Friday, May 22, 2015

Can I withdraw money from PPF account before maturity?

Can we withdraw money from PPF account before maturity?
One of the most common questions people ask before opening a PPF account is "can we withdraw money from PPF account before maturity?". One reason for this question is long tenure of PPF account (15 years). The short answer of this question is Yes, you can withdraw money from PPF before 15 years but you can only withdraw a maximum of 50% of the balance at the end of the fourth year and that too only after completing 5 years. Which means for first 5 years you cannot withdraw any amount from PPF.

Thursday, May 21, 2015

Is it Mandatory for NRI to File Income Tax Return in India?

Does it necessary for NRI to File Income Tax Return in India?
One of the most common doubt every NRI has is whether its mandatory for them to file incomes tax return in India or not? Short answer is, it depends. If you are a Non Resident India for a financial year let's say 2015-16 i.e. you stayed outside India for more than 182 days then your status becomes NRI, but you are also eligible for basic exemption limit which is currently 2.5 lakh in India.