Ppf: forgot to contribute

362 views 5 replies

Hello,

I normally contribute 1.5 lakhs per annum to my PPF account at the Post office. 

For FY 18-19, I forgot to do this, and my account is now de-activated. 

If possible, I would like to rectify this by paying some small penalty to reactivate the account, and contribute 1.5 lakhs now (in April 2019) for FY 18-19. I will later contribute 1.5 lakhs again, for FY 19-20. I don't mind that I can't take a 80c IT deduction for FY 18-19, I would still like to make the contribution to the account. 

Is this allowed? 

Thank you

Replies (5)
yes by paying a nominal penalty amount it's allowed to deposit in PPF account for FY 18-19
you can't make any contribution for fy 18-19 by activating your ppf account. you need to contribute in current fy only

Thanks, Sahil & Giridhar for your replies. Unfortunately, your responses are contradictory. Can anyone help to resolve this?

how bank will accept deposit for 18-19 in current fy as books for 31.03 already get closed.
sahil can u explain please
last year they have accepted and took penalty of 500/- and accepted deposited for preceeding year.. they will mentioned the current date but will specify the deposit for previous year


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