The maturity of PPF Scheme is 15 years. People running this account can invest minimum Rs 500 and maximum Rs 1.5 lakh in PPF account every financial year. The more investment people will be able to make in a financial year, the more tax benefits people will be able to get under 80C every year.
Income Tax: People also have to pay tax on their income. Every year people have to file income tax return. At the same time, due to taxable income, people also have to pay tax. Although many such schemes are also going on, through which tax can also be saved. Today we are going to tell you about one of those schemes, which can be useful in tax saving. Let’s know about it…
PPF scheme
The name of the scheme we are talking about is Public Provident Fund (PPF). This scheme is being run through the Central Government. In this scheme people can invest some amount every year. People get interest on the invested amount and also tax can be saved every year on the invested amount. The interest received under this scheme is reviewed every three months. At present, 7.1 percent interest is being given under this scheme.
Tax benefit
A maximum investment of Rs 1.5 lakh can be made every year in the PPF scheme. Along with this, the benefit of this scheme is available in section 80C on filing ITR under the old tax regime. If a person files ITR under the old tax regime, then through the PPF scheme, a tax benefit of up to Rs 1.5 lakh can be availed under Section 80C.
Advantage under 80C
Whereas the maturity of PPF scheme is 15 years. People running this account can invest minimum Rs 500 and maximum Rs 1.5 lakh in PPF account every financial year. The more investment people will be able to make in a financial year, the more tax benefits people will be able to get under 80C every year.
