EPF, PPF interest is tax-freeByTeena Jain
For all contributions made by employees (not employer) inEPF or VPF, which exceed Rs. 2.5 lakhs in a year, any interest earned on this excess amount will be subject to regular taxation. any balances in EPF that you will have till 31 March 2021 or interest earned on them in the futurea...
Exempt Income: PPF Interest (Any Other) if you have received income such as interest fromPublic Provident fund (PPF) or maturity proceeds from PPF,then you are required to report such income by selecting –‘Any Other’ option and providing description in respect of that income. Exempt Income:...
Interest payable on PPF is determined on quarterly basis by Ministry of Finance. Interest is calculated on the lowest closing balance from the fifth day to the last day of every month. The interest is compounded annually and paid at end of the financial year. The Current rate of interest is...
How many allowances are allowed to be claimed on the W-4 form? How do most people pay their income tax throughout the year? a) What is the tax treatment of interest earned from a joint bank account? b) In whose income returns should such income be reflected? Which is more valu...
New Tax Regime: Why should you still opt for tax-saving instruments such as PPF, NPS, NSC? Read More View More TEAM CUSTOMER COMMUNITY We Work With the Best Partners While we are at the forefront of and specialize in design-build, we are very familiar with a number of delivery methods...
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. Additionally, failing to pay advance tax or incorrectly estimating the amount can trigger a notice from the Income Tax Department. This notice can...
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 ...
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...
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 ...