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Question ID : 39283

TAXABILITY OF PPF INTEREST

WHAT WILL BE THE TREATMENT OF INTEREST EARNED ON PPF.ACCORDING TO SEC 10(11) IT IS AN EXEMPT INCOME.SHALL WE INCLUDE THIS IN TOTAL INCOME AND THEN CLAIM EXEMPTION UNDER TABLE 7 OF ITR 1 ?? PLEASE SHARE YOUR VIEWS.

Posted by SUDIP KUMAR MUKHOPADHYAY on Jul 12, 2019

Filed Under DIRECT TAXES

Answer ID : 79017

PPF Interest should not be included in total income . You can report it only for reporting purpose after the table no 7

Posted by CA. BISHT RAKESH on Jul 12, 2019
Answer ID : 79024

Not to include in total income, but to report in Part C of form ITR-1 along side 'Exempt income' : For reporting purpose.

Posted by B.CHACKRAPANI WARRIER on Jul 12, 2019
Answer ID : 79028

VERY CLEAR. EXEMPT PPF INTEREST IS NOT TO BE INCLUDED IN TOTAL INCOME. IT IS SHOWN UNDER EXEMPT INCOME ONLY.

Posted by m g ltd. on Jul 12, 2019
Answer ID : 79029

Exempted incomes will not form part of total inocme, hence need not to include in totsl income. It can be shown in the exempt income table provided.

Posted by CA PRADEEP C B on Jul 12, 2019
Answer ID : 79044

Income exempt under section 10 do not form part of total income. Hence PPF interest cannot be added to total income.

Posted by CA. chunauti dholakia on Jul 17, 2019