PPF Login: PPF investments are eligible for Exempt-Exempt-Exempt or EEE. PPF offers rebate on the amount invested. PPF investments are eligible for tax deduction benefits under section 80C of the Income Tax Act. Another exemption applies to the interest on the PPF account, which is not taxed.
PPF Scheme Update: People get a chance to invest through Public Provident Fund. Through this investment, people can make good savings for a long time and can also get good returns. People get interest on PPF account. However, now people having PPF account are in for a shock.
PPF scheme
Actually, people expected that there should be a change in the interest given on the PPF scheme and the interest rate should be increased. However, now once again the hopes of the people have been dashed. For the last several quarters, there has been no change on the interest paid on the PPF scheme. At present, only 7.1 percent interest is being given on the PPF scheme.
PPF Scheme Interest Rate
Once again, the Public Provident Fund (PPF) interest rate has been kept unchanged at 7.1 per cent for the July-September quarter of the financial year 2023-24. The Finance Ministry made this announcement through a circular issued on June 30, 2023. PPF is one of the most preferred investment options in India. The popularity of PPF can be attributed to several factors, including guaranteed returns, tax benefits on the amount invested and tax free returns.
Tax Benefits of PPF
PPF investments are eligible for Exempt-Exempt-Exempt or EEE. PPF offers rebate on the amount invested. PPF investments are eligible for tax deduction benefits under section 80C of the Income Tax Act. Another exemption applies to the interest on the PPF account, which is not taxed. The maturity proceeds of the PPF account are subject to the third exemption. PPF account is exempted from wealth tax and capital gains tax on all maturity proceeds.
Minimum and Maximum PPF Contribution
According to the current PPF rules, an investment of Rs 500 must be made in the account every financial year, so that the PPF account remains active. Apart from this, a maximum investment of up to Rs 1.5 lakh can be made in PPF account every year.
