public provident fund

Falling interest rates and plight of senior citizens

Finance - Before the previous last RBI meet,  there was an increased expectation of rate cuts by RBI as a measure of providing impetus to the economy after a demonstration.  That RBI maintaining status quo on repo rates at 6.25% is a negative thing for most people but senior citizens in India. Citing increased liquidity available and […]...

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Investments which qualifies for deduction u/s. 80C

Finance - Under this section, you can invest a maximum of Rs 1.50 lakh (1 Lakh upto AY 2014-15) and if you are in the highest tax bracket of 30%, you save a tax of Rs 45000. The various investment options under this section include:PPF; Life Insurance Premium, Equity Linked Savings Scheme (ELSS), Provident Fund (PF) & Voluntary Provident Fund (VPF)...

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Budget 2016: No change in existing tax treatment of PPF

Finance - There is no change in the existing tax treatment of Public Provident Fund (PPF). Currently there is no monetary ceilings on the employer contribution under EPF with only ceiling being that it would be 12% of the salary of the employee member. Similarly, there is no monetary ceiling on the employer contribution under NPS, except that it wo...

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Are salaried people second class citizens of the country?

Finance - So the finance Minister has ultimately decided to give level playing field in respect of pension products and has proposed withdrawal from employee provident fund balance, created with employee’s contribution made after 1st April 2016, taxable to the extent of 60% and 40% exempt. In my opinion these provisions have either been drafted i...

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Public Provident Fund – Best investment destination

Finance - Introduction PPF is money that will be yours forever. Knowledge of the different features of the PPF account will help you when you want to take a loan against the account, withdraw from the account, re-activate a discontinued account etc. Here an attempt is made to introduce you all features of PPF....

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Public Provident Fund (PPF) Scheme for unorganised sector

Finance - Subject to the provisions contained in section 16, the Employees’ Provident Funds & Miscellaneous Provisions Act., 1952 applies to scheduled establishments employing 20 or more persons. The establishments which are not coverable statutorily could be covered on voluntary basis if a majority of the employees and employer are willing. For ...

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PPF, MIS, and other Post office Deposit Scheme to earn higher interest from 1st December, PPF limit raised to 100000

Finance - The finance ministry has notified rules which will pave the way for small savings account holders to earn higher returns from December 1. Earlier this month, the government had accepted the recommendations of a panel which would help investors earn higher interest on small savings schemes.An expert panel, headed by former RBI deputy gover...

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No fixed return on PPF

Finance - Ministry of Finance, Department of Economic Affairs (Budget Division)Government has vide its office memorandum No. No. 6-1/2011-NS.II (Pt.) Dated 11th November, 2011 announced increase in interest Rates on small saving schemes which includes interest rate on Public Provident Fund and other schemes. To address the issue of asset-liability...

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Proposed EET regime under Direct Tax Code (DTC)

Finance - Investors in the Employee Provident Fund (EPF), Public Provident Fund (PPF) and insurance plans for retirement have a reason to worry. The Direct Tax Code (DTC), meant to replace the existing Income Tax Act, proposes to introduce the exempt-exempt-taxation (EET) regime for all retirement corpuses....

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FM likely to retain EET (exempt-exempt-tax) principle proposed in the Direct Tax Code

Finance - The finance ministry is likely to retain the EET (exempt-exempt-tax) principle proposed in the Direct Tax Code on the lump sum amount a salaried taxpayer will receive from his investment in savings schemes such as the Public Provident Fund and other superannuation funds. This means while the contribution and accumulation are tax-free, wit...

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Demonetised notes cannot be deposited in Small Saving Schemes

F.No. 1/04/2016-NS - (22/11/2016) - Subscribers of small scheme may not be allowed to deposit old demonetised currency notes of Rs. 500 and Rs. 1000, in Small Saving Schemes....

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1% Lesser Interest on Premature closure of PPF Account

Notification No. G.S.R. 613(E) - (18/06/2016) - 3(C) A subscriber shall be allowed premature closure of his account or the account of a minor of whom he is a guardian, on a written application to the Accounts Office, on any of the following grounds, namely, (i) that the amount is required for the treatment of serious ailments or life threatening...

