EPF and PPF provide tax deductions under 80C true or false?TrueFalseOnly EPFonly PPF

Understanding EPF and PPF

1. Definition of EPF and PPF:

   • EPF (Employees' Provident Fund) and PPF (Public Provident Fund) are both savings schemes in India that offer tax benefits.

2. Tax Deductions Under Section 80C:

   • Under Section 80C of the Income Tax Act in India, both EPF and PPF contributions are eligible for tax deductions. This means that individuals can claim a deduction for the amount they contribute to these funds, subject to a limit.

3. Verification of Statements:

   • The statement "EPF and PPF provide tax deductions under 80C" is True, as both of these savings instruments are included under this section for tax benefits.

Final Answer

True: Both EPF and PPF provide tax deductions under Section 80C.