TAX BENEFITS OF SSY
Latest PPF (Public Provident Fund) interest rate for July- September 2024 quarter
Latest PPF interest rate: The Public Provident Fund (PPF) is widely favored as a savings option. The government has recently revealed the interest rates for small savings schemes for the period of July to September 2024. PPF investments are considered risk-free as it is government backed.
Latest Sukanya Samriddhi Yojana interest rate: What is the SSY interest rate for July- September 2024 quarter?
Latest Sukanya Samriddhi Yojana interest rate: The SSY is a government-backed small deposit savings scheme to benefit a girl child.
5 things to know before investing in Sukanya Samriddhi Yojana (SSY): Eligibility, documents required and more
Families with a girl child under the age of 10 are increasingly opting for SSY accounts. SSY enjoys a relatively higher interest rate and sets aside a corpus that can be used for the daughter’s education or marriage.
Serum Institute of India challenges tax amendment in SC; claims capital subsidies as non-taxable
Vaccine manufacturer Serum Institute of India (SSI) has filed a challenge to the Supreme Court against a 2016 amendment to the Income Tax Act that made subsidies, grants, waivers, concessions, or reimbursements by the Centre or states or incentives in cash or kind as taxable. The amendment had inserted sub-clause (xviii) to Section 2(24), which defines taxable "income". The case was filed under the Package Scheme of Incentives-2013, which provided various incentives to major industries for five years.
How to plan your income tax savings for FY25 using ELSS mutual funds?
Plan tax savings for FY25 with ELSS funds. Invest Rs 1.5 lakh early using lumpsum, SIP, or STP. Consider various investment options for Section 80C benefits. ELSS offers higher returns than traditional options.
Highest tax-saving FD interest: Senior citizens can earn up to 7.75% rate, up to 7.25% interest for public; full list of banks
Tax-saving fixed deposits (FD): There are several banks which offer more than 7% interest on tax-saving FD. However do note that if you have chosen the old tax regime then only under section 80C of the Income-tax Act, 1961 you may claim a tax deduction. The interest earned from tax-saving FD is always taxable.
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Last-minute tax-saving investment: Will investing in PPF and SSY on March 30 and March 31 qualify for tax benefits in FY 2023-24?
Tax savings options available on March 30 and 31: Individuals who want to make any tax savings investments in various govt schemes like public provident fund (PPF), Sukanya Samriddhi Yojana (SSY) and others can do so online and offline as banks are open on March 30 and 31st. Read here to know more.
PPF, SSY, Senior Citizen Savings Scheme, other post office schemes interest rates for April- June quarter 2024
Post office schemes interest rates for April-June quarter: The government revises small savings schemes interest rates every quarter. Here is a look at the interest rates on various post office schemes for the first quarter of FY 2024-25 along with its compounding frequency.
Which investment is 100% tax-free: 3 tax-saving investment options for tax-free income
Tax-saving ideas: Particularly for individuals in higher income tax brackets, the taxability of investment returns becomes pivotal. Taxable returns are added to your income and subject to higher tax rates.
Latest Sukanya Samriddhi Yojana interest rate: What is the SSY interest rate for April-June 2024 quarter?
Note that only one SSY account can be opened in the name of the girl child either by natural or legal guardian. Interest rate on Sukanya Samridhi Yojana (SSY) is revised every quarter by the government.
Sukanya Samriddhi Yojana offers 8.2% rate now; will SSY interest rate be fixed for the entire tenure?
Sukanya Samriddhi Yojana (SSY): Interest on SSY is credited to the account at the end of each financial year and is based on the prevailing interest rate announced by the government for each quarter. For January 2024-March 2024 quarter the interest on SSY is 8.2%. Read here to know how the interest on SSY is calculated.
Penalty for not depositing money in PPF, Sukanya Samriddhi Yojana by March 31 every FY
A look at the minimum money that individual must deposit in Public Provident Fund (PPF), Sukanya Samriddhi Yojana (SSY) and National Pension System (NPS) accounts in before March 31, 2024 to avoid having to pay a penalty.
Tax saving ideas: Use these 6 financial, banking instruments to save taxes
With an emphasis on banking products, below are some financial instruments which can be used as investment and tax saving purpose.
