PPF, NPS and SSY: Many schemes are being run by the government for saving and income tax savings. Some such schemes are Public Provident Fund, National Pension Scheme and Sukanya Samriddhi Yojana. These three schemes are small savings schemes and by saving on an annual basis, income tax is also exempted. If you have also invested in any of these schemes, then you should deposit the minimum amount deposited annually in the account of these schemes by March 31, 2022. If you do not do this, your account will be closed and you will have to pay a fine and paperwork to get it reopened.
This benefit is available in all three schemes – One can invest up to a maximum of Rs 1.5 lakh on an annual basis in Public Provident Fund. The amount on which you get income tax exemption. There is no maximum investment limit in National Pension Scheme. Under this scheme, under section 80CCD (1) of the Income Tax Act, there is a facility to claim deduction in tax up to 10 percent of the gross income.
On the other hand, in Sukanya Samriddhi Yojana up to 1.5 lakh rupees can be deposited annually for the golden future of the daughter. Along with this, the investment made in this scheme is tax free under section 80C of Income Tax.
How much money has to be deposited in PP, NPS and SSY – A minimum annual deposit of Rs 500 has to be made in the Public Provident Fund. Along with this, a minimum of Rs 1000 has to be deposited in the National Pension Scheme on an annual basis, if this is not done, then a fine of Rs 100 has to be paid. On the other hand, in the Sukanya Samriddhi Yojana, Rs 250 has to be deposited in the financial year, if it is not done then a fine of Rs 50 can be imposed.
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In all these three schemes, if the minimum balance is not deposited in a financial year, then these accounts get closed. After this, a fine has to be paid to get them started again, along with KYC and many other paperwork has to be done. In such a situation, if you want to avoid any trouble, then by March 31, 2022, you must deposit the minimum balance.