I remember I once received a query from a reader. It was something like this – My PPF account is maturing soon. Should I extend it or close it and open a new PPF account? I think the answer is pretty simple. If you don’t need the full PPF account balance in one go, then its ...
Not many individuals know, that the interest on the Public Provident Fund (PPF) is calculated on lowest balances in account between 5th and last day of the month. In simple terms, what this means is that if you deposit the amount after the 5th of the month, you will lose interest for ...
The maturity does tally with the Indian banks (e.g. Axis Bank) as calculated in the Bank’s website. Reply sanshi Apr 14, 2021 at 8:53 PM You can use this formula to calculate PPF interest. Reply sanshi Apr 14, 2021 at 8:55 PM can I use this formula to calculate PPF inte...
Investment income such as interest and rent isconsidered ordinary incomeand will generally be taxed according to your ordinary income tax rate. ... Qualifying dividends are also taxed at long-term capital gains rates (dividends that don't qualify for long-term capital gains rates are taxed at o...
r = the rate of interestn = duration of the investment in monthsLet’s take the example of Ms Divya, who invests INR 15,000 per month for a tenure of 30 months and expects a return of 10% per annum. The investment returns for Ms Divya can be calculated using the above formula....
Q.12 – Should Interest Income be mentioned under the head ‘Income from Other Sources ‘ while filing ITR-1 when TDS has already been subtracted? Q.13 – Do I still need to furnish my Bank Account details in the ITR if there is no refund due to me? Q.14 – How can I download ...
Interest is calculated at the rate of 1% per month or part thereof for the period of delay, and it is calculated on the amount of tax that is unpaid. Section 234B of the Income Tax Act deals with the interest penalty that is charged for non-payment or short payment of advance tax. ...
How is economic growth measured in the U.K.? What happens in exponential growth as the population gets larger? How is population density calculated? How do the saving rate and population growth affect the steady-state income level in the Solow model? Elucidate with the help of diagrams. ...
In general, this is how your EPF account will get divided into 2 parts and taxed going forward: EPF Account 1 (Non-Taxable Contribution) – This will include the EPF account balance (including interest accrued but not paid) till 31stMarch 2021. Plus all your EPF + VPF contributions made ...
Post office savings schemes are government-backed and thus provide guaranteed returns. These have the advantage of giving returns at a compound rate of interest which is much higher than other bank saving schemes that offer simple interest. They also offer tax benefits up to Rs 1.5 lakh unde...