Income Tax Return: However, this exemption will be available to a person when he will file income tax return under the old tax regime. People will not be able to take advantage of this scheme in ITR after filing income tax return under the new tax regime.
PPF Benefits: Many types of schemes are being run by the government for the benefit of the people. Common citizens of the country get a lot of benefits through these schemes. Along with this, income tax is also collected by the government. However, to provide income tax exemption to the people, many types of exemptions are also given by the government. Today we are going to tell you about one such exemption, through which tax exemption can be obtained and this scheme is made available by the Central Government.
Public provident fund
Actually, the name of the scheme we are talking about is Public Provident Fund (PPF). Through Public Provident Fund, a person can invest and save along with tax saving. If someone invests money in this scheme, then the person will get an annual exemption of up to Rs 1.5 lakh while filing income tax return under Section 80C of the Income Tax Act. In such a situation, people can save tax up to Rs 1.5 lakh annually.
Old tax regime
However, this exemption will be available to a person when he will file income tax return under the old tax regime. People will not be able to take advantage of this scheme in ITR after filing income tax return under the new tax regime. Under which tax regime a person has to file ITR, he can choose it himself.
Long term benefit
, interest is also given on PPF by the government. At present, 7.1% interest is being given under this scheme. On the other hand, if a person invests money in this scheme, then he will get maturity benefit after 15 years. In such a situation, people will also get the benefit of the scheme in terms of long term. Also, in this scheme, people can make a maximum investment of Rs 1.5 lakh in each financial year.
