" The Public Provident Fund Account deposits are qualified for Income Tax Rebate under:

Correct option is C

The Public Provident Fund (PPF) is a popular long-term savings scheme backed by the Government of India, and contributions to a PPF account qualify for income tax deductions. Here's how the sections of the Income Tax Act apply:
Section 80 CCA of IT Act:
· Section 80 CCA was the provision under which contributions to the Public Provident Fund (PPF) qualified for a tax rebate. However, it has since been replaced by Section 80C of the Income Tax Act. Currently, PPF contributions are eligible for a tax deduction under Section 80C, allowing deductions up to ₹1.5 lakh per financial year for investments in PPF and other eligible savings instruments.
· Information Booster:
Currently, contributions to a PPF account are eligible for tax deductions under Section 80C of the Income Tax Act, with a limit of ₹1.5 lakh per financial year. The interest earned on PPF investments is also tax-free, making it a highly attractive option for long-term savings and tax planning.
Additional Knowledge:
1. (a) Section 80 L of IT Act:
· Section 80L was related to deductions on interest income up to a specified limit. However, it was abolished after the assessment year 2005-06. Since Section 80L does not cover PPF contributions, it is not relevant here.
2. (b) Section 80 DD of IT Act:
· Section 80DD provides deductions for medical expenses incurred on the treatment of a dependent with a disability. This section does not apply to contributions made to the PPF account.
3. (d) Section 88 of IT Act:
· Section 88 previously provided tax rebates for investments in certain schemes, including PPF, but it was abolished in favor of Section 80C. Therefore, this section no longer applies to PPF contributions.