If any one have earned Interest income of PPF of more than Rs. 5000/- which is exempt from Income Tax & subsequently filled ITR 1 then wheather it is mandatorily need to file a revised return in ITR 2 since there is no option to show exempt interest income in ITR - 1 ??
5 Replies
CA Saloni
(Manager-Accounts & GST Consultant)
(5124 Points)
Replied 22 July 2014
There is an option to show exempt income in ITR-1, u can show in that.
Anurag Gupta
(STUDENT)
(103 Points)
Replied 22 July 2014
You have to File ITR-2 if your exempt income is more than 5000/-
CA Saloni
(Manager-Accounts & GST Consultant)
(5124 Points)
Replied 22 July 2014
Yes, if exempt income is above 5,000/- u have to file ITR-2. U need to revise the return.
Vaibhav Joshi
(others)
(45 Points)
Replied 23 July 2014
PPF interest is just getting added to your account and you cannot withdraw for at least first 6 years. So is it required to declare this interest on accrual basis or you can show it only if any amount is withdrawn?
IMO, if it is not mandatory to be shown, then ITR1 could be the right form to be filled up.
Thanks,
-Vaibhav
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