2015

Monday, 13 April 2015

EEE EET ETE explained

There are 3 ways Govt. taxes the monies invested by public at various stages of investment.
When the money is invested it goes through three stages, which are -

Contribution to an investment scheme.
Accumulation of interest.
Withdrawal stage, when the lump sum amount (sum of money invested and accrued interest) is withdrawn.

How does EEE relate to these stages?

EEE stands for Exempt, Exempt, Exempt which means -

First exempt means that the amount invested will be eligible for deduction under some section (As exp 80C) subject to the total exemption limit. The invested amount will be deducted from the total taxable income of the individual.
Second Exempt means the accrued interest will not be added to the total income and will not be taxed. Thus in case of second exempt interest earned is not taxed.
Third exempt means the income from the investment, at the time it is withdrawn, would be tax free.

As of now EPF, PPF, SSY, Life Insurance Policies, ELSS comes under EEE.

How does ETE relate to these stages?

ETE stands for Exempt, Taxed, Exempt which means -

First exempt means that the amount invested will be eligible for deduction under some section (As exp 80C) subject to the total exemption limit. The invested amount will be deducted from the total taxable income of the individual.
Taxed means the accrued interest will be taxed.
Third exempt means the income from the investment, at the time it is withdrawn, would be tax free.

Some of the investments which can be categorized under ETE would be Tax Saver FDs, NSC.

How does EET relate to these stages?

EET stands for Exempt, Exempt, Taxed which means -

First exempt means that the amount invested will be eligible for deduction under some section (As exp 80C) subject to the total exemption limit. The invested amount will be deducted from the total taxable income of the individual.
Second Exempt means the accrued interest will not be added to the total income and will not be taxed. Thus in case of second exempt interest earned is not taxed.
Taxed means the income from the investment (Principal + Accrued Interest), at the time it is withdrawn, would be taxed.

Some of the investments which can be categorized under EET would be National Pension Scheme(NPS), Pension Plans.

There are other similar terms too like TTE (Fixed deposits), TEE (Stocks and Equity Funds if kept for more than 3 years).

That's all for this topic EEE EET ETE explained. If you have any doubt or any suggestions to make please drop a comment. Thanks!

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Thursday, 9 April 2015

According to a report in Wealth-X Shahrukh's estimated net worth is $600 million (More than 3600 Crore). He is named as the second richest Actor in the world beaten only by Jerry Seinfeld with the estimated net worth of $820 million.

Shahrukh Khan was the only Bollywood star to feature in the top ten of the international celebrity rich list for 2013 - compiled by Wealth-X.

Some of the ways Sharukh khan makes money -

There are movies of course and his own production house but there are many other ways by which SRK makes money.

Endorsements - SRK can be seen endorsing a whole gamut of products cold drinks, cars, pan masala, paint to fairness creams. According to a study Shahrukh's brand value is Rs. 1011 Crore which is the highest among the celebrities.

Performing in weddings - According to a report in TOI (http://timesofindia.indiatimes.com/entertainment/hindi/bollywood/news/Shah-Rukh-Khan-charges-a-hefty-amount-for-weddings/articleshow/19999554.cms) SRK charges around Rs. 8 crore for wedding performance. So, just by shaking a leg in 10-15 odd weedings he can make close to 100 Crores in a year. Just as FYI Shah Rukh received around 250 invites for wedding appearances/performances in 2012 but took up only 10 of them.
Investments - Apart from owning a very famous address in Mumbai by the name "Mannat", SRK also owns several other properties (including houses) in several cities and countries across the globe, like London and Dubai to name a few. He also heads a production house 'Red Chillies Entertainment' - Film production and VFX being the two most important businesses of this house, which together constitute almost 70% of it's revenues.
IPL team Kolkata Knight Riders (KKR) one of the profit making IPL franchise is also owned by SRK.
TV Show hosting - SRK after starting his career in TV once again made his presence felt in the television world as the host of reality shows. He has hosted reality shows like; Kaun Banega Crorepati Season 3, Kya Aap Paanchvi Pass Se Tez Hain? and Zor Ka Jhatka: Total Wipeout. A TOI report says that in 2011, he charged Rs 2.5 crores for Zor Ka Jhatka..., an Indian adaptation of the American reality show Wipeout.

Performance at Award Shows - Shah Rukh Khan who is one of the most active participants in almost all award ceremonies, makes a lot of money through performance in such shows. And the number of awards (shows) that we have these days (which is really MANY!) is certainly helping him!
According to reports SRK charges around Rs 2-3 crore for over an hour's performance, which may also include hosting.

Monday, 6 April 2015

How Many Indians Pay Income Tax

India being a developing country is supposed to have a low Income Tax paying population but it would still be surprising to read that only about 3% of Indian population pay Income tax, which comes to 35 million tax payers (3.5 crore). In that too majority of the tax payers fall under 2.5 - 5 Lakhs slab. Just as comparison in USA around 45 percent of the population pays taxes.

Update : Income tax department has released the data for AY 2015-2016. As per the data there were 4.07 crore returns filed by individuals in AY 2015-2016 (FY 2014-2015). Number of returns filed in AY 2014-2015 was 3.65 crore.

But the disappointing fact is that out of 4.07 crore tax returns filed about 2.06 crore people actually paid any tax. Rest of the 2.01 crore filed the return but paid zero tax.

Of that 2.06 crore who did pay tax, around 1.85 crore were in the lowest tax slab and paid an average Rs. 24,000 as income tax in AY 2015-2016 meaning a collection of Rs. 44615 crore from these 1.85 crore people.

Out of the total returns filed, only 9690 paid income tax of more than INR 1 crore. Total income tax collection from these 9690 tax payers was 22,984 crore.

There was only one individual who paid more than 100 crore in taxes, tax collection from that individual was 238 Crore.

Reference : https://www.incometaxindia.gov.in/Documents/Direct%20Tax%20Data/Income-Tax-Statistics-IT-Return-AY-2015-16.pdf

As per the last census average household size in India is 4.8 person per house hold. If we take it as 5 and assume there is only one earning member per household then these 3.5 crore tax payer people take care of 17.5 crore population. Moreover according to Rangarajan committe below poverty line population in India is estimated at 363 million (36.3 crore) in 2011-12 This means 29.5% of the India population lives below the poverty line.
If we add these numbers (Population which is coming from the household where one of the member is paying taxes and the population which is below poverty line thus unable to even take care of their daily bread forget taxes)

17,50,00,000 + 36,30,00,000 = 53,80,00,000 (53.8 crore)

Now if we take the population of India as 125 crore (1,25,00,00,000 or 1.25 billion), number of people left -

1,25,00,00,000 - 53,80,00,000 = 71,20,00,000 (71.2 crore)

If we go by 5 people per houshold that will mean 14.24 crore households which are not paying any income tax.

