India Public Provident Fund (PPF) Account Opening in State Bank of India (SBI)

Current Post is on how an individual residing in India open a Public Provident Fund (PPF) Account in State Bank of India (SBI)

Public Provident Fund (PPF) is a tax saving route taken by many individuals recently. Due to low risk and government backing, many consider it as safe bet. The interest rate declared by Government of India are close to inflation values.

Following sections will help you open an India Public Provident Fund (PPF) Account in State Bank of India (SBI):

Sections:

1. Locate an State Bank of India (SBI) branch.
2. Required Documents
3. Public Provident Fund (PPF) Form A and E Filling
4. Public Provident Fund (PPF) Passbook
5. Rules
6. Tips

1. Locate an State Bank of India (SBI) branch:

One can search for nearest SBI branch via SBI Branch Locator service.
(Most of the SBI branches will be undertaking PPF serive, but it is better to call \ visit the branch to confirm the PPF service availability)

Visit the finalized nearest SBI branch will following documents photocopy and originals.

2. Required Documents:

1. One Recent Passport size photograph
2. Address Proof: (Any One)
   • Passport
   • Driving License
   • Ration Card
3. Pan Card

3. Public Provident Fund (PPF) Form A and E Filling:

Form A is for opening of PPF Account.

1. Paste the photograph on top right corner.
2. Mention the branch name in field at top left corner.
3. Mention the PAN card. Mandatory
4. Fill the details like name and if for minor your details as guardian
5. Sign at lower right where signature is mentioned
6. Also sign at lower left where additional signature is mentioned

Form E is for nomination of PPF Account.

1. Fill the details like name and if for minor your details as guardian
2. Take signature of two witnesses mostly your parents or relative signature can be taken
3. Sign at lower right where signature is mentioned

Deposit Challan:

1. Account Number: PPF Account Number
2. Name: Name as you mentioned in PPF Form A
3. Address: Address as per proof in PPF Address proof document
4. Amount Details: As per cash denominations or cheque number
5. Amount in words
6. Signature

4. Public Provident Fund (PPF) Passbook:

Submit the Form A and Form E along with photocopy. The person in charge will verified the information in Form against the original documents and any missing information.

Mostly the account will be opened in 20 minutes but some times they ask to come next day to collect the passbook.

Passbook first page will be printed with all the required details like Account Number, Name, Son\Daughter\Wife\Husband of, Branch Name.

The nomination details of Form E will be present as Nomination Registration Number on Page 1 of Passbook

From Page 3 onwards the transaction details will be printed.

5. Rules:

• Only an Indian resident can open an PPF account
• Only one PPF account for an individual
• Exempted under 80C - Indian Tax Laws
• Minimum Limit for deposit is Rs 500 /- per year
• Maximum Limit for deposit is Rs 1,00,000 /- per year
• Maximum of 12 deposited can be made over year
• Deposit should be in multiple of Rs. 5/-
• Interest Rate is declared every year by Government of India
• Nomiations can be made. Fill PPF Form E.
• Minimum tenure for PPF Account is 15 years.
• Extended with block of 5 years

6. Tips:

• The lowest balance between 5th and last working day of the month is used for calculating the interest. Hence, depositing the amount before 5th will fetch more interest

Done. We opened the PPF Account in SBI branch.

Appreciate your feedback & suggestions via comments.

Thanks.

India Income Tax e-Filling : 2012

Current Post is on how a salaried individual residing in India file tax return online (e-return) for 2011-2012 (A.Y. 2012-2013) from Form 16 & Form 12 BA

Prerequisite: Registered User at Income Tax India e-Filing Site.

If not refer to Steps to register at Income Tax India e-Filing Site.

Sections:

1. Downloading the Form (Excel Sheet).
2. Filling the Form (Excel Sheet)
3. Generating the XML
4. Uploading the XML

1. Downloading the Form (Excel Sheet):

- Login into Income Tax India e-Filling Site with your valid credentials. (PAN number and password)

- Assuming you are a salaried individual with / without income from Other Sources (only Interest Income or Family Pension) , ITR-1 (SAHAJ) is the form that needs to be filled. OR If you had Income from house or other sources, respective ITR form needs to be downloaded.

- To download the ITR-1 (SAHAJ), Go to Download Section, 'e-Filling A.Y. 2012-2013 >> Individual,HUF' menu option.

 

2. Filling the Form (Excel Sheet):

- Unzip the 'ITR1_2012_13_R2' zip file and open the '2012_ITR1_PR18.xls' excel sheet.

- Excel sheet will have 4 sheets.

1. Income Details
2. TDS
3. Taxes Paid and Verification
4. 80G - Not covered in current post

Basic Instructions:

• Compulsory Fields - Green Background & Red Color Label
• Optional Fields - Green Background & Black Color Label
• Auto-calculated Fields - White Background & Blue Color  Label

Follow the steps mentioned in ITR1 (SAHAJ) Form Filling post which will help you fill excel sheet from Form 16 & Form 12 BA

3. Generating the XML:

- Validate each sheet  by clicking the 'Validate' button present on each sheet

- Click on 'Calculate Tax' button

- Click on 'xml Generate' button

- Click 'OK' on following pop-ups.

- New 'Pre-XML Check' sheet would be created.

- Check the following details:

• TDS on Salary - If no amount then redo the Generate XML Steps
• All the Verification Columns

- After verifying all the details, click the 'Save XML' button

- Click 'OK' following pop-ups.

- File named 'ITR1_PANCARD.xml' will be saved on mentioned path.

4. Uploading the XML:

- Login into Income Tax India e-Filling Site with your valid credentials. (PAN number and password)

- Under 'Submit Return' section, select 'Select Assessement Year >> AY 12-13'

- Following screen will be displayed. Select 'ITR-1' and click 'Next'

- Click 'Browse' to select the 'ITR1_PANCARD.xml' file we generated from Excel sheet.

- On Clicking 'Upload' Button, following pop-up will come.

- Select 'OK'

- The XML will be uploaded and following screen will appear.

- From 'here' link, download the ITR-V Form.

- As we didn't digitally signed the XML, we need to send ITR-V Form to nearest Income Tax Office. In current case, the City was 'Bangalore', hence the address of Bangalore Income Tax Office came, where I need to send the ITR- V Form.

- Print the ITR-V Form on normal A4 size paper and signed the Form.

- Send it via SPEED POST or ordinary POST within 120 days post you upload the XML.


Done. We e-Filed our income tax return for 2011-2012 (Assessment Year 2012-2013).

Appreciate your feedback & suggestions via comments.

Thanks.