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Authorization of Specified Branches of SBI to receive, with immediate effect, subscriptions under Public Provident Fund Scheme, 1968 and Senior Cit

Notification No. 7/9/2011 - Income Tax - (18/11/2011) - Notification No. 7/9/2011 - Income Tax Central Government hereby authorises the following 50 branches of Bank of India to receive, with immediate effect, subscriptions under the Public Provident Fund Scheme, 1968 and Senior Citizens Savings Scheme Rules, 2004:—...

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PPF account of HUF can not be extended beyond 15 Years

Notification No. GSR 956(E), - (07/12/2010) - an account opened on behalf of a Hindu Undivided Family prior to the 13th day of May, 2005, shall be closed after expiry of fifteen years from the end of the year in which the initial subscription was made and the entire amount standing at the credit of the subscriber shall be refunded, after making...

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Recent Posts in "public provident fund"

Falling interest rates and plight of senior citizens

Before the previous last RBI meet,  there was an increased expectation of rate cuts by RBI as a measure of providing impetus to the economy after a demonstration.  That RBI maintaining status quo on repo rates at 6.25% is a negative thing for most people but senior citizens in India. Citing increased liquidity available and […]...

Read More
Posted Under: Finance |

Demonetised notes cannot be deposited in Small Saving Schemes

F.No. 1/04/2016-NS (22/11/2016)

Subscribers of small scheme may not be allowed to deposit old demonetised currency notes of Rs. 500 and Rs. 1000, in Small Saving Schemes....

Read More

1% Lesser Interest on Premature closure of PPF Account

Notification No. G.S.R. 613(E) (18/06/2016)

3(C) A subscriber shall be allowed premature closure of his account or the account of a minor of whom he is a guardian, on a written application to the Accounts Office, on any of the following grounds, namely, (i) that the amount is required for the treatment of serious ailments or life threatening diseases of the account holder, spouse ...

Read More

Investments which qualifies for deduction u/s. 80C

Under this section, you can invest a maximum of Rs 1.50 lakh (1 Lakh upto AY 2014-15) and if you are in the highest tax bracket of 30%, you save a tax of Rs 45000. The various investment options under this section include:PPF; Life Insurance Premium, Equity Linked Savings Scheme (ELSS), Provident Fund (PF) & Voluntary Provident Fund (VPF)...

Read More
Posted Under: Finance | ,

Budget 2016: No change in existing tax treatment of PPF

There is no change in the existing tax treatment of Public Provident Fund (PPF). Currently there is no monetary ceilings on the employer contribution under EPF with only ceiling being that it would be 12% of the salary of the employee member. Similarly, there is no monetary ceiling on the employer contribution under NPS, except that it wo...

Read More
Posted Under: Finance | ,

Are salaried people second class citizens of the country?

So the finance Minister has ultimately decided to give level playing field in respect of pension products and has proposed withdrawal from employee provident fund balance, created with employee’s contribution made after 1st April 2016, taxable to the extent of 60% and 40% exempt. In my opinion these provisions have either been drafted i...

Read More
Posted Under: Finance | ,

Public Provident Fund – Best investment destination

Introduction PPF is money that will be yours forever. Knowledge of the different features of the PPF account will help you when you want to take a loan against the account, withdraw from the account, re-activate a discontinued account etc. Here an attempt is made to introduce you all features of PPF....

Read More
Posted Under: Finance |

PPF – Loans and Withdrawals

When to withdraw money / take loan You should avail such loans / withdrawal facilities only when you are falling short of your finance and do not have any other option to achieve an important life goal such as child’s higher education or daughter’s marriage etc....

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Posted Under: Finance |

6 Things to know about PPF

1. How to open a PPF account Step 1: Head over to your nearest State Bank of India branch, or a branch of any of State Bank’s subsidiaries. You can also open an account in select nationalized banks and the post office. Further, some private banks such as ICICI bank also offer you the facility […]...

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Posted Under: Finance |

Who are allowed to Open PPF account on behalf of a minor

A Public Provident Fund account on behalf of a minor can be opened by either father or mother. Both the parents cannot open a separate account for the same minor. An individual may open one PPF account on behalf of each minor of whom he is the guardian....

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Posted Under: Finance |
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