Need Tally
for Clients?

Contact Us! Here

  Tally Auditor

License (Renewal)
  Tally Gold

License Renewal

  Tally Silver

License Renewal
  Tally Silver

New Licence
  Tally Gold

New Licence
 
Open DEMAT Account with in 24 Hrs and start investing now!
General »
Open DEMAT Account in 24 hrs
 Don't fall for fake notices! How to verify your income tax communication
 I decided to shift to the new tax regime. Will I lose benefit on interest income of my PPF account?
 Income Tax Return: How to prepare for hassle-free tax compliance? Here is a 10-point checklist
 Filing ITR On Your Own? Salaried Taxpayers Need To Know These Things
 New vs Old Tax Regime: How is one taxed under the New Regime and how to make a switch between the two regimes?
 New tax regime vs old tax regime: What's point at which tax outgo is the same in both regimes? Check salary and deduction levels
 Advance Tax Paid, Do You Still Need To File ITR? Check Details Here
 Centre seen to have met FY24 gross tax target
 6 income tax rules that salaried should know as financial year 2024-25 starts from today
 How to calculate income tax on stock market gains along with your salary?
 Moonlighting for Additional Income? Know Its Tax Implications
 Have you claimed education cess? Be prepared to pay tax as per the new rules

I decided to shift to the new tax regime. Will I lose benefit on interest income of my PPF account?
May, 23rd 2024

No, the interest income from the Public Provident Fund (PPF) remains completely exempt from income tax even in the New Tax regime because the interest earned on PPF is considered as an exemption, not a deduction.

In the new tax regime, all existing exemptions like the one on PPF interest will continue unchanged. The changes primarily affect deductions, such as those under Section 80C (for ELSS/Life insurance premiums, etc.), Section 80D (for Mediclaim, etc.), and home loan interest deductions, among others.

It's important to note that the Standard Deduction of Rs 50,000, available to salaried individuals and pensioners, remains applicable in both the New and Old Tax regimes.

This means that regardless of whether you choose the new tax regime or stick with the old one, the interest income from your PPF account will continue to be tax-exempt.

(Views expressed by the investment expert are his/her own. E-mail us your investment queries at askmoneytoday@intoday.com. We will get your queries answered by our panel of experts.)

Home | About Us | Terms and Conditions | Contact Us
Copyright 2024 CAinINDIA All Right Reserved.
Designed and Developed by Ritz Consulting