If we take another 30% population whose income is less than the taxable income that will leave out another 21.36 crore people. Still there are 49.84 crore people left coming to around 10 crore household. Which means roughly there are around 10 crore households who should pay taxes but not doing so.

It's anybody's guess that most of these people who are not paying any taxes are -

Rich farmers - Agriculture income is exempted from tax in India. Though many of the small farmers may be having a hand to mouth existence but there are rich farmers too who should be taxed.

Crorepati farmers: tax them please!

Business owners - According to RBI data, cash still accounts for 90 per cent of all monetary transactions in India. So it is easy for the business owners to manipulate their taxable income by dealing in cash and under invoicing or not giving invoice at all.

Self Employed Professionals - This can be explained through an example -
Let's take an example of two chartered accountants A & B residing in the same apartment. A works in a financial institution and B has his own practice in the same commercial complex. Both of them drive to office. They both spend around Rs 12,000 on petrol bills. While A gets tax benefit of only Rs 1600 (Conveyance limit has been increased from Rs. 800 to Rs. 1600) B can claim the entire amount as a deduction from his income. Same for food bills self employed can claim the whole amount as business expenses. So self employed person can claim a lot of expenses as business expenses and pay almost nil tax.

Deviation in the number of Income Tax payers

Data about the number of income tax payers also show the inequality in the earnings and how the wealth is concentrated among very few, it also shows how people are not disclosing their true income. We have to go through some data to see that -

Details of number of income tax payers in the tax slabs

Details of number of income tax payers in the tax slabs of Rs. 0-5 lakh, Rs. 5-10 lakh, Rs. 10-20 lakh and beyond Rs. 20 lakh, as furnished by the Ministry in their written submission are given as under :

Slab	Number (in lakhs)	Percentage of taxpayers
0-5 lakhs	288.44	89.0%
5-10 lakhs	17.88	5.5%
10-20 lakh	13.78	4.3%
>20 lakh	4.06	1.3%

This data shows how much inequality there is among the tax payers. Only 1.3 percent of the tax payers have taxable income above Rs. 20 Lakhs, whereas, 89 percent of the tax payers have taxable income not more than Rs. 5 Lakhs.

Amount of tax collected as per tax slabs

Details regarding amount of tax collected under the existing rates and percentage of tax collected in each of the said slabs as furnished by the Ministry are given as under :

Slab	Tax Collected (Rs. in crores)	Percentage of tax collected
0-5 lakhs	15,010	10.1%
5-10 lakhs	21,976	14.8%
10-20 lakh	17,858	12.1%
>20 lakh	93,229	63.0%

Again notice the deviation 89 percent of tax payers are paying 10.1 percent of the taxes where as 1.3 percent of tax payers pay 63 percent of the taxes.

Going by the data it can be seen that GOI need to increase the tax base rather than increasing the income tax or service tax (Which is increased to 14% in this year's budget (2015)). Any increase in service tax hits the salaried class more as they end up paying more in double taxation.

Readers are welcome to present their thoughts

** Source for this post is Standing commitee on finance(2011-12) report (49).

That's all for this topic How Many Indians Pay Income Tax. If you have any doubt or any suggestions to make please drop a comment. Thanks!

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Thursday, 2 April 2015

Public Provident Fund (PPF) Account Opening Eligibility

A Public Provident Fund (PPF) Account can be opened by any resident Indian Individuals (Salaried, Business men, Self employed professional or any other category).

If a salaried class person has a General provident Fund account, or an Employees Provident Fund account, he can still have a PPF account there is no restriction.

PPF account by Grand Father/Mother

The grand father/mother cannot open a PPF account on behalf of their minor grand son/daughter except in the case grand father/mother are acting as the guardian of the minor.

NRIs opening PPF account

Non-resident Indians (NRIs) are not eligible to open a new PPF account.

Earlier you could keep an existing PPF account even if you become an NRI but that rule has also been changed. As per the new rule issued in 2017 as soon as your residential status changes your PPF account will be deemed closed.

From the day your residential status changes till the day you withdraw money from your closed PPF account, your closed PPF account will earn the interest rate payable on a post office savings account (Current rate is 4%), which is almost half of the interest rate you get on a PPF account.

HUF opening PPF account

Opening of PPF accounts in the name of Hindu Undivided Family is also not permitted. Since May 13, 2005, HUF also can not open a account under the PPF scheme. If the PPF accounts was opened, in the name of HUF, prior to May 13, 2005 subscription may continue to that account till maturity. That account can not be extended any further i.e. it has to be closed after 15 years.

Number of PPF accounts

A person can have only one PPF account in his name, if a person opens 2 PPF accounts anyhow and at some point it is detected that a person has 2 accounts (can easily be done by PAN) one of them would be closed and only the principal amount would be returned not the interest. Thus it would serve no purpose to have 2 PPF accounts.

PPF account for a minor

One exception to the stated one account per person rule is having an account for the minor where a person who is already having a PPF account can open another account on behalf of a minor but in that case combined limit for both the account would be 1.5 lakhs (Current limit for the PPF) anything deposited over and above that amount won't get any interest.

In case of family of four - couple and their 2 kids, Kid-1 and Kid-2 there are following scenarios for the number of PPF accounts an individual can have.

Father can open PPF account for self, kid-1 and kid-2.
Mother can open PPF account for self, kid-1 and kid-2.
Father can open PPF account for self and one kid (kid-1 or kid-2).
Mother can open PPF account for self and one kid (kid-1 or kid-2).

Please note that the combined investment in any of the above scenarios should not exceed Rs. 1,50,000.

Points to note -

Joint PPF accounts are not permitted.
An individual can't have more than one account on his/her name.
No age is prescribed for opening a PPF account.
Parents and Guardians can open PPF account for minors.
Opening of PPF accounts in the name of Hindu Undivided Family is not permitted.
NRIs are not eligible to open a PPF account. Any existing account will be deemed closed on the date of residential status change.

