PPF Investment: People get many benefits by investing in PPF. Through PPF, people can choose to invest for 15 years. By investing in Public Provident Fund, people can also earn interest on the investment amount. Along with this, there is no tax on the interest income under this scheme.
PPF Scheme: Many schemes are being run by the Central Government. People also get many benefits through these schemes. At the same time, a scheme Public Provident Fund ie PPF is also included in these. People can make long term investments through PPF. At the same time, by investing in PPF, people can take advantage of the investment along with the tax benefit.
PPF Scheme
People get many benefits by investing in PPF. Through PPF, people can choose to invest for 15 years. By investing in Public Provident Fund, people can also earn interest on the investment amount. Along with this, there is no tax on the interest income under this scheme. In such a situation, with the intention of saving tax, this scheme can prove to be very beneficial.
Budget 2023
A maximum of Rs 1.5 lakh can be invested in the PPF scheme in a financial year. This investment can be done in installments or also in lump sum. However, now a big update regarding this limit should be known. Actually, the budget 2023 is going to be presented by the central government in a few days. People have high hopes from this budget.
PPF investment
Also, it is being demanded through people and many organizations that the investment limit in PPF should be increased in this budget. On the other hand, if the limit of investment in PPF is increased, then people will get a lot of benefit from it and people will be able to invest more. In such a situation, it is expected that in this budget, an important announcement regarding PPF can be made by the government.
ICAI recommended
According to reports, the Institute of Chartered Accountants (ICAI) has suggested to Finance Minister Nirmala Sitharaman to increase the maximum limit for investment in Public Provident Fund (PPF) to Rs 3 lakh from the current Rs 1.5 lakh.
PPF is the only safe and tax effective savings scheme
In this recommendation of ICAI, it is necessary to increase the deposit limit of PPF, as it is the only safe and tax-effective savings scheme. ICAI also said that it believes that the increase in PPF deposit limit will boost household savings as a percentage of GDP and have an anti-inflationary effect.
Key Suggestions of ICAI
- The annual limit of contribution to PPF should be increased from the present limit of Rs 1.5 lakh to Rs 3 lakh.
- The maximum limit of deduction under section CCF can be increased from Rs 1.5 lakh to Rs 3 lakh.
- The quantum of deduction under section 80C is being increased from Rs 1.5 lakh to Rs 2.5 lakh to provide opportunities for savings to the public at large.
- Union Budget 2022-23 will be presented in Parliament by Finance Minister Nirmala Sitharaman on February 1, 2022.
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