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PPF MAGIC UNSTOPPABLE!
Posted by
mukesh patel in
Smart Strategies for Tax Saving, Taxing Times TOI on
Jan 11th, 2010 |
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You Can Build Amazing Tax Free Capital
For Your Children Via Investment In PPF!
Roti, Kapda but No Makaan!
Analyzing Tax Gain & Pain In The New EET Regime
- Tax Incentives for Housing Scrapped: Current deductions in respect of interest & repayment of housing loan abolished under the new Code.
- Higher Deduction For Savings & Children’s Education: Individual & HUF entitled to an aggregate deduction of upto Rs.3 lakhs in respect of permitted savings & children’s tuition fees payment, as compared to current ceiling of Rs.1 lakh.
- Accretions Exempt but Withdrawal Taxable: No tax on accretions to the permitted savings. However, any withdrawal from permitted savings to be taxed.
- Tax Shelter for Old PF/PPF Accumulations: Future withdrawals out of accumulated balance of PF & PPF as on 31stMarch, 2011 to enjoy special exemption. (more…)