That's all for this topic Public Provident Fund (PPF) Account Opening Eligibility. If you have any doubt or any suggestions to make please drop a comment. Thanks!

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Public Provident Fund (PPF) Tax Exemption Benefits

What makes PPF the choice of investment for everybody is that -

The amount invested in PPF, with in the financial year, can be claimed as deduction under 80C.
The interest earned is tax free.
Backed by GOI making it one of the safest saving instrument available.

So let's see what are the tax exemption benefits of PPF making it such an attractive investment.

Tax exemption benefits of PPF

Annual contributions made to the PPF account are exempted from tax under Section 80C of income tax. Currently Rs. 1,50,000 (FY 2015-16) is the amount that can be claimed under 80C, but that doesn't mean all of that Rs. 1,50,000 has to be invested in PPF compulsorily. Rs. 1,50,000 is the total amount that can be claimed for deduction under 80C.

As Example - Let's assume a person is contributing Rs. 40,000 to his EPF (Employee Provident Fund) account and also has an insurance policy for which annual premium is Rs. 20,000. Since EPF contribution and insurance premium can also be claimed as deduction under 80C, that leaves another Rs. 90,000 to be invested in case he wants to claim full exemption. That amount (Rs. 90,000) can be invested in PPF. On the other hand if a person has more money to invest then he can put Rs. 1,50,000 in PPF but based on the above scenario the exemption can be claimed only on Rs. 90,000.

Tax benefits for minor's PPF account

In case a person has two accounts one for himself and one for his minor kid then the amount that is invested in both of the accounts with in the financial year can be claimed for exemption but the upper limit of exemption remains Rs. 1,50,000. Same thing is applicable if person has 3 accounts one for himself and two for minor kids.

PPF provides EEE (Exempt-Exempt-Exempt) benefits

Before going into why PPF is termed as EEE, first lets have a little introduction on what exactly is EEE.

There are 3 ways Govt. taxes the monies invested by public at various stages of investment.
When the money is invested it goes through three stages, which are -

Contribution to an investment scheme.
Accumulation of interest.
Withdrawal stage, when the lump sum amount (sum of money invested and accrued interest) is withdrawn.

How does EEE relate to these stages?

EEE stands for Exempt, Exempt, Exempt which means -

First exempt means that the amount invested will be eligible for deduction under some section (As exp 80C) subject to the total exemption limit. The invested amount will be deducted from the total taxable income of the individual.
Second Exempt means the accrued interest will not be added to the total income and will not be taxed. Thus in case of second exempt interest earned is not taxed.
Third exempt means the income from the investment, at the time it is withdrawn, would be tax free.

With this information about EEE we can easily see why PPF is termed as EEE?

PPF is termed as EEE (i.e. Exempt, Exempt, Exempt) because

Contribution to the PPF account is exempted under 80C.
Interest earned is tax exempted, there is no TDS as in the case of FD(at the rate of 10%) if interest earned in the fiscal year is more than Rs. 10,000.
Withdrawal from the PPF account is also tax exempted.

Effective rate of return on PPF may be higher

Though the rate of interest we get on PPF is 8.7% but as we already know PPF comes under Exempt, Exempt and Exempt investment category so the effective rate of return on PPF can be much higher depending on the tax slab a person comes under.
Current tax slabs are 10%, 20% and 30%. Along with the education cess, which is 3% of the total of Income Tax and Surcharge, the tax rates come to 10.3%, 20.6% and 30.9%. Noting the point that the person doesn't need to pay any tax on the interest earned on PPF the effective rate of return can go as high as 12.59% if the person happens to fall under 30.9% tax slab.

To show it with the help of an example let us assume that person A comes under 30.9% tax slab as his taxable income is more than Rs. 10,00,000. If he has invested Rs. 1,00,000 in PPF then he earns Rs.8700 at the rate of 8.7%. Now if that return is not exempted but taxed then he has to pay 30.9% tax on this interest income of 8700. In that scenario, when he has to pay tax at 30.9% on interest income, he will have to earn an interest income of 12590 to have a post-tax return of Rs.8700.

12590 * 30.9/100 = 3890.31

12590 - 3890.31 = 8699.69

So with this logic the effective rate of return, for a person who comes under the 30.9% slab, comes to 12.59%.

Effective rate of return, for a person who comes under the 20.6% slab, comes to 10.96%.

Effective rate of return, for a person who comes under the 10.2% slab, comes to 9.69%.

Same thing can also be understood in a different way, if one hadn't shown the investment of Rs. 1 Lakh then one would have paid taxes at 30.9% (assuming the person falls in 30.9% tax bracket) on that Rs. 1 Lakh. So in a way one is investing only Rs. 69,100 to get an interest of Rs. 8,700.

Let's do the math again -

Amount of tax payable if that 1 Lakh was not invested

1,00,000 * 30.9/100 = 30,900

Thus actual investment is

1,00,000 - 30900 = 69,100

To get return of Rs. 8,700 on the invested amount of Rs. 69,100 the rate of return should be 12.59%.

69,100 x 12.59/100 = 8699.69

By this calculation again the effective rate of return for a person who comes under the 20.6 % slab is 10.96% and for a person who comes under the 10.2% slab it is 9.69%.

Thus PPF, apart from being a safe investment avenue and having almost zero volatility can provide up-to 12.59% effective rate of return for tax payers. PPF being EEE category investment brings a huge benefit of not to pay any taxes on the invested amount at any of the three stages.

Points to note -

Annual contributions to the PPF account are exempted from tax upto the maximum limit of Rs. 1,50,000.
Minimum amount that has to be deposited in the PPF account in the financial year is Rs.500.
Maximum limit is Rs. 1,50,000 which is the current exemption limit, so if there is any increase in exemption limit then the maximum investment limit in the PPF account may increase too.
PPF is EEE investment which means PPF is exempted from tax across all three stages.
Effective rate of return on PPF may be much higher because of it being EEE investment.
Investment schemes may be categorized under EEE, ETE and EET.

That's all for this topic Public Provident Fund (PPF) Tax Exemption Benefits. If you have any doubt or any suggestions to make please drop a comment. Thanks!

