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Budget Session: Centre to revise monetary limit of annual PPF contribution!
By: Tupaki Desk | 22 Jan 2021 10:49 AM GMT
The budget session 2021 which is expected to be conducted in January, this year is carrying loads of hopes as the upcoming sessions will be the first sessions after the pandemic outbreak in the country.
The Coronavirus pandemic, which has impacted several fields across the nation has impacted the winter session of Parliament, in 2020 which in turn resulted in the postponement of the budget sessions to 2021.
Experts are hoping that in the budget sessions, the union government led by Prime Minister Narendra Modi will increase the Public Provident Fund (PPF) contribution limit to Rs 3 lakh from the existing Rs 1.5 lakh annual limit.
It has to be noted that the Institute of Chartered Accountants of India (ICAI), earlier this week has recommended the union government to increase the annual limit for contributing to PPF to Rs. 3 lakh from to Rs 1.5 lakh.
The ICAI has also recommended the Centre to increase the quantum of deduction under section 80C to Rs 2.5 lakh, citing that this will lend a helping hand to the public in providing opportunities for savings.
Talking about the same, the ICAI said that the proposed changes in the monetary limit will be crucial in increasing the savings of people.
It is interesting to know whether the Central government will consider the recommendations of ICAI to benefit the individuals who faced severe losses with the Coronavirus pandemic.
The Coronavirus pandemic, which has impacted several fields across the nation has impacted the winter session of Parliament, in 2020 which in turn resulted in the postponement of the budget sessions to 2021.
Experts are hoping that in the budget sessions, the union government led by Prime Minister Narendra Modi will increase the Public Provident Fund (PPF) contribution limit to Rs 3 lakh from the existing Rs 1.5 lakh annual limit.
It has to be noted that the Institute of Chartered Accountants of India (ICAI), earlier this week has recommended the union government to increase the annual limit for contributing to PPF to Rs. 3 lakh from to Rs 1.5 lakh.
The ICAI has also recommended the Centre to increase the quantum of deduction under section 80C to Rs 2.5 lakh, citing that this will lend a helping hand to the public in providing opportunities for savings.
Talking about the same, the ICAI said that the proposed changes in the monetary limit will be crucial in increasing the savings of people.
It is interesting to know whether the Central government will consider the recommendations of ICAI to benefit the individuals who faced severe losses with the Coronavirus pandemic.
