Last chance for PPF and Sukanya account holders, do this important work till June 30, otherwise you will have to pay penalty.

New Delhi, Monday 8 June 2020

Due to the Corona virus epidemic, the government had extended the deadline for depositing accounts in the Public Provident Fund (PPF) and Sukanya Samridhi Department (SSA) for the financial year 2019-20 by three months to June 30.

If any account holder has not deposited the prescribed minimum amount in Sukanya account or PPF account in the financial year. Can also deposit with fines.

Account holders have to pay PPF till June 30 within the limits prescribed under Section 80C of the Income Tax Act for the financial year 2019-20 or for the financial year 2020-21. And can get exemption from the amount deposited in Sukanya.

A minimum deposit of Rs.500 / - per annum is required in PPF and Rs.250 / - in Sukanya. Otherwise, a fine of Rs 50 will have to be paid in the next financial year.

The government has extended the last date for minimum deposit of PPF and small savings schemes for the financial year 2019-20 till June 30.

Previously, it had a March 31, 2020 deadline. If a PPF account is opened with a minimum annual deposit or any small savings plan, a penalty may be levied for non-deposit of the required amount after the last date.

Currently, there is a penalty for not depositing the minimum amount in PPF and Sukanya Samrudhi Yojana accounts. Similarly, if you could not deposit money in your recurring deposit account in April and May 2020.

Account holders have to pay PPF till June 30 within the limits prescribed under Section 80C of the Income Tax Act for the financial year 2019-20 or for the financial year 2020-21. And can get exemption from the amount deposited in Sukanya.

PPF and Sukanya Samrudhi accounts can invest a maximum of Rs 1.50 lakh in a financial year. By mistake, if you have deposited more than the limit, the amount will be refunded to you, but no interest will be paid on it.