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Public Provident Fund (PPF) Interest Rate/Interest Rate Calculation

The interest earned on PPF is not fixed but benchmarked to Government securities. The government declares the interest rate payable on PPF every financial year. Generally government declares the PPF interest rate, for the next financial year, in the last week of March.

PPF offers 25 basis points higher than the yield of 10-year government bonds. Thus the rate of interest earned on PPF may come down if Govt. bond yield comes down and may go up in case the yield goes up.

For fiscal year 2015-16 government has announced interest rate of 8.70 per cent. which is same as the last fiscal year.

Update: Earlier the interest rates for the small saving schemes like PPF, SSY, NSC used to be declared annually once. From FY 2016 - 2017 the rate of interest will be reviewed every three months so interest rate on small saving schemes will be fixed on quarterly basis and may change every quarter.

Interest Rates for PPF

April 1, 2016 - June 30, 2016 : 8.10%
July 1, 2016 - September 30, 2016 : 8.10% 
October 1, 2016 - December 31, 2016 : 8.00% 
January 1, 2017 - March 31, 2017 : 8.00%
April 1, 2017 - June 30, 2017 : 7.90%
July 1, 2017 - September 30, 2017 : 7.80%
October 1, 2017 - December 31, 2017 : 7.80% 
January 1, 2018 - March 31, 2018 : 7.60%

One of the biggest point going in the favour of PPF is that the interest earned on the scheme is completely tax free.

PPF interest rate calculation

It is very important to know how the interest on the PPF is calculated so that the rate of return on that investment can be maximized by investing amount at the proper time.

The interest on balance in your PPF account is compounded annually and is credited at the end of the year. But the point to remember is that the interest calculation is done every month which means the interest is calculated on lowest balances in account between 5th and last day of the month. So if you don't deposit on or before the 5th of a month, you don't earn interest for that month.

To make it a little technical; in case of monthly interest calculation, interest bearing balance method is used. Formula for the same is

Interest = Total Amount x 1/12 x Rate/100

Where total amount is the amount in the PPF account at any given month end.

As Example -

If total amount in the PPF account at the end of any given month is Rs. 1,00,000 then interest for that month would be (Considering the interest as 8.7%).

Interest = 100000 x (1/12 x 8.7/100)
         = 100000 x 0.00725
         = 725

Going by that method if we take three scenarios -

Rs. 60,000 deposited between Apr 1st and Apr 05.
Rs. 5,000 deposited every month between the 1st and 5th of that particular month.
Rs. 5,000 deposited every month after the 5th of that particular month.

Considering the interest as 8.7% the interest earned at the year end for these 3 scenarios would be.

Rs. 5,220 when Rs. 60,000 deposited between Apr 1st and Apr 05.
Around Rs. 2850 when Rs. 5,000 deposited every month between the 1st and 5th of that particular month.
Around Rs. 2400 when Rs. 5,000 deposited every month after the 5th of that particular month.

It's easy to see that lump sum investment at the start of the year (between Apr 1st and Apr 5th) will fetch the highest return.

Points to note -

Interest rate for PPF is not fixed and subject to change every quarter from FY 2016 - 2017.
Minimum deposit of Rs. 500 has to be done in a fiscal year otherwise PPF account will be deactivated.
Ideal scenario would be to deposit 1,50,000 between Apr 1st and Apr 5th in order to fetch maximum interest. A nice article for the best time to investment can be seen here - http://www.ppfaccount.in/ppf-investment-period.html
Make sure to deposit between 1st and 5th of the month in order to get interest for that particular month.
PPF is EEE investment which means PPF is exempted from tax across all three stages of investment.

That's all for this topic Public Provident Fund (PPF) Interest Rate/Interest Rate Calculation. If you have any doubt or any suggestions to make please drop a comment. Thanks!

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Public Provident Fund (PPF) Duration And Maturity Options

Public Provident fund (PPF) is one of the most favoured fixed income investment option. PPF is a long term investment option which comes with a lock-in period of 15 years and it can't be closed pre-maturely. However, during the tenure of the account, one can take loans or withdraw amounts subject to certain conditions.

Refer PPF partial withdrawal rules to know about PPF partial withdrawal rules.
Refer Procedure to take loan against PPF account to know how to take loan against PPF account.

In this post we'll talk about PPF duration and PPF maturity options.

PPF investment duration

As already mentioned original duration of the PPF account is 15 years. But note that the contribution has to be made for 16 years in all. The 15 year period is calculated from the financial year following the date on which the account is opened.

As Example -

If PPF account is opened on Apr 1st, 2014, the actual counting to maturity begins from the end of the year, i.e. 31st March 2015. So the account will mature on 31st March, 2030. To take it other way effectively the PPF account matures on the first financial day of the 17th year.

PPF maturity options

After the original duration of 15 years it is not mandatory that one has to close the account. Infact subscriber has an option to extend his PPF account for a block of 5 yrs. That extension can be done "N" no. of times, which means subscriber can keep extending his PPF account for a block of 5 years as many times he wants. So with that option of extending the PPF account, actually there are three options for subscriber once the PPF account matures.

Explaining the PPF maturity options

Complete withdrawal - PPF subscriber can opt to withdraw the whole amount after the completion of 15 years.

Extend the PPF account with no contribution - If PPF subscriber wants to keep earning interest on the accumulated amount over the 15 years period but doesn't want to invest any money in his PPF account, subscriber can opt for this option. Further points to note with in this option are -

This is the default option meaning if subscriber doesn't take any action with in one year of his PPF account maturity this option activates automatically.
Once PPF account is activated with this option of "Extension with no contribution" then the subscriber cannot put any money in the account which means no switch over to with-contributions extension is possible after that.
Any amount can be withdrawn from the PPF account if the option of extension with no contribution is chosen. Only restriction is only one withdrawal is permitted in a financial year. Rest of the amount keeps earning interest.

Extend the PPF account with contribution - With this option subscriber can put money in his PPF account after extension. Further points to note with in this option are -

If subscriber wants to choose this option then he needs to submit Form H in the bank where he is having a PPF account within one year from the date of maturity (before the completion of 16 yrs in PPF).
With this option subscriber can only withdraw maximum 60% of his PPF amount (amount which was there in the PPF account at the beginning of the extended period) within the entire 5 yrs block. Every year only a single withdrawal is permitted.

