So that is how interest on EPF balance is calculated by EPFO. I hope you found the example simple enough to understand. I have created a small free excelEPF maturity calculatorthat can be used to estimate the EPF corpus when you retire. It is a simple, easy-to-use and takes the EPF ...
Public Provident Funds –PPFs come with a fair rate of return and a governmental guarantee. You can beat inflation and accumulate significant wealth with PPF, which is entirely tax-free. PPF also permits sufficient liquidity. This investment helps you develop a safety fund for your family. You ...
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. T...
Similarly, to save for his son’s higher education, Rakesh has to do the same calculation. If the present cost of education is Rupees 10 lacs and the child is eight years old. Using the same compound interest formula, we can find that the amount required after ten years will be around ...
The TDS aspect of this is still not clear. I remember it was earlier mentioned that excess EPF contribution above Rs 2.5 lakh will be taxed in a manner similar to how fixed deposits are taxed. Now banks deduct TDS on FD interest. I am not sure if PF authorities will deduct any TDS th...
Is the maturity amount of ELSS taxable? Investment in ELSS funds falls under the EEE(Exempt-Exempt-Exempt) regime. This means that the investment amount, interest and maturity amount are exempted from tax. However, from April 2018, long term capital gains (LTCG) of 10% was introduced for eq...
Using CNN-Money’s millionaire calculator with a conservative interest of 4%, I will see a cool $1 Million in approx. 11 years! This means I will become a millionaire by the time I’m 43 46 Did it at 39!! ***UPDATE***We did it!!! As of August, 2019 we crossed into the mill...
What is the demand curve for money? How is it determined? How are multipliers calculated, when modeling fiscal policy impacts of Keynesian economic stimulus? What is meant by the economy's aggregate demand curve (AD)? Explain the estimation of demand and supply by the central planners in a ...
Why does the liquidity preference theory undermine the quantity theory of money and thus why does the Federal Reserve abandon control of the money supply in favor of setting interest rates? What is the cyclical effect of a slowdown in GDP growth on government taxation and spending ...
tax returns. Unlike debt funds where the capital gains are taxed only at the time of sale and too with indexation benefits, the interest income on bank FDs is added to the total income and taxed as per the income tax slab applicable to the investor (more onFD interest taxation in India)...