Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: cpt :: VAT Audit :: VAT RATES :: empanelment :: ARTICLES ON INPUT TAX CREDIT IN VAT :: Central Excise rule to resale the machines to a new company :: due date for vat payment :: form 3cd :: TAX RATES - GOODS TAXABLE @ 4% :: TDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ACCOUNTING STANDARD :: list of goods taxed at 4% :: articles on VAT and GST in India :: ACCOUNTING STANDARDS
 
 
News Headlines »
 Seven things you must do before 31st March
 Income Tax saving investments: Top 5 options available for high-income individuals
 How to use zero tax rule on long term capital gains on stocks
 GST Returns - Furnishing details of inward supplies
 5 ways to maximise you income tax return
 Income-tax (2nd Amendment) Rules, 2017
 Soon, Faster PAN, An App For Filing Tax Returns
 Changes in income tax return filing process
 New Income Tax Rates And Deductions Applicable From April 1, 2017
 Tax and transparencya
 No decision yet on imposing tax on cash transactions

PPF savings may be taxed on maturity
February, 21st 2007

There is a chance you may soon have to make some changes in how you plan your finances. Sources say the government may reopen a proposal to levy a tax on your savings in totally tax-free instruments like the Public Provident Fund (PPF) and equitylinked savings schemes (ELSS) offered by mutual funds. This, sources said, will be done by introducing a new tax called exempt-exempt-tax (EET).

In this regime, contributions to tax savings instruments are exempted (E) from the taxable income. The interest earned on these contributions will also find exemption (E). But at the time of maturity, these contributions will be taxed (T).

This is in contrast to the current EEE or exempt-exempt-exempt regime where contributions to tax-saving investments are exempt from taxes at all stages.

Sources said the finance minister may kick off EET in a phased manner by first covering non-compulsory schemes like PPF and ELSS with prospective effect. What it means is that future investments in PPF and ELSS may be subject to tax at the time of withdrawal beginning April 1.

But both these instruments are likely to have a lock-in period of five years. Subsequent to this, its expected that investments in Employees Provident Fund and pension schemes along with National Savings Certificate, post office savings, bank deposits, securities of Central government, bonds of infrastructure companies and even insurance policies may find their way into the EET net.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Software Development Software Programming Software Engineering Custom Software Development Requirement Based Software Development Software Solutions Software Serv

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions