Question

State the characteristics of Public Provident Fund Account.​

Answer 1

Answer:

Deposits in PPF qualify for rebate under section 80-C of Income Tax Act. The interest on deposits is totally tax free. Deposits are exempt from wealth tax. The balance amount in PPF account is not subject to attachment under any order or decree of court in respect of any debt or liability.

Answer 2

Explanation:

Deposits in PPF qualify for rebate under section 80-C of Income Tax Act. The interest on deposits is totally tax free. Deposits are exempt from wealth tax. The balance amount in PPF account is not subject to attachment under any order or decree of court in respect of any debt or liability.