PPF - Public Provident Fund

Returns Interest 8.6% p.a. (compounded annually), w.e.f. 01-Dec-2011, is credited to the PPF account at the end of each financial year. Investment Limitation Min Amount :Rs. 500/- and additional investment in multiples of Rs 5/- Max Amount Rs. 1,00,000/-   Scheme Availability A PPF account can be opened at anytime during the year. It is open all through the year.   Mode of Operation     * Single     * Joint (Two or more)     * Minor with parent/guardian An individual cannot invest on behalf...

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Reasons for delay in getting tax refunds

Delay in tax refunds is a malady more widespread than the common cold. For many taxpayers, it is an endless wait for the government to return the excess tax that has been deducted. Nearly 57% of the respondents in our survey said they had faced this problem. The excess tax is like an interest-free loan to the government because you are entitled to the interest only after you file your return. “The government pays only 6% interest but charges 12% for late payment. With proper tax planning, a taxpayer should not have any refund at all,” says Sudhir...

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MICR code in a cheque

All of us have heard about the MICR code – it is present on all our cheque leaves. The MICR code is also essential for online money transfers. But what does MICR stand for? What is its full form? How is it useful? Let’s find out. Full form of MICR MICR is an abbreviation for “Magnetic Ink Character Recognition”. MICR on your cheques The MICR code is a 9 digit code, which is printed at the bottom of a cheque. Here’s how it looks: Composition...

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Bits to Bytes

In the computing world we generally use bytes to indicate Disk Space or data storage capacity as well as memory. These are widely used for memory capacity of USB drive, Hard Disk or RAM of the computer system. Virtual StorageDisk Capacity 4 Bits = 1 Nibble4 Bits = 1 Nibble 8 Bits = 1 Byte8 Bits = 1 Byte 1024 Bytes = 1 Kilobyte1000 Bytes = 1 Kilobyte 1024 Kilobytes = 1 Megabyte1000 Kilobytes = 1 Megabyte 1024 Gigabytes = 1 Terabyte1000 Gigabytes = 1 Terabyte 1024 Terabytes = 1 Petabyte1000 Terabytes = 1 Petabyte 1024 Petabytes = 1 Exabyte1000...

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