In the budget presented by the Finance Minister in Feb 2005, he talked about the taxation scheme will be brought under EET regime from the prevailing EEE regime. We were given to understand that all deposits made to PPF after 01 Apr 2005 on maturity (on maturity of the 15 year account) will be taxable along with the interest earned. On the face of it it sounded absurd because accumulation of 15 years savings will bring the low paid employee/pensioner into the millionaire bracket. No one was prepared to clarify this point. Your article too ignores this feature. May this be clarified by anyone who knows the subject authoritatively
