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Budget 2023-24: Finance Minister Nirmala Sitharaman is going to present the last full budget of the second term of the Modi government on Wednesday, February 1, 2023 this week. The stakeholders have handed over a list of their suggestions and demands related to the budget to Finance Minister Nirmala Sitharaman. ICAI (The Institute of Chartered Accountants of India) has also submitted its list of suggestions to the Finance Minister. The Institute of Chartered Accountants (ICAI) has suggested to the Finance Minister to increase the investment limit in Public Provident Fund (PPF) from existing Rs 1.5 lakh to Rs 3 lakh.
Investing in PPF is safe
According to ICAI, it is very important to increase the limit of investment in PPF deposit scheme because for such people who are self-employed, PPF is one of the saving schemes that give safe and excellent returns to save tax. The investment limit in PPF has not been changed for a long time. According to ICAI, increasing the investment limit in PPF will help in increasing the share of domestic savings in GDP.
what is suggestion
The investment limit in PPF is increased from Rs 1.50 lakh to Rs 3 lakh annually and if someone invests Rs 3 lakh in PPF every year for 20 years, then after 20 years the investor will get Rs 1.33 crore returns. Let us tell you that at present, the government pays 7.1 percent interest on PPF. The interest earned on PPF is guaranteed by the government. That is, it is clear that by investing in the Public Provident Fund (PPF) scheme, you can become a millionaire. Even if the money deposited in PPF is not invested in the stock market. Despite this, this guaranteed return scheme can make you a millionaire. In this way, the ups and downs in the market do not affect the investment made in PPF.
Long term investment possible!
At present, up to Rs 1.5 lakh can be invested annually in the PPF account, which can be done on a monthly or quarterly or yearly basis. Investors can invest continuously for 15 years in PPF account. And if the investor does not need the money, then he can also extend his PPF account after 15 years on the basis of a block period of five years. For this only PPF account submission form has to be filled.
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