Thursday, February 4, 2021

Taxation of Interest on PPF

#Incometax #Budget
Union Budget 2021 has introduced provision that makes interest on employee contributions exceeding Rs.2.5 lakhs a year to the Employees’ Provident Fund as taxable w.e.f. April 2021. This also covers contribution by Government employees towards GPF.
However, the provision is going to impact only High net worth individuals since Interest above 2.5 lakhs can be earned P.A. only when you are having corpus of 28 lakhs+.
Exact Provision along with clarification will be rolled out soon.

at No comments:
Subscribe to: Posts (Atom)

The concept of Twin Balance Sheet Problem

This term has recently got attention as it was used by the Finance Minister during her recent speech at Punjab and Sind Bank. This term ori...

  • IncomeTaxUpdate
    Section 269SU of Income tax act states that any person carrying on business and having sales or receipts more than 50 crores during immedia...
  • Due date to file ITR for AY 2019-20
    The due date to file ITR for AY 2019-20 under section 134(4) --Belated Return  and section 139(5) -- Revised return has been extended to 30....
  • The concept of Twin Balance Sheet Problem
    This term has recently got attention as it was used by the Finance Minister during her recent speech at Punjab and Sind Bank. This term ori...