There is good news for you if you plan to register a PPF account as well. You will now benefit from compound interest. The government has provided information about this.
Good news has arrived for PPF account holders.
There is good news for you if you plan to register a Public Provident Fund account as well. You will now benefit from compound interest. The government has provided information about this. The finest investment choice nowadays is the Public Provident Fund plan (ppf plan). Along with improved returns, this will also have significant maturation benefits. Let us explain how you can gain from double interest:
Discount of up to 1.5 lakh in PPF
PPF investments have been classified as EEEs. This indicates that the three amounts—investment, interest, and maturity—are entirely tax-free. Under Section 80C of the Income Tax Act, you are eligible for a deduction of up to Rs 1.5 lakh if you invest in a PPF program.
Double interest works to your advantage.
You can double your investment if you and your spouse register an account in this program together. You gain from an interest in both versions in this way.
Taxes won’t apply to either account.
Both of your PPF accounts will be tax-free whenever you open one in your partner’s name. Additionally, you will profit from interest on both versions. Any money or gift you provide to your wife is included in your income under section 64 of the Income Tax Code.
Married couples will profit twice.
You will benefit from the Public Provident Fund Scheme’s double interest if you are also married. Explain that the money from the initial investment in your partner’s account will be added to your income on a year-by-year basis when the PPF account of married couples matures.
Read More: The Income Tax Department provided the information that taxpayers were waiting for
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