GPF Interest Rate for 4th Quarter (2016-17) for Maharashtra State Employee.

Recently, Maharashtra Government has been announced GPF Interest Rates for 4th Quarter for Fin. Year 2016-17

It is announced for General Information that during the year 2016-2017, accumulations at the credit of subscribers to the General Provident Fund and other similar funds shall carry interest at the rate of 8% (Eight Per Cent) w.e.f. 1st January 2017 to 31st March 2017.  This rate will be in force w.e.f. 01st January 2017 as per notification dated 30th January 2017 of Maharashtra Government.

1. General Provident Fund (Madhyapradesh)
2. Patwarancha Provident Fund (Madhyapradesh)
3. Contributory Provident Fund (Madhyapradesh)
4. Compulsory Saving Scheme (Hyderabad)

Sd/-
(B.J. Gadekar)
Deputy Secretary,
Maharashtra Government

GPF Interest Rates for 4th Quarter

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6 Months GPF Interest Rate Reduced by 0.1 Percent for Fin. Year 2016-17

Recently a resolution issued about GPF Interest rate w.e.f. 01.01.2017, as per this resolution the interest rates on GPF and other similar funds are reduced by 0.1 % w.e.f. 01.01.2017 for all Central Government Employee.

(PUBLISHED IN PART I SECTION OF GAZETTE OF INDIA)

F.No.5(1)-B(PD)/2016

Government of India

Ministry of Finance

Department of Economic Affairs

(Budget Division)

New Delhi, Dated the 18th January, 2017

RESOLUTION

It is announced for general information that during the year 2016-2017, accumulations at the credit of subscribers to the General Provident Fund and other similar funds shall carry interest at the rate of 8.0% (Eight per cent) w.e.f. 1st January, 2017 to 31st March, 2017. This rate will be in force w.e.f. 1st January, 2017. The funds concerned are:-

1. The General Provident Fund (Central Services)
2. The Contributory Provident Fund (India)
3. The All India Services Provident Fund
4. The State Railway Provident Fund
5. The General Provident Fund (Defence Services)
6. The Indian Ordnance Department Provident Fund
7. The Indian Ordnance Factories Workmen’s Provident Fund.
8. The Indian Naval Dockyard Workmen’s Provident Fund
9. The Defence Services Officers Provident Fund
10. The Armed Forces Personnel Provident Fund.

2. Ordered that the Resolution be published in Gazette of India.

sd/-

(Vyasan R.)

Deputy Secretary (Budget)

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Interest Rate reduces by RBI on Special Deposit Schemes

Recently, Reserve Bank of India has declared on 12th December, 2014 that the Interest Rate reduces on Special Deposit Scheme 1975 from 8.8% to 8.7%. This reduced interest rate will effect from 01st January, 2014 to 31st December, 2014.  This is great loss of Special Deposit Schemes account holders during the calendar year 2014.

In this connection, we advise that interest for the calendar year 2014 may be promptly disbursed to the SDS account holders @ 8.7% per annum from January 01, 2014 to December 31, 2014 through electronic mode such as ECS/NECS/ NEFT/RTGS or by way of account payee cheques on January 01, 2015 itself, subject to instructions, as applicable, contained in paragraphs 3 and 4 of our circular CO.DT.No.15.01.001/H-3527/2003-04 dated December 30, 2003.

Download Reduces Interest Rates on Special Deposit Schemes (SDS) Click Here.

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Interest of PPF for Fin. Year 2014-15 is 8.7% P.A.

The Interest rate for Fin. Year 2014-15 is 8.7% which is notified by Central Government for Public Provident Fund.  This is notified rate of Interest on Subscriptions made to the fund on or after 01.04.2014 and balances at the credit of subscriber.  This Interest rate is as for the Fin. Year 2013-14.

SECTION 5 OF THE PUBLIC PROVIDENT FUND ACT, 1968 - INTEREST - NOTIFIED RATE OF INTEREST ON SUBSCRIPTIONS MADE TO THE FUND ON OR AFTER 1-4-2014 AND BALANCES AT THE CREDIT OF SUBSCRIBER

NOTIFICATION NO. GSR 496(E) [F.NO.6-1/2011-NS-II (PT.II)], DATED 11-7-2014

In pursuance of section 5 of the Public Provident Fund Act, 1968 (23 of 1968), the Central Government hereby notifies that the subscriptions made to the Fund on or after the 1st day of April, 2014 and the balances at the credit of the subscriber shall bear interest at the rate of 8.7 per cent.

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Interest Rates for Small Savings Schemes increased for the Financial Year 2014-15.

The Government of India Ministry of Finance has increased Interest rate on Small Savings Schemes of Post Office Department on popular schemes. Only because to competitive with Banks' FDR and Private & Public Sector Investment.

Various decisions taken by the Government of India on the recommendations of the Shyamala Gopinath Committee for Comprehensive Review of National Small Savings Fund (NSSF), were communicated to all concerned by the Government through its Office Memorandum dated 11th November, 2011.

