Sec 14 a (urgent)
This query is : Resolved
05 November 2012
Can anybody tell me the applicability of Dis allowance u/s.14 A on PPF Interest received.
if there is any case law then please give me the details of that.
Thanks in Advance
if there is any case law then please give me the details of that.
Thanks in Advance
05 November 2012
Section 14 A is applicable as per the propotion of the amount invested in the exempted assets. For example if the amount of exempted asset is Rs.100000 & taxable asset is Rs.100000 then the interest paid Rs.50000 then it sholud be approprited Rs.25000 each to taxable & exempted asset.So calculate in this manner.
07 November 2012
dear friends,
my query about applicability of sec 14 a on ppf interest received.
my query about applicability of sec 14 a on ppf interest received.
07 November 2012
PPF Interset is exempt income. Then section 14 A applicable for teh PPF Interest also.
07 November 2012
But the investment in PPF is as per the guideline of the Income tax and it is invested for the purpose of the tax saving.
and when investment is for tax saving and as per the income tax guideline how can the ITO disallow any amount from such income.
and when investment is for tax saving and as per the income tax guideline how can the ITO disallow any amount from such income.
07 November 2012
14a says no deduction of expenses incurred for earning exempt income. & ppf interest is exempt income so no deduction of expenses.
07 November 2012
Sir i am asking about disallowance u/s 14 a on ppf interest income whether ito can disallow it u/s 14 a?
09 October 2021
No. It cannot be disallowed.
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