BrahMos WORLD INDIA MADHYA PRADESH BHOPAL WTN SPECIAL Astrology GOSSIP CORNER SPORTS BUSINESS FUN FACTS ENTERTAINMENT LIFESTYLE TRAVEL ART & LITERATURE SCIENCE & TECHNOLOGY HEALTH EDUCATION DIASPORA OPINION & INTERVIEW RECIPES DRINKS FUNNY VIDEOS VIRAL ON WEB PICTURE STORIES
WTN HINDI ABOUT US PRIVACY POLICY SITEMAP CONTACT US
logo
Breaking News

Know more about the PPF

Monday - February 4, 2019 4:32 pm , Category : WTN SPECIAL
The public provident fund seems to be the convenient' and the profitable
The public provident fund seems to be the convenient' and the profitable

PPF: Tax savings as well as investment for the future

FEB 04 (WTN) - Everyone wants to save money for the future along with tax saving, so that the money can be used which is saved for the future. Well there are many ways of tax saving, but if along with tax saving there is saving for the future then this will be one of the good steps for you. For your information, let you know that by opening a PPF account in any bank or post office, anyone can save tax via PPF, that is, the public provident fund.

According to the banking sector experts, investing in the PPF is quite safe and profitable compared to other investment options. Whenever you fill in an Income Tax return, then you can claim tax relief on the basis of deposited amount in the PPF account for tax relief. For your information, let you know that tax relief is available at the time of filling an income tax return on interest earned on the PPF account.

If you have a regular income and you want to save tax, so investing in a PPF account will be very beneficial for you. In any scheduled bank of India or in any post office, any person can open their PPF account on their own name, but not only that one can open the PPF account in the name of children.

There are different rules for depositing money in the PPF in the different banks and in the post office. But you can invest in a PPF account from a minimum of 500 rupees to a maximum of 1.5 lakh rupees per year. The deposit of the PPF account holder can’t be excess more than 1.5 lakh rupees annually. That's because no interest is paid on more than one and a half lakh rupees and neither does any exemption in income tax. This amount can be deposited in a maximum of 12 installments per year in the PPF account or it can be deposited in a lump sum.

Investment in the PPF has been considered quite safe. According to the experts, after investing in the PPF account, any person can claim while filling income return for the tax exemption under Section 88 of the Income Tax Act and can get relief in income tax according to the rules. In the PPF account, the account holder has been given a lot of facilities, like on the request of the account holders, their PPF account can be transferred from one branch of the post office to the another branch of the post office or form post office to the bank.

Not only this, the PPF account can be transferred from the bank to the post office or from one bank to another. For your information, let you know that there is no charge of any kind for this service. The interest rate of PPF is decided by the Central Government on every quarter.

By the way, a PPF account can’t be closed before 15 years, but on a need basis, the PPF account can be closed prematurely, such as if the need for money for higher education or a medical emergency. The PPF account can be closed. But still the account can’t be closed before 5 years in the case of inevitability.