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Opened many PPF Accounts to avoid wasting tax? This is what the brand new rule says

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Opened many PPF Accounts to avoid wasting tax? This is what the brand new rule says

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New Delhi: Do you’ve multiple Public Provident Fund (PPF) account in your title? In case you opened two or extra PPF accounts on or after December 12, 2019, you can be unable to merge them presently. Beforehand, the Division of Posts enabled traders to mix a number of PPF accounts right into a single PPF account. Nonetheless, the authorities set a deadline for the merger of PPF accounts on December 12, 2019.
PPF New Rule
In response to the PPF pointers for 2019, a person can’t maintain quite a few PPF accounts in his or her title. Earlier this month, the ministry of finance’s division of financial affairs (finances division) suggested banks and put up workplaces to not ship any proposal for consideration of merger of PPF Accounts shaped below the PPF Guidelines 2019, i.e. on or after December 19, 2019. The order was issued in response to a PPF account consolidation request made by Dr. Anupam Mishra on the Indian Financial institution, KGM Faculty, Lucknow Department.
On March 3, 2022, the Ministry of Finance’s Division of Financial Affairs (Finances Division) issued a letter to all head put up workplaces stating, “In case any one of many PPF accounts or all PPF accounts is/are proposed to be merged or amalgamated is/are opened on or after 12.12.2019, such account(s) shall be closed with none curiosity cost and no proposal needs to be despatched to the Postal Directorate for amalgamation of such PPF Accounts.”
This is what it means for PPF Account holders
1) The deadline for merging PPF accounts is December 12, 2019, and any PPF account shaped after that date is ineligible for regularisation.
2) In case you open quite a few PPF accounts in your title on or earlier than December 12, 2019, they can’t be mixed. To avoid wasting tax, many individuals register a number of PPF accounts – one with the financial institution and one with the put up workplace. These accounts can not be mixed right into a single account.
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