United States History I. Introduction United States History, story of how the republic developed from colonial beginnings in the 16th century, when the first European explorers arrived, until modern times.
Many of us have PPF accounts. This haziness comes from the fact that most of the investment instruments are described using jargon and are too lengthy and boring to read.
In this article, we will try to take those factors out of the equation and try to explain everything about PPF in the simplest possible language that everyone can understand. The primary aim of this article will be to ensure that by the time you complete reading this article, you should be fully aware of what PPF really is and how it can help you or perhaps, not help you.
We are ready when you are.
Need to grab a coffee? It will take a while to complete reading this article. The concept was conceived and given shape by the Government of India back in This means that PPF has been in business for 49 years now and next year, i.
It is widely accepted that the longer a financial product stays in business, the safer and more trustworthy it gets. We all know that post-independence, India, which was 2nd richest country in this world 1st was China in terms of global trade, became one of the poorest countries in world because of British Imperialistic exploitations.
So, it was important to encourage savings among people. PPF was created as a tool for this massive task. The Ministry of Finance of the then ruling government said, investing in PPF will give the following benefits: Whatever money is invested into PPF account will become tax-free.
Only INR will become taxable. So, this means that people had to pay less income tax. Again, interests that would be earned by PPF deposits will not be taxed. No taxes will be applied on the earned interest. Saving in PPF account will create a corpus of money that will eventually work as a retirement security.
This means that a person will have a lump sum amount of money in hand when he or she retires. This lump sum money will help the person to maintain a moderate and decent lifestyle post-retirement even when the monthly income earnings stop. From taxation aspect, yes, Public Provident Fund became the most effective tax-saving instrument.
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