Ppf

This query is : Resolved

Ram (Querist)
Follow

16 September 2014 Dear Team,

I have a query on PPF.

If I invest in PPF, then can I show the investment proof in IT filing for that particular year (say year 2014) I invest, or can I show the proof for all the years I invest?
What is the proof of investment for PPF? Will there be any receipt I can show?

Please reply.

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
Follow

16 September 2014 No proof is required while filing of return. Its required only in case of scrutiny assessment. Proof of PPF investment is your PPF Pass Book.

Ram

Ram (Querist)
Follow

17 September 2014 So it is only for 1 time I can declare as proof, or every year I can declare.

Upgrade to CAclubindia Pro. Subscribe Now!

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
Follow

17 September 2014 You need to show details of deduction claimed for PPF Investment u/s 80C when asked during scrutiny of relevant year. Just keep your passbook updated.

Message likes : 1 times

Ram

Ram (Querist)
Follow

18 September 2014 The tax filing ppl come and collect the proof of investments every year in our office premises.

So, as we show the copy of fixed deposit or LIC premium receipt, I need to submit copy of PPF passbook when they ask for it. Am I Right?

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
Follow

18 September 2014 Yes you are correct but ensure that passbook is updated one.

Message likes : 1 times