Currently the PPF limit is Rs. 1,50,000/year. Suppose mistakenly I deposited more say 1.80,000 in a particular year. What is the implications....Shal I get interest on excesss amount or not..?
Pl. advice
Deepak Gupta
(CA Student)
(15922 Points)
Replied 23 March 2015
A clarification was issued when the subscripttion limit was Rs. 1 lakh which has now been enhanced to Rs. 1.5 lakh.
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“If contributions in excess of Rs.1,00,000 are made during a year by the subscriber, the deposits in excess of Rs. 1,00,000 will be treated as irregular subscripttions and will neither carry any interest nor this excess amount will be eligible for rebate under Section 80-C of the Income Tax Act. This excess amount will be refunded by the Accounts Office to the subscriber without any interest.”
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- MOF (DEA) Letter No F.3(1)-PD/70, dated 24.9.1970 and N.S.C. Nagpur Letter No. 12235/Tech/PPF/20-3/98, dated 20.7.1998.
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[Information Courtesy: National Savings Institute]
LIVE Form 10 B and Form 10BB: Handle Tax Audit Reports of Charitable Organizations(with recording)
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