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PPF DEDUCTION U/S 80C f.y. 2022-23 & f.y. 2023-24

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CA LAVESH VASYANI

CA IN PRACTICE

150 Points Posted on 22 March 2023

Assessee deposits Rs. 1,50,000 in PPF account on 21.03.2023, however PPF account is maturing on 01.04.2024. Whether 80C deduction can be claimed for F.Y. 2022-23?

Further if he invests in March 2024 again Rs. 1,50,000 in above account which is maturing on 01.04.2024. Whether 80C deduction can be claimed for F.Y. 2023-24?

Thank You.

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Quick Summary

This discussion clarifies PPF deduction eligibility under Section 80C for financial years 2022-23 and 2023-24. It addresses whether a Rs. 1,50,000 deposit made in March 2023 is deductible for FY 2022-23, even if the PPF account matures on April 1, 2024. It also explores the deductibility of a similar March 2024 investment for FY 2023-24, particularly if the account is extended.