Corporate Law : Discover the new PPF rules effective October 1, 2024, impacting minors, multiple accounts, and NRIs. Stay informed about important...
Finance : Learn about PPF for NRIs: eligibility, tax benefits, investment conditions, and common queries answered. Navigate the rules for se...
Income Tax : When it comes to tax-saving investments in India, there is no shortage of options. Among the most popular choices are the Tax-Savi...
Income Tax : Explore Public Provident Fund's benefits, history, eligibility, tax advantages, and more. Understand why PPF is a favored investme...
Income Tax : Discover top tax-saving investment strategies in India, including options like PPF, life insurance, mutual funds, and mediclaim po...
Finance : At present, premature closure of a Public Provident Fund (PPF) account is permitted on specified grounds on completion of five fin...
Finance : As per PPF Act, the PPF account can’t be closed prematurely before completion of five financial years. If depositor wants to clo...
Income Tax : Government has decided to effect a reduction of 0.1 percentage points in interest rates across the board in all Small Savings Sch...
Finance : The interest rates of Public Provident Fund (PPF), Kisan Vikas Patra (KVP), Senior Citizens Savings Scheme, 2004 (SCSS 2004), and ...
Income Tax : On the basis of the decision of the Government, interest rates for small savings schemes are to be notified on quarterly basis. Ac...
Corporate Law : It is in the said situation that the captioned writ petition has been filed by the petitioners seeking a direction to re-credit th...
Service Tax : Read the case of State Bank of India vs Commissioner of Service Tax and importance of discretion in handling funds under PPF accou...
Finance : Public Provident Fund account shall not be liable to any attachment in respect of any debt or liability incurred by the account ho...
Finance : Interest rates for Small Savings Schemes for Q4 of FY 2024-25 will remain unchanged from Q3, effective January 1, 2025....
Finance : The Government of India keeps interest rates unchanged for Small Savings Schemes for Q3 FY 2024-25, effective from October 1 to De...
Finance : Discover the latest interest rates for Small Savings Schemes for April-June and July-September 2024. Get detailed insights and com...
Finance : Read about the official memorandum from the Ministry of Finance on small savings schemes interest rates for the first quarter of F...
Finance : Explore SB Order No. 23/2023 issued by the Government of India, Ministry of Communications, on the revision of interest rates for ...
Committee for Comprehensive Review of NSSF Submits its Report to Union Finance Minister Recommends Discontinuation of Kisan Vikas Patra and Continuation of other Schemes with Suitable Modification(s); Recommends Reduction in the Maturity Period of Monthly Income Schemes and NSC. It also Recommends upward Revision of the Ceiling on Annual Subscription in PPF from Rs. 70,000 to Rs. 1 Lakh and Revision in Rate of Interest in Post Office Savings Account from 3.5% To 4% .
Some of the subscribers of PPF (HUF) accounts had closed the accounts on maturity or thereafter between 13th May, 2005 to 7.12.2010 (before the issue of the aforesaid amendment). Some of such account holders, were not paid interest at PPF rates on the deposits retained beyond the maturity period (without further subscriptions). Those subscribers had been representing that interest at PPF rate may also be paid to them on the deposits that were retained in PPF accounts beyond maturity period. The matter has been examined in this Ministry and it has been decided that interest at PPF rate would be paid on those PPF (HUF) accounts, which had attained the maturity after 13.5.2005 but closed by the subscribers before 7.12.2010,subject to the conditions that the accounts had not been extended thereafter and the deposits were retained in such accounts without further subscriptions.
The Government today said that PPF accounts of Hindu Undivided Families (HUFs) which were closed down between May 2005 and December 7 last year would get 8 per cent interest on the deposits. The Finance Ministry has issued the clarification in view of the doubts raised with regard to payment of interest on Public Provident Fund (PPF) accounts held by the HUFs beyond the maturity period.
Hindu undivided families (HUFs) will now have to mandatorily exit from the public provident fund (PPF) on completion of 15 years. The move is aimed at checking misuse as several people were investing in PPF to earn 8% tax-free return as an individual
Provided further that 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 adjustments, if any, in respect of any interest due from the subscriber on loans taken by him.
Under the DTC Bill, the annual deduction has been raised to Rs. 1.5 lakh. From the bill It appears that investments in PPF, PF, NPS, pure life insurance policies, savings schemes as notified by the government are eligible for this deduction under EEE category.
With the Union Cabinet clearing the the new Direct Taxes Code (DTC) on Thursday, tax benefits on ELSS investments up to Rs 1 lakh are expected to go by next April. And investors looking for greener investment pastures are retreating from ELSS.
The tug of regulatory war over unit linked insurance plans (ULIPs) has ended with regulatory regime to be retained with insurance regulatory body (IRDA). The Central Government has promulgated an Ordinance (legislation) to the effect that ULIPs shall be regulated by IRDA only, thus ending the ongoing claims by both regulators- SEBI and IRDA to regulate the ULIP schemes.
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.
All eyes are now on S S N Moorthy. A quintessential tax sleuth, he is following the money trail in the Indian Premier League to establish the identity of franchisee owners. Moorthy stepped in to steer the Central Board of Direct Taxes (CBDT) in January last year, when the country was battling the worst-ever economic crisis after the global meltdown. The task of tax collection was daunting. With the economy showing distinct signs of recovery, the top tax administrator is confident of collecting every penny due from taxpayers this fiscal year.
