I am depositing regular amount in my PPF account since feb-2009. Now i have joined in a company in which EPF is applicable. Is there any requirement to close PPF account or i can also regular my PPF account?
Vikash Kumar (Manager Accounts (CA. Final)) (694 Points)
04 January 2011I am depositing regular amount in my PPF account since feb-2009. Now i have joined in a company in which EPF is applicable. Is there any requirement to close PPF account or i can also regular my PPF account?
S.Prabhu
(Sr. officer - Audit)
(73 Points)
Replied 04 January 2011
Dear Vikas
You can continue your PPF a/c [Max duration is 15 years and extendable upto another 5 years]
Whereas, EPF is statutory payment, where you have to contribute a minimum of 12% of your "basic" salary and Employer also contributes a sum [12%]
Both are eligible for tax exemption.
Regards
S.Prabhu
CA MAULIK
(C.A)
(937 Points)
Replied 12 January 2011
PPF and EPF both are seperate things and independent of each other................
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