker S. Poonja, who was elected president of the association at the meeting, has said that seven resolutions were unanimously passed at the general body. The compensation system does not provide full protection to the employees in meeting the escalation in the cost of living, rising prices of essential goods, rent and other recurring expenses. The rate of Dearness Allowance did not match inflation and as a result there is erosion in real wages of the employees.

The second resolution says the perks have been brought into the tax net in recent years though there is a provision for the managements to bear it and many banks have failed to keep up their commitments in this regard.

Several facilities such as Leave Travel Allowance, leave encashment, conveyance, and medical re-imbursement have been brought into the tax net.

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