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Ppf interest

Ankit (Engineer) (30 Points)

23 July 2014

I need to show incurred interest on PPF and also need to get exemption of it when filing the IT return. Please let me know how where i can show that interest and how to get exemption as i am not seeing it in ITR-1 when filling it online.

Regards,

Ankit

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11 Replies

CA Suraj Lakhotia (IndigoLearn) (4898 Points)
Replied 23 July 2014

You are not required to show Exempt Income in ITR -1.

1 Like

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Ankit (Engineer) (30 Points)
Replied 23 July 2014

Thanks Suraj. So if i dont' show interest anywhere will it be fine or i have to show that interest somewhere to get exemption.

Regards,

Ankit

(Guest)

You are not required to show Exempt Income in ITR -1.

CA Saloni (Manager-Accounts & GST Consultant) (5124 Points)
Replied 23 July 2014

You need to show exempt income in ITR-1, if it is upto Rs 5000/-

otherwise you will have to file ITR-2.

Ankit (Engineer) (30 Points)
Replied 23 July 2014

@ Saloni: I need to show under which section to get exemption of PPF Interest

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Tribhuvan Aditya Singh (Student as well as Self-employed) (3710 Points)
Replied 23 July 2014

@ ankit... in itr-1, you will see a row asking amt. of your exempt income. you will find this row near to the section where you are reqd to fill bank details. fill you ppf intt amt under that exempt income head and its done. however you need to keep in mind that if your ppf intt os more than 5000 then you need to file itr-2

Ankit (Engineer) (30 Points)
Replied 23 July 2014

Thanks Everyone for their comments.

ujjwal (ca articled) (33 Points)
Replied 23 July 2014

Ankit there is no need to show income from interest on PPF you get exemption on your contribution towards ppf under 80C .interest on ppf should be taxable at the time of maturity of PPF account which is normally 15 years.

ujjwal (ca articled) (33 Points)
Replied 23 July 2014

ANKIT at present income from interest on PPF is not taxable so be happy ...... nor it is taxable at the time of maturity . PLZZZ SORRY for wrong reply earlier..