PPF account and NRIs: Here is what Public Provident Fund rules say

PPF account and NRIs: Here is what Public Provident Fund rules say

Can a resident Indian, on becoming an NRI, continue and contribute to his PPF account?

– Nitin Goyal

Non-Resident Indians (NRIs) are not eligible to open an account under the provident fund scheme as per Rule 3 of the Public Provident Fund Scheme. Further, if a resident, who opened an account under this scheme, subsequently becomes a non-resident during the currency of the maturity period, the account shall be deemed to be closed with effect from the day he becomes a non-resident and interest with effect from that date shall be paid at the rate applicable to post office saving account up to the last day of the month preceding the month in which the account is actually closed. This amendment was brought about with effect from October 3, 2017, replacing the old provision wherein the NRI could continue to subscribe the existing fund till its maturity on a non-repatriation basis.

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My employer provides leave travel allowance (LTA) of Rs 20,000 per year. Can I submit cab, air and train bills for it. Is there any list for LTA?

—Ketan Bhushan

Employees who are eligible for leave travel allowance (LTA), as part of their CTC, can claim reimbursement of expenses incurred on travel. This reimbursement is not included in taxable income. The non-taxable reimbursement of travel costs is limited to the actual expenses incurred on air or rail or bus fares for completing the journey. No other expenses, like local conveyance, sightseeing, etc, qualify for the tax break.

I gifted Rs 3 lakh to my brother in cash. If he deposits it in his bank account, will he have to pay any tax on it?

—Puneet Thakur

Gifts to relatives are out of the purview of taxation and hence not taxable in the hands of recipient, i.e., your brother is not require to pay tax on cash received from you. It is presu-med that you have included this money in your income and paid the due taxes on it.

I filed a revised income tax return three months back but have not got the refund. Where should I contact now?

—Ritesh Joshi

The status of your income tax return (ITR) processing is regularly updated on the income-tax e-filing portal. You can check the status of your return on the web-portal. Once your return is processed and an intimation is issued under Section 143(1), the refund shall get processed and paid into your bank account mentioned in your ITR.

Source by:-financialexpress

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