PPF subscribers need not worry! Changes in I-T Act won’t have any impact

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Public Provident Fund (PPF) subscribers need not lose sleep over the recent taxation changes proposed by the government related to contributions exceeding Rs 2.5 lakh in a financial year.

According to a report in The Economic Times, a senior government official has said the changes will have no impact on PPF as there is already a limit of Rs 1.5 lakh on the popular tax savings scheme.

Any changes to PPF contributions will need amendments in the PPF Act.

PPF accounts mature in 15 years and they can be extended beyond 15 years in blocks of five years.