Stay updated with breaking news from ப்ஃப் ஆர்வம். Get real-time updates on events, politics, business, and more. Visit us for reliable news and exclusive interviews.
By opening a PPF account in the spouse’s name the investor is essentially doubling the yearly investment limit but the ceiling on individual accounts will continue to be Rs 1.5 lakh in a year. ....
New PF tax rule from this month, here s how your income will be affected The benefit of this exemption will be only to those PF account holders in which no contribution has been made by the employer. Representative image Updated: Apr 5, 2021, 10:28 AM IST As the new financial year has begun, the new rule for tax on Provident Fund interest will come into force from this month. In Budget 2021, Union Finance Minister Nirmala Sitharaman had announced that the government has decided to increase the exemption limit on interest on PF to Rs 5 lakh. Earlier, the limit was Rs 2.5 lakh. Sitharaman had announced that the interest on the investment of up to Rs 2.5 lakh per annum in PF will be tax-free, but tax will be imposed on the interest earned on the investment made above the Rs 2.5 lakh limit. It includes the contribution of both the employee and the company or employer. The government had taken this step to restrict those who earn intere ....
The Employees’ Provident Fund Organisation (EPFO) has kept the interest rates unchanged on provident fund deposits at 8.5 per cent for financial year 2020-21. The announcement comes on the back of large withdrawals and fewer contributions through out the last year amid the coronavirus pandemic. There were speculations that the EPFO would lower interest on provident fund deposits for this fiscal (2020-21) from 8.5 per cent given in 2019-20, owing to the coronavirus-induced slowdown through 2020. The retirement fund body has more than 50 million active subscribers The decision was taken at the Central Board of Trustees (CBT) meeting, which is the main decision-making body of EPFO. The interest rate would be officially notified in the government gazette following which EPFO would credit the rate of interest into the subscribers’ accounts ....
The Employees’ Provident Fund Organisation (EPFO) has likely fixed the interest rate on provident fund deposits at 8.5 per cent for financial year 2020-21, according to a report by news agency PTI. The retirement fund body is likely to announce the rates today. The Central Board of Trustees (CBT), which is the main decision-making body of EPFO, is meeting in Srinagar. The decision will come on the back of large withdrawals and fewer contributions through out the last year amid the coronavirus pandemic. In March, last year, the EPFO had reduced the interest rate to a 8.5 per cent for 2019-20, which is a seven-year low. The interest rate was 8.65 per cent in 2018-19 and 8.55 per cent for 2017-18. It was 8.65 per cent in 2016-17. ....
Sources told TOI that the government is looking to prescribe two sets of accounts for those contributing over Rs 2.5 lakh annually. The first would be for up to the threshold, while the other would capture the interest income above the taxfree level. The accounts would be maintained by PF authorities, officials indicated. ....