28 December 2009
THERE IS A CIRCULAR OR NOTIFICATION ON MAKING PPF DEPOSIT IN THE BEGNING OF THE FINANCIAL YEAR WITHOUT EARNING TAXABLE INCOME i.e. EVEN IF WE MAKE DEPOSIT IN APRIL OR MAY , THE AMOUNT DEPOSITED IS ELIGIBLE FOR DEDUCTION U/S 80- C I NEED COPY OF THE CIRCULAR/ REFERENCE OF THE SAID NOTIFICATION THANX DILIP WORAH
28 December 2009
sorry, the previous reply is wrong. For getting deduction u/s 80 C it is not necessary that contribution in PPF a/c must be out of income, hence deduction is available for the contribution made at any time during the previous year. Inconveinence caused is regretted.
28 December 2009
Under Income Tax Act,1961, if you are getting interest on PPF deposit any time during the year, it is exempt from tax hence it is not necessary to deposit the amount in beginning of the year or middle of the year or end of the year.
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