Shweta (Student CS Professional) (126 Points)
23 September 2013So, if we make cash payments into our PPF account. Will we have to show source of income while filing tax returns. '
CAse 1) Where full payment of 1 lac is done through cash?
Case 2) Where part payment is done through cash and part through cheque?
What is the repurcussion while filing tax returns in these two cases?
HARISH BANSAL
(student)
(229 Points)
Replied 23 September 2013
In ITR there is no option where u have to feel that u have deposited money in PPF account either cash or cheque or through both.
In ITR simply u have to feed PPF amount in deduction column i.e. in Sec 80C, and interest from PPF which is not taxable have to be show under the head " Income from other sources".
Regards,
Harish Bansal
Mihir
(Wealth Manager)
(5293 Points)
Replied 24 September 2013
You can deposit cash, cheque, part cash part cheque in the PPF account. You will have to show only the amount deposited in PPF in your ITR.
Shweta
(Student CS Professional)
(126 Points)
Replied 27 September 2013
Do we have to give a PPF statement while filing returns?? The thing is how will they know that I have put so much money into my PPF without any declaration? So if I put a huge amount in cash say above 50000 will I have to give any declaration for the income?
Mihir
(Wealth Manager)
(5293 Points)
Replied 27 September 2013
IT dept can source the information on the amount of deposit made in your PPF account through your PAN. So no need to submit a separate declaration on deposit made in PPF along with ITR.
Live class on PF & ESI Enrollment & Returns Filing(with recording)
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