POTD, Sukanya Samriddhi Yojana interest rates hiked; investors who will get higher rates on these small saving schemes
Post office scheme interest rates: The government has hiked the interest rates for Sukanya Samriddhi Yojana and on select Post Office time deposits for the January-March 2024 quarter. The government assesses the interest rates of small savings schemes on a quarterly basis.
Sukanya Samriddhi Yojana (SSY): Tax benefits, Interest rate, Eligibility & Benefits
SSY account for girl child: A Sukanya Samriddhi Account can be opened any time after the birth of a girl till she turns 10 by the guardian. The account can be opened in any post office or authorised branches of commercial banks. Read on everything you need to know about opening Sukanya Samriddhi account for your girl child.
Income Tax Saving: How to get Rs 70 lakh from Sukanya Samriddhi Yojana by investing Rs 12,500 every month, save tax
Income tax saving: Sukanya Samriddhi Yojana (SSY) can help you with a tax deduction of up to Rs 1.5 lakh under Section 80C of the Income-tax Act, 1961. It offers an attractive interest rate of 8.2% for the January to March quarter of 2024. What are the benefits and limitations of SSY? How much money can you make from this popular post office scheme?
Sukanya Samriddhi Yojana interest rate hiked for Jan-March quarter; check latest SSY rate
This program will help parents to fund their girl child’s higher education and/or marriage as well as ensure her financial future because it offers guaranteed interest income and tax deductions.
Sukanya Samriddhi Yojana: How much should you invest monthly in SSY to get Rs 50 lakh at maturity?
Investing in Sukanya Samriddhi Yojana: You can open an SSY deposit with a minimum deposit of Rs 250. The maximum deposit amount can be up to Rs 1.5 lakh.
What is the latest Sukanya Samriddhi Yojana interest rate?
The Sukanya Samriddhi scheme aims to cover a girl child's costs for schooling and marriage. Interest rate on Sukanya Samriddhi is set by the government along with other small savings schemes.
PPF, Mahila Samman Savings Scheme, SSY: Minimum balance requirement of 10 small savings schemes
As small savings scheme differ in terms of features, tenure, and tax advantages, so do the minimum investments required for these schemes. Here is a look at the minimum balance required to invest and maintain the scheme.
Sukanya Samriddhi Yojana (SSY) interest rate hiked by 40 bps for Apr-June 2023 quarter: Check latest rates
A girl child's natural or legal guardian can open an account in her name under the Sukanya Samriddhi scheme. SSY offers a significant tax-free return.
How to transfer funds from bank account without adding beneficiary to PPF, Sukanya Samriddhi Yojana, PO savings account
The Public Provident Fund and Sukanya Samriddhi are two prominent small savings schemes that must be maintained by making yearly minimum contributions. Here is the procedure for transferring funds from a bank account to a PO Savings Account, a PPF account, or an SSA.
Money matters to do before March 31, 2023
There are various points to remember before the financial year ends, Here is a list of different areas one needs to check.
How to withdraw from Sukanya Samriddhi Yojana (SSY) account
The interest will be calculated for the calendar month based on the account's lowest balance between the fifth day's close and the end of the month. At the end of each fiscal year, interest will be credited to the account.
Tax-saving: 5 post office schemes with section 80C benefits
India Post offers a variety of simple-to-open, effective, and secure investing options. You can select the plan that best fits your investment objectives.
Was Sukanya Samriddhi Yojana interest rate hiked for Jan-March 2023 quarter?
This programme will help parents to fund their girl child’s higher education and/or marriage as well as ensure her financial future because it offers guaranteed interest income and tax deductions.
How to open Sukanya Samriddhi Yojana Account with SBI
Parents or guardians can open a Sukanya Samriddhi Yojana account with SBI by filling out the SSY account opening form along with address and ID proof of parents or guardians with the initial amount and submit it at the nearest SBI branch.
SSY account transfer: How to transfer Sukanya Samriddhi account from one bank to another
Account holders must visit the post office or bank where their primary account is held to transfer Sukanya Samriddhi Yojana (SSY) account from one another bank. Unless she is managing the accounts herself, the girl child does not need to be present at the branch.
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