Income Tax

  • Thread starter Thread starter sqlgada9
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ITR file ho gayi? (2023)

  • Yes

    Votes: 5 50.0%

  • No

    Votes: 0 0.0%

  • 🤷

    Votes: 5 50.0%
  • Total voters
    10
I can understand u, and that is the reason y i PRECISELY SAID "You need to revise ur AY 2010-11 Return". In fact from the facts u have given here, it appears that u will have to revise ur AY 2011-12 return as well. Since u should HAVE PAID ADVANCE TAX FOR AY 2012-13".

I paid advance tax for the year 2011-12 two times

Thats what u believe. But for the Income Tax Department, one of them is towards the AY 2010-11 & 1 for 2011-12.....not both for AY 2011-12.
 
Ohh god. Its a bitchtask to get refund from IT dept. My dad's claim for 2003-2004 came this year after much bad blood.
 
Well, i know how bad it is! And the bigger the amount gets, the bigger the trouble gets. First they dont agree on the refund amount. Then they dont agree on the interest amount. Finally when everything is closed, and ur amount is finalised, they dont give u cheque on time. U claim interest on late refund, which is again not agreeable for the AO.U ultimately end up foregoing some amount & get whatever u can out of the mouth of that crocodile.
 
I was looking for the most hassle free and not so complicated way of investments that gives you tax benefit as well,

and came to know about these two things.

National Savings Certificate (NSC) and Public Provident Fund (PPF),

I am not sure if my bank Oriental Bank of Commerce is offering this service or not.

..I tried to search for it online, could not find anything but most articles are about opening PPF account at SBI

My question is, should I opt to open a PPF account in some public sector bank or just get a NSC at the nearest post office?

Benefits of NSC


[*]Interest Paid: 8%, compounded half-yearly
[*]No monthly/yearly payments
[*]Minimum investment: Rs 100
[*]Good investment for medium-term option
[*]Maximum investment: No Limit
[*]Tenure: 6 years
[*]Tax benefit under Income tax available.
[*]Amount invested or Rs 1,00,000 whichever is lower
[/list]
 
Both are almost same except PPF duration is of 15 years which can be extended further. So liquidity wise NSC scores.Also PPF the maximum investment amount is limited to 1 lac PA (earlier it was 70,000). interest rate is 8.6 (earlier it was 8 %) compounded yearly. Interest rates will be reviewed yearly for PPF unlike NSC which once bought at 8 % will remain the same for 6 years irrespective if it changes the next year.PPF can now be opened online too at icici bank
 

Have anyone managed to open a online ppf account in ICICI? I opened a ppf account in SBI and it was very smooth.
 
nO, you can't withdraw the amount before the maturity period of 15 years. though there are some complex rules by which you can partially withdraw limited amount from 8th year onwards. like from 8th year you can withdraw the amount deposited in the 1st year.Also one can avail loans on PPF account.
 
NSC are locked for 6 years. if you want to urgently encash before that, there are very hefty penalties for it, like foregoing the interest amount. there are different penalties imposed on NSC as per the time slab like if you withdraw from the 11th month of buying,you will get only the principal amount.Like PPF , NSC Certificates can be kept as collateral security to get loan from banks
 
And as I said on chat, these options are more like invest and forget. Invest your spare money that you can really invest and forget. Growth is good and you can save a decent amount of money for when you are married and have kids ready to go to college 😀 By that time, education market in India would be like what they have in the United States. It would be insanely expensive and you would need to have ready funds to reduce your loan requirements significantly. :\
 
Right. Once you invest in NSC, forget it for 6 years and for PPF, 15 years.If you think it is too long or might need money before then better to invest the amount in some other instruments, where you can redeem the amount whenever you want
 

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