Ppf exemption u/s 88

S.88 was omitted and instead S.80C was introduced in the Income Tax Act. Yes, PPF is allowed as deduction to an extent of Rs.70,000/- from the Gross Total Income, however, be informed that the limit is Rs.100000/- under 80C and additional deduction of Rs.20000 is allowed provided the amount is invested in notified Infrastructure Bonds.

Thank U very much for the valuable information. mkrpillai

The subscripttion limit to PPF has been enhanced to Rs 1 Lakh vide GOI notification dated 25-11-2011. Hence now one can invest upto Rs 1 Lakh in PPF account. The available deduction u/s 80C is limited to Rs 1 Lakh.