USEFUL FINANCIAL & TAXATION INFORMATION
PPF - LESSER KNOWN FACTS = What happens when you extend PPF tenure-Can you withdraw in full-NO Rules you may not be aware
Do you know what are the rules for withdrawing your money from your PPF account if you extend it for a block of 5 yrs after it’s initial maturity of 15 yrs? A lot of people READ MORE
Ideal investment option for both salaried as well as self employed classes. Non-Resident Indians (NRIs) are not eligible.
Investment up to INR. 1,50,000 per annum qualifies for IT Rebate under section 80 C of IT Act.
The rate of interest on the subscriptions made to the fund on or after 01.12.2011 and balances at credit
of the subscriber in the existing PPF account shall bear interest at the rate of eight point seven per cent (8.70%)
per annum.
Loan facility available from 3rd financial year upto 5th financial year. The rate of interest charged on loan taken
by the subscriber of a PPF account on or after 01.12.2011 shall be 2% p.a. However, the rate of interest of
1% p.a. shall continue to be charged on the loans already taken or taken up to 30.11.2011.
Withdrawal permitted from 6th financial year.
Free from court attachment.
An individual cannot invest on behalf of HUF (Hindu Undivided Family) or Association of persons.
Type of Account
|
Minimum limit
|
Maximum limit
|
Public Provident Fund(Individual account on his behalf or on behalf of minor of whom he is the guardian)
|
INR. 500/- in a
financial year
|
INR. 1,50,000/- in a
financial year wef FY 2014-15
|
SERVICE CHARGES AND TAXES
Do you know that you might have lost thousands of rupees in paying extra money on restaurants bills over last few years, just because you do not understand what does service charge, service tax and VAT actually means and how are they calculated. Most of the times customers take it for granted assuming that hotel must charged it in right manner and as per rules laid down CLICK TO READ MORE
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INCOME TAX RELATED
2. INCOME TAX ACT -1961 - CLICK HERE
FAMILY PENSION OF THE WAR WIDOWS AS ALSO THE PENSION OF THE SOLDIERS IN RECEIPT OF THE DISABILITY ALLOWANCE IS EXEMPTED FROM INCOME TAX. Authority letter is available under the articles uploaded in this blog.
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3. INCOME TAX - JUDGEMENT DELHI HIGH COURT directing Income Tax dept to accept TDS certificates even if the deductions in them donot match with uploaded entries by the deductors in Form 26A.
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TDS TRACES -- Please Note that you have to have an account created for yourself to see the TDS deducted by your deductors with Income tax Dept . Log on to https://www.tdscpc.gov.in/ and create your account. However those of us who have internet banking will be able to see this data after logging into the bank account.
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TEN MYTHS OF E-FILING OF IT RETURNS Most of us feel shy in filing our Income Tax returns on line. E filing is the call of day as you get your refund in no time. There is just no need to run up to the CAs if your Income is only Pension and usual returns from your FDs and Stocks.
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REBATES IN INCOME TAX - SUMMARY
Various Rebates as applicable under various sections of the IT act are summarised in this document pleaseclick here and read on.
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INCOME TAX BOOKLET ISSUED BY DEPARTMENT -
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Courtesy - Signal Blog
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