Last-minute tax-saving investment: Will investing in PPF and SSY on March 30 and March 31 qualify for tax benefits in FY 2023-24?
FY 2023-24 may be looking forward to making use of March 30 and March 31, as these are the last two dates of the financial year. If any individual misses to do so there will be no opportunity to invest in the current financial year.
If you invest in government schemes like the public provident fund (PPF), Sukanya Samriddhi Yojana (SSY), and others on March 30 and 31, will it be counted as investments in FY 2023-24? ET Wealth Online explains
Experts say what would matter the most in this case is when the respective banks process the transaction, and on which date. If you remit money to the bank on March 30 or March 31 and it gets processed the same day, then the investment date will be on these dates, and it will be counted in the financial year 2023-24.
According to Ankit Jain, partner, Ved Jain & Associates, a CA firm, «Individuals can invest in various government schemes like PPF, SSY, and others on March 30 and March 31, 2024, and claim tax benefits for FY 2023-24. However, this is only possible if the bank processes the transactions on these dates both for offline and online payments. For example: Interbank cheques mostly are processed by the next working so if an individual deposits another bank's cheque on March 31, 2024, it would only be processed on or after April 2, 2024. If an individual is using online channels of a bank to invest in government schemes, then it is processed immediately, and hence individuals can get tax benefits as of the date of investment.»
«For online PPF, SSY, and other government