Points to note -

Original duration of the PPF account is 15 years.
PPF account can be extended in a block of five years once it matures.
Complete withdrawal of Public Provident Fund amount or pre-mature closure of a PPF Account is not permissible except in case of death.
Even a discontinued account can't be closed before maturity.
In the unforunate event of subscriber's death, nominee/legal heir of PPF Account holder can not continue the account but account has to be closed.

That's all for this topic Public Provident Fund (PPF) Duration And Maturity Options. If you have any doubt or any suggestions to make please drop a comment. Thanks!

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Monday, 30 March 2015

Procedure to Take Loan Against Public Provident Fund (PPF) Account

It is possible to take loan against the PPF account subject to certain rules and certain limitation on the amount of loan.

Rules for taking loan against PPF account

A subscriber can avail a loan on his / her PPF deposit any time after the completion of one year from the end of the financial year in which initial subscription was made but before the expiry of five years from the end of the financial year in which the initial subscription was made.

For example -

A subscriber has opened an account in January 2010 that means PPF account is opened in the financial year 2009-10. End of the financial year would be 31st March, 2010. Completion of one year from the end of the financial year means 31st March, 2011. So subscriber will be eligible to take loan from April 1, 2011.
Expiry of five years from the end of the financial year in which the initial subscription was made means five years from 31st March, 2010. That will come to 31st March, 2015. Which means subscriber will be eligible for a loan from April 1st, 2011 to 31st March, 2015.

Why this rule of 5 years?

If some readers are wondering why till 5 years why not beyond that? Answer is, after five years subscriber is eligible for partial withdrawal so no need to take loan.

Read: What are the PPF partial withdrawal rules?

Limit on Loan Amount

There is a limit on the amount that can be taken as loan from the PPF account which is as follows -
The loan amount will be limited to 25% of the balance outstanding to the subscriber's credit at the end of the second year immediately preceding the financial year in which the loan is requested.

As Example-

A subscriber requesting a loan anytime in FY 2011 - 2012 will be eligible for 25% of the amount that stood to his credit (Principal + Interest) as on March 31, 2010.

Interest rate charged on the loan

Rate charged on loan is 2% above the rate of return on PPF. Since the current rate of interest on PPF is 8.7% (Please check the current rate of interest as it is announced every quarter) so the rate of interest charged on loan would be 10.7%.

Required document for loan

Form D.
Pass Book.

Condition for second loan

You can apply for a second loan from PPF too subject to certain rules, which are as follows -

A subscriber shall not be entitled to get a fresh loan so long as earlier loan has not been repaid in full together with interest thereon.
Duration for the second loan should also fall in the same period - After the completion of one financial year and before the expiry of five financial years.

Loan against Minor's PPF account

Loan can be taken from the Minor's account. In that case the following section in the loan form (Form D) has to be filled. "Certified that the amount sought to be withdrawn is required for the use of _____________________________________________ who is alive and is still a Minor"

Repayment of loan

The loan is repayable in 36 months. First the principal amount and then the interest amount as per the following rules -

Rules for repayment of principal

The principal amount of the loan shall be repaid by the subscriber before the expiry of thirty six months from the first day of the month following the month in which the loan is sanctioned.
As example - If loan was taken on any day in May then the period of 36 months will be calculated from the month of June.
The repayment may be made either in one lump sum or in two or more monthly installments within the prescribed period of thirty six months.
The repayment of principal will be credited to the subscriber’s account.

Rules for repayment of interest

Once the principal of the loan is fully repaid then only you can pay the interest.
The interest will be charged for the period commencing from the first day of the month following the month in which the loan is drawn up to the last day of the month in which the last installment of the loan is repaid.
Interest amount should be repaid in not more than two monthly installments.
Unlike the principal amount that will be credited to subscriber's account interest paid on the loan is accrued to the government.

If the loan is not paid at all or is repaid only in part within the prescribed period of thirty six months, interest on the amount of loan outstanding shall be charged at six percent per annum from the first day of the month following the month in which the loan was obtained to the last day of the month in which the loan is finally repaid. Total duration given for paying both principal and interest is thirty-six months.

Reference Download

SBI form D

Points to note -

Loan from PPF account is allowed after the completion of one financial year and before the expiry of five financial years.
Loan facility ceases to exist as soon as the PPF account is eligible for partial withdrawals.
Loan can be taken from minor's PPF account too.
Loan (principal + interest) has to be repaid with in 36 months.
Interest rate charged is 2% above the rate of return on PPF.

That's all for this topic Procedure to Take Loan Against Public Provident Fund (PPF) Account. If you have any doubt or any suggestions to make please drop a comment. Thanks!

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Sunday, 22 March 2015

Public Provident Fund (PPF) Partial Withdrawal Rules

Though PPF is supposed to be a long term investment vehicle where the entire amount in the PPF account could be withdrawn only on maturity (i.e. After completion of 15 years. Read: What is the duration of PPF account?). However, in case of financial emergency subscriber may opt for partial withdrawals from his account subject to certain rules.

Eligibility for PPF partial withdrawal

When subscriber is eligible to withdraw can be explained in two ways, though they both mean the same thing.

Anytime after the expiry of five years from the end of the financial year in which the initial subscription is made, one withdrawal, once a year, is allowed.
As Example An account opened in January 2010 will be eligible for partial withdrawal from April, 2015. To explain it further, as I said above - from the end of the financial year in which the initial subscription is made. If the account is opened in Jan, 2010 so the end of the financial year would be 31st Mar, 2010. Expiry of five years from the end of the financial year can be counted as -
- Apr, 2010 – Mar, 2011.
- Apr, 2011 – Mar, 2012.
- Apr, 2012 – Mar, 2013.
- Apr, 2013 – Mar, 2014.
- Apr, 2014 – Mar, 2015.
Thus partial withdrawal will be allowed from April, 2015.
The second way to say the same thing is one withdrawal, once a year, is allowed from the beginning of 7th year. If we take the same example where account is opened in January, 2010 the subscriber will be eligible for partial withdrawal from April, 2015. Since the account is opened in Jan, 2010 which means financial year 2009-2010. Now, if we count till the beginning of the seventh year that count will go like -
- Apr, 2009 – Mar, 2010.
- Apr, 2010 – Mar, 2011.
- Apr, 2011 – Mar, 2012.
- Apr, 2012 – Mar, 2013.
- Apr, 2013 – Mar, 2014.
- Apr, 2014 – Mar, 2015.
So the beginning of the 7th year in this case would be Apr, 2015.

