spatel (Engineer) (41 Points)
28 May 2024This question specific to ITR 1
- Earlier I asked the question related to Bank Accounts section in Part E and I assume that it is only Saving accounts.
- Does that it needs to mention PPF account as well ?
- Also two years back EPF related rules change. If EPF contribution of Employee is 1,00,000. Does it needs to mention in ITR 1 (its interest).
- Do we need to mention PPF interest in ITR ? If yes then in which section.
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(178226 Points)
Replied 29 May 2024
1. Correct, no need to mention PPF account.
2. Interest taxable in case contribution of employee is more than 2.5 lakhs.
3. Schedule EI.
spatel
(Engineer)
(41 Points)
Replied 29 May 2024
Thanks for response.
Is Schedule EI and Section 10 is same ?
if I assume it is same then Section 10(11) or Section 10(12) for PPF interest.
Section 10 have some deduction that employer provide.
Because if it is section 10 , it may finally cut from total gross amount. In that case do we need to include PPF interest in income from other sources ?
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(178226 Points)
Replied 29 May 2024
Sec. 10 provides all the exempted incomes under different sub sections. The same is declared in ITR in Schedule EI.
Choose applicable subsections and declare them in ITR.
PPF interest is exempted from tax.
spatel
(Engineer)
(41 Points)
Replied 29 June 2024
As PPF interest is only for reporting purpose, Can it be put in Any other with desctiption PPF interest ?
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(178226 Points)
Replied 29 June 2024
Yes, under sec. 10(11) IT act.
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