For calculating the PPF interest, we will be using the following dataset. Here, we have the total Balance, Deposits from April to March, and an Interest Rate of 5%. • For the monthly interest rates use the following formula =IF(C4=”Before 5th”,($A$2+B4)*(D4/12),($A$2)*(...
Post office saving schemes: These include several reliable products on which the interest rate varies according to the tenure, ranging from 6.9 per cent for a year’s term to 7.5 per cent for a five-year term which is compounded on a quarterly basis. There is also a post office month...
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...
Fixed Investment Amount: You decide on a set amount to invest monthly. Regular Investments: SIPs are automated on a specific date each month, building investment discipline. Buying Units: Your money buys units based on the fund’s Net Asset Value (NAV) at the time. NAV is the value of ...
Section 24 is B2-iv no point and will get automatically calculated after entering the amount in gross rent received and tax paid to local authorities DR. BIKAS BISWAS August 1, 2020 at 1:23 pm Sir, I have retired on 31/10/2019 from Govt. Service. I have drawn my Monthly Salary up...
Suppose that on 31 Mar – 1 Apr 2021, your EPF balance (including interest accrued till date was Rs 10 lakh. Now your monthly EPF contribution is Rs 30,000, i.e. Rs 3.6 lakh per year. This is above the Rs 2.5 lakh limit. Hence, the interest earned on contributions up to Rs 2.5...
He earned dividend from stocks and equity mutual funds for amount Rs 2,200. Interest from PPF was Rs 672.This income is tax free orexemptedincome Chapter VI-A Deductions: He has made investments which allow him to save income tax.
proof of rent payment ie rent receipt. The employer will give you exemption on HRA based on these rent receipts. TDS will be adjusted so you don’t have to pay tax on HRA. Your tax liability will be calculated accordingly. The HRA allowance is shown in Form 16 as shown in image above...
but your total tax liability is not nil, you will not be eligible for filing Form 15G. The reverse is also true. Say your income is Rs 4 lakh, of which Rs 3 lakh is earned as interest from your investments such as FDs in the bank. You might invest Rs 1.5 lakh in PPF and be ...