Amount that can be withdrawn

The amount that can be withdrawn is subject to the following rule -

Subscriber can withdraw an amount not exceeding the lower of:

50% of the balance at the end of the 4th year immediately preceding the year of withdrawal.
50% of the balance at the end of the year immediately preceding the year of withdrawal.

Lets's see it with an example -

For a partial withdrawal requested in April 2015, the amount of withdrawal will be limited to 50% of the lower of the balances standing to subscriber's credit as on -

March 31, 2012 (4th immediately preceding year from FY April, 2015 - March, 2016).
March 31, 2015 (Immediately preceding year from FY April, 2015 - March, 2016).

Form required for PPF Withdrawal

If you want to apply for partial withdrawals you can submit request using Form C through the bank where you maintain your PPF account.

Points to note -

PPF maturity duration is 15 years.
Pre-mature closure of a PPF account is permissible only in case of death.
Partial withdrawal is available from the starting of the 7th financial year after the initial subscription is made.
One withdrawal once a year is allowed.

That's all for this topic Public Provident Fund (PPF) Partial Withdrawal Rules. If you have any doubt or any suggestions to make please drop a comment. Thanks!

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Sukanya Samriddhi Account (SSY) Pre-Mature Closure And Partial Withdrawal Rules

The duration of the Sukanya Samriddhi account is 21 years from the date of the opening of the account. But there are some scenarios when SSY account is permitted to be closed prematurely.

Beneficiary getting married

SSY account can be closed if marriage of the account holder (girl child) takes place before the completion of 21 years of SSY account.

Earlier SSY account has to be closed in case of marriage but as per new rules, in case of marriage, pre mature closure of the SSY account is allowed with in a month before the marriage or with in three months after the marriage. If SSY account is not closed with in that window, in case of marriage, then it has to be continued till maturity (i.e. 21 years).

If SSY account has to be closed in case of marriage proper proof has to be given that girl is over 18 at that time

Untimely death of the account holder

In the unfortunate event of death of the account holder (girl child), the account shall be closed immediately on production of death certificate issued by the competent authority. In that case the balance at the credit of the account shall be paid along with the accrued interest till the month preceding the month of premature closure of the account, to the guardian of the account holder.

Hardship to the account holder

The other case when Sukanya Samriddhi Yojana account can be closed prematurely is when the central government is satisfied that operation of the account or continuation of the account is causing undue hardship to the account holder (guardian). Authorities may allow pre-mature closure of the SSY account only in cases of extreme compassionate grounds such as medical support in life threatening diseases, death etc. The application for pre-mature closure in this case has to be given with the proper reason.

There is one condition though in this case, pre mature closure is permitted only after the completion of five years of the SSY account opening.

Resident status change for the beneficiary

SSY account is only for resident Indian. After the opening of SSY account, if the account holder becomes a NRI or non-citizen; as per rule no interest shall be deemed to accrue to the account from the day of change in status and the SSY account shall be deemed to be closed prematurely from that date. The intimation for the change in residential status shall be given by the guardian or the accout holder to the concerned post office or bank with in the period of one month from the date of change in citizenship status.

Pre-mature closure for any other reason

Apart from all these scenarios premature closure of the SSY account may be permitted anytime after the opening of an account but in that case the whole deposit shall be eligible only for the interest rate prescribed for the Post Office Savings Bank.

Partial withdrawal rules

Partial withdrawal is permitted, to meet the financial requirements of the account holder for the purpose of higher education.

In this cases partial withdrawal up to fifty percent of the balance at the credit, at the end of preceding financial year shall be allowed. This partial withdrawal will be allowed only when the account holder girl child attains the age of eighteen years or has passed 10th standard, whichever is earlier.

Let's clarify it with an example - If an account is opened for a girl child whose birth date is 10th Aug 2014 then her 18th birthday would be on Aug 10th 2032. Now if fifty percent withdrawal is requested then the sanctioned amount would be the fifty percent of the amount in the SSY account as of 31st march, 2032.

In case you are opting for partial withdrawal to cover higher educaton expenses you need to provide documentary proof in the form of a confirmed offer of admission of the account holder in an educational institution or a fee-slip from such institution clarifying such financial requirement.

Partial withdrawal may be made as one lump-sum or in istalments, not exceeding one per year, for a maximum of five years.

The partial withdrawal is restricted to the actual demand of fee and other admission charges as per the submitted document. So if amount for fee and other charges is coming to less than 50% of the account balance then you are eligible for partial withdrawal upto the amount for fee and other charges.

Points to note -

Pre-mature closure of the account is permitted in case of the death of the account holder or when it is causing extreme hardship to the depositor to carry on the operation of the account.
NRIs or non-citizens are not permitted to hold SSY account. In case there is a change of status in citizenship of the account holder, SSY account shall be considered closed.
Partial withdrawal up to 50% is permitted in case of higher education of the girl child.
Partial withdrawal is allowed only when the account holder girl child attains the age of eighteen years or has passed 10th standard, whichever is earlier
After the marriage of the girl child SSY account can be closed even if 21 years of SSY account are not completed.

That's all for this topic Sukanya Samriddhi Account (SSY) Pre-Mature Closure And Partial Withdrawal Rules. If you have any doubt or any suggestions to make please drop a comment. Thanks!

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Friday, 20 March 2015

Sukanya Samriddhi Yojana (SSY) Account Duration

The duration of the SSY account is 21 years. Please note that it is 21 years from the date of the opening of the account not when the girl attains the age of 21 years.

There is one exception to the rule - If the marriage of the account holder (girl child) takes place before the completion of those 21 years, then you have an option to close the SSY account.

Earlier SSY account has to be closed in case of marriage but as per new rules that mandatory closing clause has been tweaked.

Now a window is provided when SSY account can be closed in case account holder is getting married. The duration in which the account can be closed is; with in one month before the marriage or with in three months after marriage.

So there is a window of four months in which SSY account can be closed in case of marriage. If SSY account is not closed with in that duration then it has to be continued till maturity (i.e. 21 years).

In the case of the closing of the account because of the marriage of the account holder, the account holder shall have to give an affidavit to the effect that she is not less than eighteen years of age as on the date of closing of the account, in that way it also ensures that at the time of marriage girl is at least 18 years old :).

