PPF investment limit likely to increase in next budget

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Ahmedabad. 19

Over the past few years, the government has discouraged the employed in terms of income tax and tax exemptions on savings. Due to rising inflation in the country, uncertainty about employment, increase in bank loan rates and rising EMI burden, the hardships of the people have increased. Amidst these problems, there is a possibility that the general public and the working class will be given more priority in the Union Budget 2023 to be presented by Finance Minister Nirmala Sitharaman on February 1. Taxpayers are demanding to increase the exemption under 80C, while the working class is demanding to make income up to five lakhs tax free, the government can increase the limit of PPF to focus on savings.

The recommendations sent by the Institute of Chartered Accountants of India (ICAI) have recommended increasing the annual limit of PPF from Rs 1.5 lakh to Rs 3 lakh. Employed, middle class and industrialists invest more money in PPF.

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