Consumer Price Index Numbers for Industrial Workers - FAQ

Consumer Price Index Numbers for Industrial Workers - FAQ

Q .1   What we mean by base year?

Ans.  The index reference period is usually called the base year, it often differs both from the weight-reference period and the price reference period. This is just a matter of re scaling the whole time-series to make the value for the index reference-period equal to 100.

Q . 2   Why we need to change the base year?

Ans.  In compiling index numbers the older the weights the greater is the divergence between the Current expenditure pattern and that of the weight reference-period. Annually revised weights are desirable but being expensive feature of an index, the base year is usually changed after a few years. Normally a year during which the family budget inquiry is conducted or a period not very distant from the survey period for which reliable price data are available is adopted as the base year. A period affected by developments of serious nature such as war is not adopted as the base year because it cannot be treated as a normal year economically.

Q .3 What is the current base year used by Labour Bureau for compilation of Consumer Price Index Numbers for Industrial Workers?

Ans.  Presently, CPI-IW numbers are being complied with base year 2001=100.

Q .4  How many times the base year of CPI-IW has been revised in the CPI-IW in past?

Ans.  The compilation of Consumer Price Index Numbers for Industrial Workers on uniform and scientific lines was started on base 1960=100 which was revised to 1982=100 and the existing series i.e. on base 2001=100.

Q .5    Is there any plan in immediate future to revise the base year?

Ans.   An exercise/proposal of Base updation of CPI-IW from the existing period 2001=100 to a more recent period is likely to be started soon.

source:govtempdiary

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All India Consumer Price Index Numbers for Industrial Workers on Base 2001=100 for the Month of May, 2011

All India Consumer Price Index Numbers for Industrial Workers on Base 2001=100 for the Month of May, 2011

            All India Consumer Price Index Number for Industrial Workers (CPI-IW) on base 2001=100 for the month of May, 2011 increased by 1 point and stood at 187 (one hundred & eighty seven) .

           

      During May, 2011, the index recorded increase of 8 points in Ludhiana centre, 6 points in Nasik centre, 5 points each in Giridih, Mundakkayam and Sholapur centres, 4 points in 3 centres, 3 points in 4 centres, 2 points in 14 centres and 1 point in 18 centres. The index decreased by 4 points in Rangapara Tezpur centre, 3 points in Ghaziabad centre, 2 points in Guwahati centre, 1 point in 10 centres, while in the remaining 21 centres the index remained stationary.

            The maximum increase of 8 points  in  Ludhiana centre is mainly on account of increase in the prices of Arhar Dal, Masur Dal, Mustard Oil, Vanaspati Ghee, Milk, Chillies Dry, Electricity Charges, Toilet Soap, Washing Soap, etc. The increase of 6 points in Nasik centre is due to increase in the prices of Wheat, Bajra, Chillies Dry, Vegetable & Fruit items, Petrol, etc. The increase of 5 points in Giridih, Mundakkayam and Sholapur centres is due to increase in the prices of  Rice, Jowar, Vegetable & Fruit items, Tea (Readymade), Firewood, Soft Coke, Hair Oil, Washing Soap, etc. The decrease of 4 points in Rangapara Tezpur centre is the outcome of decrease in the prices of Wheat Atta, Fish Fresh, Turmeric Powder, Garlic, Vegetable & Fruit items, Pan Leaf, etc. The decrease of 3 points in Ghaziabad centre is due to decrease in the prices of Wheat Atta, Onion, Vegetable & Fruit items, etc. The decrease of 2 points in Guwahati centre is due to decrease in the prices of Wheat Atta, Vegetable & Fruit items, Pan Leaf, etc.

            The indices in respect of the six major centres are as follows:

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• 1. Ahmedabad 180                    4. Delhi      172
• 2. Bangalore 192                       5. Kolkata  181
• 3. Chennai 166                          6. Mumbai 186

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            The All-India (General) point to point rate of inflation for the month of May, 2011 is 8.72% as compared to 9.41% in April, 2011. Inflation based on Food Index is 7.61% in May, 2011 as compared to 8.24% in April, 2011.

