Budget 2022: The Institute of Chartered Accountants of India (ICAI) has recommended increasing the investment limit in PPF to Rs 3 lakh before the general budget to be presented today. Let’s know the updates.
Budget 2022: Today Finance Minister Nirmala Sitharaman will present the Union Budget 2022-23 for the year 2022-23. The preparation for this has been completed. The budget session has started with the President’s address tomorrow.
Before Budget 2022, the Economic Survey presented by Finance Minister Nirmala Sitharaman on Monday made it clear that there is a need for such an import policy in the country which is balanced.
Let us tell you that the Institute of Chartered Accountants of India (ICAI) has also sent its recommendations and recommended to increase the maximum annual deposit limit of PPF to Rs 3 lakh.
Today Union Finance Minister Nirmala Sitharaman will present the annual budget in Parliament. This budget is very special amidst the economy battling the global pandemic, because people have high hopes from this budget.
ICAI Recommended
According to the report, 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) from the current Rs 1.5 lakh to Rs 3 lakh.
‘PPF The Only Safe And Tax Effective Savings Scheme’
ICAI has said in the recommendation that it is necessary to increase the deposit limit of PPF, as it is the only safe and tax-effective savings scheme. ICAI has 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 savings opportunities to the public at large.
- Union Budget 2022-23 will be presented in Parliament by Finance Minister Nirmala Sitharaman on February 1, 2022.
