PPF tax exemption: government backed savings with deductible contributions and tax free interest and maturity proceeds.
PPF is a government backed, long term savings scheme offering EEE tax treatment: contributions qualify for an income tax deduction and interest and maturity proceeds are tax exempt. Resident individuals may open one account (guardians may open for minors); NRIs cannot open new accounts but may continue existing ones on a non repatriation basis until maturity. The scheme has a 15 year term with minimum and maximum annual contribution limits, options for extension after maturity, restricted early withdrawals, loan facilities from the third year subject to caps and interest, and restoration provisions for discontinued accounts. (AI Summary)

Tax Credit: reconcile Form 26AS entries with actual TDS/TCS to ensure accurate tax credit availability.
Form 26AS is the Department of Income Tax's annual consolidated statement of tax credits on a taxpayer's PAN, reflecting TDS, TCS and advance tax that may be claimed as credit. Mismatches between actual deductions and Form 26AS arise from deductor or return errors-such as non-furnished details, incorrect PAN, incorrect amounts or assessment year, omissions, failure to deposit, and quoting mismatches-and must be corrected by the deductor through filing or revising TDS/TCS statements and depositing withheld amounts so the recorded credit matches the taxpayer's entitlement. (AI Summary)