CA Final Download the best Free CA FINAL android app for cracking your exam! Download Now
They are the best ca final faculties in India. They have produced many toppers & rank holders. Their video classes are available only here -
CHECK VIDEO CLASSES HERE

Public Provident Fund (PPF)

Public Provident Fund (PPF)

Salient Features:

  • Interest rate of 8.7% per annum w.e.f. 01-04-2013.
  • Minimum deposit is 500/- per annum. Maximum deposit is Rs. 1,50,000/- per annum
  • The scheme is for 15 years.
  • Investment up to Rs 1,50,000/- per annum qualifies for Income Tax Rebate under section 80C of IT Act.
  • Interest is completely tax-free.
  • Deposits can be made in lumpsum or in 12 installments.
  • One deposit with a minimum amount of Rs 500/- is mandatory in each financial year.
  • Withdrawal is permissible from 6th financial year.
  • Loan facility available from 3rd financial year upto 5th financial year. The rate of interest charged on loan taken by the subscriber of a PPF account on or after 01.12.2011 shall be 2% p.a. However, the rate of interest of 1% p.a. shall continue to be charged on the loans already taken or taken up to 30.11.2011.
  • Free from court attachment.
  • Non-Resident Indians (NRIs) not eligible.
  • An individual cannot invest on behalf of HUF (Hindu Undivided Family) or Association of persons.
  • Ideal investment option for both salaried as well as self employed classes.

Senior Citizen’s Savings Scheme

Salient Features:

  • Interest @ 9.2% per annum from the date of deposit on quarterly basis w.e.f. 01-04-2013
  • Minimum deposit is Rs 1000 and multiples thereof. Maximum limit of 15 lakhs.
  • Maturity period is 5 years and can be extended for a further period of 3 years.
  • Age should be 60 years or more, and 55 years or more but less than 60 years who has retired under a Voluntary Retirement Scheme or a Special Voluntary Retirement Scheme on the date of opening of the account within three months from the date of retirement.
  • No age limit for the retired personnel of Defence services provided they fulfill other specified conditions.
  • The account may be opened in individual capacity or jointly with spouse.
  • TDS is deducted at source on interest if the interest amount is more than Rs 10,000/- per annum.
  • Investment up to Rs 1,50,000/- per annum qualifies for Income Tax Rebate under section 80C of IT Act.
  • Interest can be automatically credited to savings account provided both the accounts stand in the same post office.
  • Premature closure is allowed after one year on deduction of 1.5% of the deposit and after 2 years on deduction of 1%.
  • No withdrawal permitted before the expiry of a period of 5 years from the date of opening of the account.
  • Non-resident Indians (NRIs) and Hindu Undivided Family (HUF) are not eligible to open an account.

Public Provident Fund (PPF)

CAKARt

CAKART

At CAKART www.cakart.in you will get everything that you need to be successful in your CA CS CMA exam – India’s best faculty video classes (online or in pen drive) most popular books of best authors (ebooks hard copies) best scanners and all exam related information and notifications.Visit www.cakart.in and chat with our counsellors any time. We are happy to help you make successful in your exams.

.

www.cakart.in.

Click Here to download FREE CA CS CMA Text Books.

Leave a comment

Your email address will not be published. Required fields are marked *