Relaxation of provisions for Small Savings Account; PPF, Sukanya Samriddhi Account

Relaxation of provisions for Small Savings Account holders of PPF, Sukanya Samriddhi Account (SSA) and RD. Extension of dates

The Ministry of Finance has relaxed the regulatory provisions to operate the Small Savings Schemes to safeguard the interests of small savings depositors in view of the lockdown in the Country due to COVID-19 pandemic.

The following relaxations shall become operative with immediate effect:  

Relaxation of provisions for Small Savings Schemes Account

1. The subscribers of Public Provident Fund (PPF) and Sukanya Samriddhi Account (SSA) may now deposit their savings upto 30th June, 2020, which couldn’t be deposited in FY 2019-20 due to lockdown in the country.

2. The revival fee/ penalty charges are waived of on the PPF, SSA/ RD accounts in which mandatory minimum deposit in not made upto 31st March, 2020 subject to such deposit are made upto 30th June, 2020

3. All those PPF subscribers, whose accounts were matured on 31.03.2020 (including one year window for extension), can now be extended upto 30.06.2020.

Download Relaxation Guidelines Click Here >>

• Related party transaction u/s 40A(2) shall be treated as bona fide, unless evading tax
• ‘Transfer of property’ not include ‘acquiring’ of property or ‘purchasing’ of property – ITAT
• AO was not justified in questioning cash withdrawals from bank account – ITAT
• Return/Balance sheet filed within limitation extended by SC to be considered within time
• Satisfaction Note u/s 153C – term immediate cannot be extended to unreasonable delay