We have good news for PPF investors! The big news will be made by the finance minister
Public Provident Fund: Making income up to five lakh rupees tax-free is what the work profession most frequently requests. In addition, there is a call to raise the investment cap under Section 80C of the tax code.
What is PPF?
One of the most well-liked long-term investing options in India is Public Provident Fund (PPF). Investors can use this savings plan to continue saving long beyond retirement. Experts claim that creating a PPF account in a person’s life partner’s name will also quadruple that person’s PPF investment limit, however, the maximum for income tax exemption will remain at Rs 1.5 lakh.
Union Budget 2023
Every year, January ushers in fresh expectations. The average person’s expectations of the Union Budget also grow significantly at this time. Everyone has their own list of desires, even businesspeople, sales clauses, and financial specialists. It is also true that we can only achieve our long-term objectives by paying less income tax and saving money on taxes. Regarding the budget, everyone has offered their suggestions. The biggest demand from the job market is for up to Rs 5 lakh of income to be tax-free. In addition, there is a call to raise the investment cap under Section 80C of the tax code.
The Institute of Chartered Accountants of India (ICAI) has proposed raising the PPF’s yearly deposit cap from Rs 1.5 lakh to Rs 3 lakh in its suggestion. Along with the employed, businessmen also embrace this savings plan. Since these people do not even have the choice of investing in EPF, if this action is implemented by the government, it will prove to be the most advantageous announcement for those who are not paid a salary.
It is essential to increase the PPF’s deposit limit.
Increases in PPF deposit limits are required, according to the recommendation made by the ICAI. because it is a tax-efficient and secure savings plan. To encourage taxpayers to invest, the ICAI has also been requested to permit separate deductions on premiums for house insurance, travel insurance, personal accident insurance, etc.
Available in other metro cities is a 50% HRA benefit.
The benefit of an income tax deduction is available to taxpayers when it comes to the House Rent Allowance (HRA). Additionally, this advantage is offered for both metro and non-metro areas. Experts now recommend the benefit of dearness allowance, which equals 50% of the base pay. Be extended to other major cities outside Delhi, Mumbai, Kolkata, and Chennai.
- 10 Upcoming Bollywood Debuts to Watch in 2023
- Esha Gupta Images: She exudes summer vibes in a pastel pink gown.
- JEE Mains 2023 Live: The JEE Mains exam admit card has been released, Download Now
- This billionaire industrialist’s daughter pushed the boundaries of boldness
- SSC MTS Recruitment 2023 Apply Online Now
- Malaika Arora Excessive Boldness: The limits of hotness were crossed again, Malaika poses this
- ICC recommends that cricket be included in the Olympics in 2028; a decision will be made in October.
- Magh Gupt Navratri 2023 Dates: The first Gupt Navratri of the year begins today.
- Sanjay Dutt’s daughter outdoor even Bollywood actresses in terms of style
- Jacqueline has mentioned the items she received as a gift from Sukesh Chandrashekhar.
- August 20225
- Budget Planner1
- Daily Planner Template2
- December 20225
- February 20231
- Health & Fitness7
- January 20235
- Latest Jobs4
- November 202213
- October 20225
- Paper Bag Day1
- Pitru Paksha 20221
- Radha Ashtami 20221
- Raksha Bandhan 20224
- September 20225
- Sharad Purnima 20221
- SSC CGL Recruitment 20222
- Tech News2
- Trending News And Updates87
- Viral Post1
- Vishwakarma Puja 20221
- World Chocolate Day 20221
- World Emoji Day1
- World Music Day 20221
- World Population Day 20221