The PPF interest rates are revised and set by the government in each quarter. The interest on PPF is compounded on an annual basis. Hence, the interest is received on the PPF balance from the previous year and is added to the principal amount. The Current rate of interest is 7.1% ...
EPF, PPF interest is tax-freeByTeena Jain
From 1st April 2021 the interest on any contribution above Rs.2.5 lakh and Rs 5 lakh based on conditions by an employee to a recognized provident fundistaxable. This means that a person contributing up to Rs 20,833 a month to PF i.e has a basic salary of up to Rs 1.73 lakh a mont...
So if you have say opened a saving bank account in name of your minor child, interest earned on that would be exempted upto Rs 1500 and needs to be shown here. Ex: if you have earned say Rs 465 as interest on saving bank account in name of child. Add Rs 465 to others in Exempt ...
If advance tax is underpaid or unpaid, interest of 1% per month will be charged on the remaining liability. Meanwhile, Section 234C imposes interest of 1% for the first three months and 1.5% for the remaining months on any shortfall in instalment payments. ...
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Chapter VIA contains within its purview deductions for various items: Section 80C (For PPF, ELSS, LIP, EPF, home loan repayment, tuition fee and so on), 80G (donations), Section Section 80D (Health Insurance), and 80 TTA and 80TTB (Bank interest), 80CCD (NPS). Step 3: Liability ...
Interest paid on housing loan Exemption Limit : ₹2,00,000 80C (PF, PPF, insurance premium) Exemption Limit : ₹1,50,000 80CCD (Employee's contribution to NPS) Exemption Limit : ₹1,50,000 80CCD(1B) (Additional contribution to NPS) Exemption Limit : ₹50,000 80D ...
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Average tax rate indicates the amount of tax paid per dollar of all taxable income. The marginal tax rate, on the other hand, is tax rate applicable to the last dollar of taxable income.Answer and Explanation: Become a member and unlock all Study Answe...