Refer Sukanya Samriddhi Account (SSY) Pre-Mature Closure And Partial Withdrawal Rules to see other scenarios when SSY account can be closed prematurely.

Deposit for first 14 years only

Deposit in the Sukanya Samriddhi Account needs to be done for first 14 years only from the date of opening of the account, i.e. deposit of a minimum of Rs. 1,000 and a maximum of Rs. 1,50,000 has to be done for 14 years only, since the maturity of the account is after 21 years (apart from the exception of the marriage of the account holder) which means for the last 7 years of the SSY account no deposit has to be made. Account will keep earning the prevailing interest rate till it matures.

Closure of the account after maturity

On maturity of the Sukanya Samriddhi Account the principal along with the accrued interest shall be payable to the account holder on the production of -

Withdrawal Slip.
SSY passbook.

What if the Account is not closed at the time of maturity

In case account is not closed when it matures (i.e. after 21 years of opening of the account). No interest will be paid once the SSY account completes twenty-one years from the date of its opening. Note that earlier rule was prevailing interest rate for the Sukanya Samriddhi Yojana shall be payable on the balance in the account till final closure of the account. Now that won't happen and no interest will be paid.

Points to note -

The duration of SSY account is 21 years from the date of opening of the account.
It can be closed before that period of 21 years if girl is getting married before completion of that duration of 21 years. In that case Account holder has to submit an affidavit to the effect that she is not less than eighteen years of age as on the date of closing of the account
If SSY account is not closed even after 21 years it won't fetch any interest after the completion of 21 years.

That's all for this topic Sukanya Samriddhi Yojana (SSY) Account Duration. If you have any doubt or any suggestions to make please drop a comment. Thanks!

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Thursday, 19 March 2015

Public Provident Fund (PPF) Deposit Rules

We do need to invest our savings in order to earn interest and maximize our returns. PPF, because of its flexibility, rate of return and benefit of tax deduction is one such financial product which should be part of everybody's investment portfolio.

PPF is considered one of the safest long term investments with duration of 15 years. Since, money has to be invested in PPF account for the duration of 15 years at least (Read: PPF maturity options for more details), so it is very important to know three things -

What are the minimum and maximum deposit limits for PPF account so that PPF account doesn’t get discontinued and we get maximum returns out of our PPF account.
When to deposit in order to maximize the return.
What will happen if subscriber fails to deposit even the minimum deposit in any given year.

In this post I'll try to explain the above points so that you know how much to deposit in your PPF account and when to deposit in order to maximize the returns.

Deposit limit for PPF

With in a given financial year a minimum of Rs. 500 to a maximum of Rs.1.50 lakhs may be deposited in a PPF account. The subscriber should not deposit more than Rs.1.50 lakhs per annum as the excess amount will neither earn any interest nor will be eligible for rebate under Income Tax Act.

How much to Deposit

The amount can be deposited in lump sum or in convenient installments not more than 12 Installments in a year subject to total deposit of Rs.1,50,000 with in a fiscal year (Based on the current exemption limit).

It is not mandatory to make a deposit in every month of the year. The amount of deposit can be varied to suit the convenience of the account holders.

It is also not mandatory that the same amount must be deposited every year. If a person has funds he can deposit the maximum i.e. Rs 1,50,000. If in any given year person has shortage of funds then he can deposit what ever is possible, but at least Rs. 500 which is the minimum limit. This flexibility of the investment makes PPF unique.

There is some confusion over any restriction on the number of deposits done in a month. Bank of India PPF rules say two installments in a month. But I have also heard people saying they have made 4 deposits in a month. So please let me know if any body has any knowledge about any restriction on the number of monthly deposits.

I see it this way if a person has enough money to make more than 2 deposits in a month that too between the 1st and 5th of that month (Read: Why deposit should be made between 1st and 5th of any month), then person can very well club it in with in 2 deposits. If a person is making a third deposit after 5th, it would be better to make that deposit between the 1st and 5th of the next month.

When to deposit

The interest on balance in the PPF account is compounded annually and is credited at the end of the year. But the point to remember is that the interest calculation is done every month which means the interest is calculated on lowest balances in account between 5th and last day of the month. So, if one doesn't deposit on or before the 5th of a month, one doesn't earn interest for that month. (Read : How is the interest on the PPF calculated? for more details)

Deposits in Minor Account

The amounts deposited in one's own account and those of one's children and spouse can be deducted from income under section 80C but make sure that the total deposit in all those accounts doesn't cross the maximum limit of Rs. 1,50,000.

Discontinuation of PPF account

The minimum amount that has to be deposited in a PPF account with in a financial year is Rs. 500. If in any financial year subscriber fails to deposit that minimum amount, the account will be treated as discontinued.

If an account is discontinued the subscriber will not be entitled to obtain a loan or make a partial withdrawal unless the account is revived.

Please note that even if the PPF account is discontinued it will continue to earn interest.

How to revive a discontinued PPF account-

A discontinued PPF account can be revived by paying a default fee of Rs. 50 for each defaulted year, along with subscription arrears of Rs. 500 for each such year.

Points to note -

The deposits shall be in multiple of Rs.100 subject to minimum amount of Rs.500.
Maximum limit is Rs. 1,50,000 which is the current exemption limit, so if there is any increase in exemption limit then the maximum investment limit in the PPF account may increase too.
Failing to deposit minimum deposit requirement of Rs. 500 in a fiscal year will result in the discontinuation of the PPF account.
Discontinued account will still earn interest.
No loan or partial withdrawal is permitted if the account is discontinued.
Discontinued PPF account can be revived by paying the penalty and the subscription amount for the defaulted years.

That's all for this topic Public Provident Fund (PPF) Deposit Rules. If you have any doubt or any suggestions to make please drop a comment. Thanks!

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Tuesday, 10 March 2015

Sukanya Samriddhi Yojana (SSY) Account Interest Rate

For the Financial Year 2015-16 government has declared Interest Rate of 9.2% on the Sukanya Samriddhi Yojana. Please note that the interest rate is not fixed and linked to the government bond yield. SSY will offer 75 basis points higher than the 10-year government bond yield for the previous year.

Update: Earlier the interest rates for the small saving schemes like PPF, SSY, NSC used to be declared annually once. From FY 2016 - 2017 the rate of interest will be reviewed every three months so interest rate on small saving schemes will be fixed on quarterly basis and may change every quarter.

