Ad-Free CAclubindia and Daily Updates on your mobile. Subscribe Now!

Interest from ppf

24 April 2018

For ay (18-19) where should I show ppf interest as exempt income in ITR 1. Is it u/s 10(11). In ITR it is mentioned as statutory fund against 10(11). Is ppf comes under statutory fund? please advise.

Reply
Follow
Share

5 Replies

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (166339 Points)
Replied 24 April 2018

As there is no difference on taxability of SPF or PPF interest income, being both FULLY exempt on maturity, PPF interest is also included exempt u/s. 10(11) of IT act.

1 Like

Upgrade to CAclubindia Pro. Subscribe Now!

Malhar Deshpande (212 Points)
Replied 24 April 2018

Thank you Sir. Sir I have one more query. Please advise.

I am investing in PPFunder 80c and taking benefit of deduction for last 11 years but not shown PPF interest as exempt income any time before in ITR. I may extend the PPF account in future for 5 yrs.

My query is should I start showing PPF interest as exempt income in ITR this years onwords.Will be any query from IT such that why you have not shown for earliar yrs. Please help.

Malhar Deshpande (212 Points)
Replied 24 April 2018

I mean to say what problem will I face if I start showing ppf int. as exempt income from this year onwords till maturity.

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (166339 Points)
Replied 24 April 2018


	I mean to say what problem will I face if I start showing ppf int. as exempt income from this year onwords till maturity.

Till date department has not penalized anyone for such take, as one viewpoint is no need to declare EXEMPTED Income like agricultural income in ITR. Agriculturist having only such income (even though much more than basic exempted limit) are not filling any return !!!

Secondly, being no intention of assessee to save tax, but procedural mistake..... ....... courts let go by just warning...