One of the decisions of the Government based on the recommendations of the Committee relates to revision of interest rates every financial year, to be notified before 1st April of that year. Accordingly with the approval of the Finance Minister, the rates of interest on various small savings schemes for the Financial Year 2014-15 effective from 01.04.2014, on the basis of the interest compounding/payment built-in in the schemes, shall be as under :

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GPF Interest 8.80% implemented by Maharashtra Government w.e.f. 01.04.2012.

Maharashtra Government has implemented revised the Interest Rates for the financial year 2012-13 in respect of State PFs (GPF) and Special Deposit Schemes (SDS) for non-government Provident, Superannuation and Gratuity funds (SDS), 1975, from 8.6% to 8.8% with effect from 01.04.2012

Government Notification of GPF Interest (Click Here)

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Post Office (Monthly Income Account) Amendment Rules, 2012 Increases Interest Rate as 8.50% w.e.f. 01.04.2012

POST OFFICE (MONTHLY INCOME ACCOUNT) AMENDMENT RULES, 2012 - AMENDMENT IN RULE 8

NOTIFICATION NO.GSR 322(E), DATED 25-4-2012

In exercise of the powers conferred by section 15 of the Government Savings Banks Act, 1873 (5 of 1873), the Central Government hereby makes the following rules further to amend the Post Office (Monthly Income Account) Rules, 1987, namely:-

1. (1) These rules may be called the Post Office (Monthly Income Account) Amendment Rules, 2012.

(2) They shall deemed to have come into force on the 1st day of April, 2012.

2. In the Post Office (Monthly Income Account) Rules, 1987,—

(a) in rule 8, in sub-rule (1), after clause (i), the following clause shall be inserted, namely: -

"(j) 8.5 per cent per annum in respect of deposits made on or after the 1st day of April, 2012.".

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Interest Rate of GPF and SDS or DCPS increased by 0.20% w.e.f. 01st April 2012.

As per press note issued by Finance Ministry, Government of India, the rate of interest of GPF (General Provident Fund and SDS (Special Deposit Scheme has been increased by 0.20% it means from 8.60% to 8.80% from 01.04.2012. Press Note is below:

PRESS INFORMATION BUREAU
GOVERNMENT OF INDIA
*****
GPF AND SDS INTEREST RATES REVISED
FOR THE FINANCIAL YEAR 2012-13
New Delhi: Jyaistha 03, 1934
May 24, 2012

Government of India has revised the Interest Rates for the financial year 2012-13 in respect of State PFs (GPF) and Special Deposit Schemes (SDS) for non-government Provident, Superannuation and Gratuity funds (SDS), 1975, from 8.6% to 8.8% with effect from 01.04.2012. The funds concerned are:-

1. The General Provident Fund (Central Services).
2. The Contributory Provident Fund (India).
3. The All India Services Provident Fund.
4. The State Railway Provident Fund.
5. The General Provident Fund (Defence Services).
6. The Indian Ordnance Department Provident Fund.
7. The Indian Ordnance Factories Workmen’s Provident Fund.
8. The Indian Naval Dockyard Workmen’s Provident Fund.
9. The Defence Services Officers Provident Fund.
10. The Armed Forces Personnel Provident Fund.

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Revision of interest rates for small savings schemes.

Dear Visitors earlier we know that the small saving schemes rates has been revided from 01.11.2011 and now from 01.04.2012 the new revised Rate on Small Saving Schemes are declared by Ministry of Finance, Department of Economic Affairs (Budget Division) on 26th March 2012. The Office Memorandum as as below:

No.61/2011-NS-II(Pt.)
Ministry of Finance
Department of Economic Affairs
(Budget Division)
--------------------------------------------------------------------------

New Delhi, the 26th March, 2012

Office Memorandum

Sub: Revision of interest rates for small savings schemes.

The undersigned is directed to refer to Ministry of Finance's O.M. of even number dated 11th November, 2011, vide which the various decisions taken by the Government on the recommendations of the Shyamala Gopinath Committee for Comprehensive Review of National Small Savings Fund (NSSF), were communicated to all concerned.

2. One of the decisions of the Government based on the recommendations of the Committee relates to revision of interest rates every financial year, to be notified before rt April of that year. Accordingly, the rates of interest on various small savings schemes for the financial year 2012-13 effective from 1.4.2012, on the basis of the interest compounding/payment built-in in the schemes, shall be as under:

Schemes	w.e.f. 1.12.2011	w.e.f. 1.4.2012
Savings Deposit	4	4
1 year Time Deposit	7.7	8.2
2 year Time Deposit	7.8	8.3
3 year Time Deposit	8	8.4
5 year Time Deposit	8.3	8.5
5 year Recurring Deposit	8	8.4
5 year SCSS	9	9.3
5 year MIS	8.2	8.5
5 year NSC	8.4	8.6
10 year NISC	8.7	8.9
PPF	8.6	8.8

3. Necessary notifications, including these requiring amendments to rule of small savings schemes will be notified separately.

4. This has the approved of Finance Ministry.

Sd/-
(Shaktikanta Das)
Addl. Scretary of the Govt. of India.

Tags: Interest Rates, Interest Calculator, PPF Interest, GPF Interest, EPF Interest

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Notification regarding Post Office Time Deposit (Amendment) Rules, 2012.