            The CPI-IW for June, 2011 will be released on the last working day of the next month, i.e. 29th July, 2011.

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No Income Tax return for salary Taxpayers with income up to Rs.5 lakh -Ministry of Finance

No Income Tax return for salary Taxpayers with income up to Rs.5 lakh -Ministry of Finance

Salaried Taxpayers with total Income up to Rs.5 lakh Exempted from filing Income Tax Return for Assessment Year 2011-12

The Central Board of Direct Taxes has notified the scheme exempting salaried taxpayers with total income up to Rs.5 lakh from filing income tax return for assessment year 2011-12, which will be due on July 31, 2011.

Individuals having total income up to Rs.5,00,000 for FY 2010-11, after allowable deductions, consisting of salary from a single employer and interest income from deposits in a saving bank account up to Rs.10,000 are not required to file their income tax return. Such individuals must report their Permanent Account Number (PAN) and the entire income from bank interest to their employer, pay the entire tax by way of deduction of tax at source, and obtain a certificate of tax deduction in Form No.16.

Persons receiving salary from more than one employer, having income from sources other than salary and interest income from a savings bank account, or having refund claims shall not be covered under the scheme.

The scheme shall also not be applicable in cases wherein notices are issued for filing the income tax return under section 142(1) or section 148 or section 153A or section 153C of the Income Tax Act 1961.

Source: PIB

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All India Consumer Price Index Numbers for Industrial Workers on Base 2001=100 for The Month of February, 2011

All India Consumer Price Index Numbers for Industrial Workers on Base 2001=100 for The Month of February, 2011

  All India Consumer Price Index Number for Industrial Workers (CPI-IW) on base 2001=100 for the month of  February, 2011 decreased by 3 points and stood at 185 (one hundred and eighty five). 

       During February, 2011, the index recorded decrease of 9 points in Bangalore centre, 8 points in Warrangal centre, 7 points in Coimbatore centre, 6 points in 4 centres, 5 points in 12 centres, 4 points in 8 centres, 3 points in 13 centres, 2 points in 19 centres and 1 point in 9 centres. The index increased by 2 points each in Quilon, Jalandhar and Munger Jamalpur centres, 1 point each in Darjeeling and Sholapur centres, while in the remaining 5 centres the index remained stationary. 

         

The maximum decrease of 9 points  in  Bangalore centre is mainly on account of decrease in the prices of Rice, Wheat, Onion, Vegetable & Fruit items, Flower/Flower Garlands, etc. The decrease of 8 points in Warrangal centre is due to decrease in the prices of Rice, Eggs (Hen), Onion, Vegetable & Fruit items, etc. The decrease of 7 points in Coimbatore centre is due to decrease in the prices of Rice, Eggs (Hen), Onion, Vegetable & Fruit items, Flower/Flower Garlands, etc. The increase of 2 points in Quilon, Jalandhar and Munger Jamalpur centres is the outcome of increase in the prices of Rice, Wheat, Wheat Atta, Firewood, Washing Soap, Electricity Charges,  etc. whereas, the increase of 1 point in Darjeeling and Sholapur centres is due to increase in the prices of Rice, Wheat, Wheat Atta, Mustard Oil, Repair Charges, etc. 

    The indices in respect of the six major centres are as follows :

1. Ahmedabad 177        2. Bangalore 187 

3. Chennai 167             4 .Delhi 170 

5 .Kolkata 178              6. Mumbai 183

  

            The All-India (General) point to point rate of inflation for the month of February, 2011 is 8.82% as compared to 9.30% in January, 2011. Inflation based on Food Index is 7.65% in February, 2011 as compared to 10.22% in January, 2011.

source-pib

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