As per latest update govt. has slashed rate for small saving schemes by 0.2 percentage point for the quarter January, 2018 - March 2018 from the rates applicable in the previous quarter. That means interest rate for SSY will be 8.1% in that period.

Interest Rates for SSY

April 1, 2016 - June 30, 2016 : 8.60%
July 1, 2016 - September 30, 2016 : 8.60% 
October 1, 2016 - December 31, 2016 : 8.50% 
January 1, 2017 - March 31, 2017 : 8.50%
April 1, 2017 - June 30, 2017 : 8.40%
July 1, 2017 - September 30, 2017 : 8.30%
October 1, 2017 - December 31, 2017 : 8.30% 
January 1, 2018 - March 31, 2018 : 8.10%

Points to note -

Interest rate for SSY is not fixed and subject to change every quarter from FY 2016 - 2017.
One of the highest rates of interest offered by Government on small savings scheme.
Interest earned is tax free.
PPF offers 25 basis points higher than the yield of 10-year government bonds where as SSY offers 75 basis points higher than the yield of 10-year government bonds so Sukanya Samriddhi Yoajana may always give a little higher return than PPF.

That's all for this topic Sukanya Samriddhi Yojana (SSY) Account Interest Rate. If you have any doubt or any suggestions to make please drop a comment. Thanks!

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Deposit Rules For Sukanya Samriddhi Yojana (SSY) Account

In this post we'll see what are the deposit rules for Sukanya Samriddhi Accout, for how long do you need to deposit in the SSY account and what is the best time to make a deposit in SSY.

Deposit while opening SSY account

The account can be opened with an initial deposit of minimum of Rs.1,000. Thereafter any amount in the multiples of Rs.100 may be deposited with a requirement of minimum deposit of Rs.1,000 and maximum deposit of Rs. 1,50,000 (Current 80C limit) in a financial year.

Refer: How and Where to Open Sukanya Samriddhi Yojana (SSY) Account to know more about opening SSY account.

Limit on number of deposits

There is no limit on number of deposits either in a month or in a Financial year subject to the maximum deposit of 1,50,000 and minimum deposit of Rs. 1,000 in a financial year.

Mode of deposit

The deposit mode may be -

Cash
Cheque or demand draft drawn in favour of the Postmaster of the concerned post office or the Manager of the concerned bank where the account is opened. That cheque or DD needs to be endorsed on the back by depositor's signature and indicating the name of the account holder and the account number.
Through e-transfer in the concerned post office or bank.

When deposit is done by cheque or demand draft, the date of encashment of the cheque or demand draft shall be the date of credit to the account.

Deposit for first 14 years only

Refer Sukanya Samriddhi Yojana (SSY) Account Duration to get more information about the duration of SSY account.

Best time to deposit in SSY

The interest on balance in the SSY account is compounded annually and is credited at the end of the year. But the point to remember is that the interest calculation is done every month for that interest is calculated on lowest balance in account between 10th and last day of the month.

This means, if you want your deposit to get interest for the month it was deposited, you should make that deposit in SSY account by the 10th of that month.

Discontinuation of SSY Account

If minimum Rs. 1,000 is not deposited in a financial year, account will become discontinued and can be revived on a payment of a penalty of Rs. 50 per year along with minimum deposit amount (Rs. 1,000) for the year(s) of default.

Points to note -

Minimum deposit limit in a financial year is Rs. 1,000 and maximum limit is Rs. 1,50,000.
The maximum limit is linked to the exemption provided under Sec 80C, if exemption limit is increased under 80C maximum limit allowed under Sukanya Samriddhi Account may increase too.
In case of 2 accounts maximum contribution to both accounts combined should not exceed the maximum limit of Rs. 1,50,000.
Thought the SSY account matures after 21 years, but deposit has to be done for the first 14 years only.
Failure to deposit the minimum specified amount of Rs. 1,000 in a financial year will lead to the discontinuation of account.

That's all for this topic Deposit Rules For Sukanya Samriddhi Yojana (SSY) Account. If you have any doubt or any suggestions to make please drop a comment. Thanks!

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Monday, 9 March 2015

Eligibility For Opening a Sukanya Samriddhi Yojana (SSY) Account

There are certain rules and restrictions for opening and operating Sukanya Samriddhi Yojana account. It is always advisable to check the eligibility criteria for any scheme to ensure compliance. In this post we'll see who is eligible for opening a Sukanya Samriddhi Yojana (SSY) account.

Only for girl child

Well, the biggest restriction is you have to be a parent of a girl child not older than 10 years :). OK apart from natural guardian(s), legal guardian(s) can also open an account but note that SSY account can be opened for a girl child only (no older than 10 years).

Grace Period

Only for the financial year 2015-2016 a grace period of one year was provided. With this, a girl child who is born between Dec. 2nd, 2003 and Dec 1st, 2004 was eligible to open an account by Dec 1st, 2015 at the latest.

How many accounts can be opened

A parent can open an account for a maximum of two daughters, but the total investment in the two accounts cannot exceed Rs 1.5 lakh a year.

Refer How and Where to Open Sukanya Samriddhi Yojana (SSY) Account to see the formalities for opening SSY account.

Third SSY account is permitted

Though natural or legal guardian(s) are allowed to open the account for two girl children only there is an exception to the rule. The third Sukanya Samriddhi Account is permitted in the event of birth of twin girls as second birth or if the first birth itself results in a triplet of girls. In this case, certificate from the competent medical authorities, where the twins or triplets were born, has to be produced.

Points to note -

Legal /natural guardian(s) can open account in the name of the girl child
Account can be opened only if the girl child is 10 years of age or less.
Grace period of one year provided only for this year (2015)
Budget 2015 has made this scheme quite attractive for the investors as the interest income has been exempted from tax.
In case you have a girl child less than 10 years of age and you already have a PPF account, Sukanya Samriddhi Yojana account should also be opened and some amount deposited in it as it is also EEE and provides better interest rate than PPF. As per the existing rules prevailing interest rate on SSY will be 0.5% more than the interest rate on PPF.

That's all for this topic Eligibility For Opening a Sukanya Samriddhi Yojana (SSY) Account. If you have any doubt or any suggestions to make please drop a comment. Thanks!

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