As per notification No. GSR 323(E), dated 25.04.2012 the Central Government has amended the Post Office Time Deposit. The new amendment increase the Time Deposit Interest Rates. The Central government has declined the rate of interest on time deposit in post office. The below notification clarify new interest rates.

POST OFFICE TIME DEPOSIT (AMENDMENT) RULES, 2012 - AMENDMENT IN RULE 7
NOTIFICATION NO.GSR 323(E), DATED 25-4-2012

In exercise of the powers conferred by section 15 of the Government Savings Banks Act, 1873 (5 of 1873), the Central Government hereby makes the following rules further to amend the Post Office Time Deposit Rules, 1981, namely:-
1. (1) These rules may be called the Post Office Time Deposit (Amendment) Rules, 2012.
(2) They shall deemed to have come into force on the 1st day of April, 2012.

2. In the Post Office Time Deposit Rules, 1981,-
(a) In rule 7,-
(A) under the heading Table-R, for the brackets, words, figures and letters "[For deposits made on or after the 1st December, 2011]", the brackets words, figures and letters,"[For deposits made on or after the 1st December, 2011 but before 1st day of April, 2012]" shall be substituted;

(B) after Table-R, the following Table shall be inserted, namely:-
"Table-S
[For deposits made on or after the 1st April, 2012]

Period	Rate of interest
1 Year	8.2
2 Years	8.3
3 Years	8.4
5 Years	8.5

(C) in the Notes, in paragraph (2), for the word and letter "Table R", the words and letters "Table R or Table S" shall be substituted.

Tags: Interest Calculator, PPF Interest Rate, GPF Interest Rate, CPF Interest Rates, EPF Interest Rates, PF Interest Rates.

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New amendment for Interest on Saving A/c. and Section 80TTA of Income Tax Act, 1961

The Finance Bill 2012 has proposed to insert a new section 80TTA in the Income Tax Act – 1961 which will provide deduction up to Rs. 10,000/- to an Individual/ HUF from Gross Total Income towards Interest on saving bank A/c maintained with a bank / society / post office. The deduction admissible shall be interest received or Rs. 10,000/- whichever is lower.

With above basic coverage on the provision proposed to be incorporated, the replies to your queries are as under:

1. The deduction towards interest on all saving accounts taken together cannot exceed Rs. 10,000/-. If the interest on saving bank account received is Rs. 12,500/-, then effectively only Rs. 2,500/- will be taxable.
2. The deduction is in addition to deduction of Rs. 1 Lacs admissible u/s 80C of the Income Tax Act-1961.
3. As already mentioned, the maximum amount of deduction admissible u/s 80TTA can not exceed Rs. 10,000/-. If you will be receiving Rs. 31,850/- from three saving accounts, you will be entitled for Rs. 10,000/- only as deduction u/s 80TTA & the balance amount of Rs. 21,850/- will be taxable.
4. The filing of income tax return would not be mandatory if your Gross Total Income is below the applicable basic exemption limit even though interest on saving accounts exceeds Rs. 10,000/-.
5. The interest to be offered for taxation depends upon the method of accounting regularly followed by the assessee in recognizing the income.

      If Assessee is following cash (Receipt) system of accounting then the interest income has to be offered at the end of FD Tenure i.e., at the time of maturity of FD. If Assessee is following mercantile (Accrual) system of accounting then interest income is required to be offered for taxation every year on due basis as income of that year only.

      In view of the Circular No. 371 dated 21.11.1983 issued by the Central Board of Direct Taxes (CBDT), we advise the readers to offer the interest on Bank FDR on accrual (due) basis only.

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New Interest of PPF, NSC, MIS etc. will effected from 01.04.2012.

As per Office Memorandum of Ministry of Finance, Department of Economic Affair (Budget Division), the interest rate of PPF, NSC, MIS increased from 01.04.2012, beside this earlier small saving schemes has been effected and revised from 01.11.2011. See the following Office Memorandum:

Sub: Revision of interest rates for small savings schemes.

The undersigned is directed to refer to Ministry of Finance's O.M. of even number dated 11th November, 2011, vide which the various decisions taken by the Government on the recommendations of the Shyamala Gopinath Committee for Comprehensive Review of National Small Savings Fund (NSSF), were communicated to all concerned.

2. One of the decisions of the Government based on the recommendations of the Committee relates to revision of interest rates every financial year, to be notified before rt April of that year. Accordingly, the rates of interest on various small savings schemes for the financial year 2012-13 effective from 1.4.2012, on the basis of the interest compounding/payment built-in in the schemes, shall be as under:

Particulars	w.e.f. 1.12.2011	w.e.f. 1.4.2012
Savings Deposit	4.0	4.0
1 year Time Deposit	7.7	8.2
2 year Time Deposit	7.8	8.3
3 year Time Deposit	8.0	8.4
5 year Time Deposit	8.3	8.5
5 year Recurring Deposit	8.0	8.4
5 year SCSS	9.0	9.3
5 year MIS	8.2	8.5
5 year NSC	8.4	8.6
10 year NISC	8.7	8.9
PPF	8.6	8.8

Download Latest Office Memorandum (Click Here)

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