PPF FORM H
Income tax for senior citizens: No salary after retirement? These 7 incomes can still attract tax; know what is exempt
Retirement is not synonymous with tax freedom. Your pensions, interest income, rental earnings, and capital gains may still incur taxes. It's crucial to identify which income streams are subject to taxation and which advantages remain untaxed to prevent errors and manage your finances wisely. Learn strategies to legally minimize your tax responsibilities after retirement and bolster your financial stability.
₹50 lakh to ₹1.4 crore: How extending your PPF can add lakhs to your corpus and who should do it
PPF maturity presents a choice: withdraw or extend for continued tax-free compounding. While government backing and tax benefits remain attractive, especially for high-income earners, individual circumstances dictate the optimal decision. Understanding extension rules and recent changes is crucial for effective retirement planning.
PPF account maturing? Here’s what to do
On maturity, account holders have multiple options to decide the future course of action based on their financial goals. It is important to understand these options.
PPF, Sukanya Samriddhi, other post office schemes rules: Guidelines for irregular small savings accounts effective from October 1, 2024
Small savings schemes rules: The Ministry of Finance has recently announced an update to the National Savings Scheme (NSS) through a new notification dated August 29, 2024. This update explains modifications made to the National Savings Scheme Rules 1987 and 1992.
Irregular PPF accounts: New rules from Oct 1, 2024 for regularisation of 3 types of irregular Public Provident Fund accounts
On August 21, 2024, the ministry released a circular that established the procedures for handling the regularization of unlawfully opened accounts in different National Small Savings Schemes via post offices. The circular explains the new regulations for regularizing irregular PPF, Sukanya Samriddhi Yojana, and other small savings schemes, which will be effective from October 1, 2024.
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Six new rules for PPF, Sukanya Samriddhi Yojana, other small savings schemes with effect from October 1, 2024
Small savings rules: The Ministry of Finance is responsible for overseeing small savings accounts. Any unusual accounts must be sent to this department to be brought into compliance by the Ministry of Finance, as per the regulation. Six specific categories have been defined, and appropriate instructions have been provided.
4 ways your PPF account can become irregular
Public Provident Fund (PPF): Here are four instances when a PPF account can become irregular.
How to extend PPF account after it matures; three options to consider
PPF account matures after 15-year lock-in term. But what about once it reaches maturity? What choices are available to you if you wish to keep using your PPF account?
How to pay less tax in 2023-24
Here are some of the steps that can help cut your tax in the new financial year.
How are interest income earned on FD, RD, PPF taxed
If the income from your investment exceeds the government's set threshold, it will be taxed. However, you must first understand how interest income is taxed.
5 financial tasks to finish in April
The tax planning season is still far away, so few people have tax savings on their mind right now. But experts say you should start your tax planning from April itself, rather than wait and make hasty decisions in the last few weeks of the financial year.
PPF: 7 things you should know about Public Provident Fund
A PPF account matures in 15 years. After the account matures, you can either withdraw the entire balance and close the account or extend it for five years with or without making further contributions.
Can I split PPF investment money between my account and my minor son's account?
Under the PPF Scheme, 2019, Rule-3 sets the limits on the number of accounts which an individual can open. The rule allows opening of one’s own account, and also on behalf of minor or a person of unsound mind of whom he or she is the guardian.
Eight money related tasks to complete before June 30, 2020
The government has extended various financial deadlines from March 31, 2020, to June 30, 2020.
PPF scheme 2019: Loan against PPF account at 1% and other changes you need to know
The government via a notification dated December 12, 2019, has replaced the PPF scheme 1968 with the PPF scheme 2019. Though major features have been kept unchanged, a few small tweaks have been made in the scheme which you should know about.
You can submit Form 15G/Form 15H even if your total income exceeds tax-exempt level
Form 15G/Form 15H is to be submitted to the financial institution usually banks to avoid the deduction of tax.
How to extend PPF account after it matures
Although Public Provident Fund has a lock-in period of 15 years you have the option to take a loan against it or make partial withdrawals during its tenure.
Where should you invest: PPF, NSC, Sukanya Samriddhi or Senior Citizens' Saving Scheme?
Investors shouldn't blindly invest in small savings schemes. Each instrument has specific features. Here are pros & cons of some of the most popular schemes.
Your PPF account may become irregular: Here's how
Regularising a PPF account is a long-drawn process, it is better to avoid seeing it go irregular.
Things you should know when your PPF matures
Completion of 15 years of the account takes place from 1 April of the year following the date of opening of the account.
8 financial tasks you should do in the next 30 days
From booking profits for the current FY to making tax-related investments, the list covers the important financial tasks you need to get done.
Small savings rate cut: Should you close your PPF account?
The PPF rate is down and could dip further as interest rates are cut. If your account is about to complete 15 years, here’s what you should know.
Six tasks for making the best out of this financial year
The craziness of March may be over, but investors and taxpayers still have a few more financial tasks to complete to put your finances on an even keel.
Are you misusing forms 15G and 15H to avoid TDS?
The repercussions of wrong filing is stiff. A false or wrong declaration in Form 15G attracts penalty under Section 277 of the Income Tax Act.
Guard against misuse of form 15G, 15H to save TDS
That is why you are advised to plan your taxes at the beginning of the year--to avoid overpayment and escape the refund process.
Submit Form 15G or 15H to avoid Tax Deducted at Source
Submit the Forms 15G or 15H right away to avoid the TDS on your investments, if your income is below the exemption limit.
Plan your taxes early and save money
According to financial advisors, tax planning cannot work in isolation, but has to be in line with your overall financial planning.
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