Ppf max limit?

So far its recommended only. No increase in limit so far.

Dear Sharad

The limit of70000 in PPF a/c is a limit set by the Public Provident Fund Act & hence cannot be increased by making any amendment in Income Tax act or issuing any circular or notification under the force of this Act. Rather it requires the amendment in PPF Act to increase its upper limit.

Altough the committee has recomended to govt to increase its limit to Rs 1 lakhs to make it commensurate with the increased limit of Inc Tax Act u/s sec 80 C, as of now it is not increased & hence is still caped at70,000 only.

It is expected to implement this amendement w.e.f. 01.04.2012

Thanx for replies...

@ Hari Sir : u said "Altough the committee has recomended to govt to increase its limit to Rs. 1 lakhs to make it commensurate with the increased limit of Inc Tax Act u/s sec 80 C, as of now it is not increased & hence is still caped at70,000 only."

thanx

@ Sharad I have reviewed the Sec. 80C and it states that any contribution made towards Provident Fund and it doesn't states any ceiling limit of 70K. As soon as the notification for increased limit is circulated, i think it will automatically applicable to IT Act without any further amendements.

Dear Sharad

The same thing I have mentioned there. When I stated that "as of now it is not increased & hence is still caped at70,000 only"   then I mean limit of Rs 70, 000 in the PPF Act & not IT Act. Thus, currently, IT act allows investment of Rs 1 Lakh in PPF, had it been permitted by PPF Act. So committee has recomended to increase the limit in PPF Act.

as of now it is only 70K

will it have any effect on upper limit of Rs.100000 on 80C ?

PPF limit has now been raised to Rs 1 Lakhs.