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Section 14a of income tax act
Hello..I want to know that I am having the salary income and some of my investments are in PPF and Tax free bonds and I had earned the interest income on the same.Now whether there is some disallownace under the Income Tax Act?
Please help
Replies (4)
Hello Lakshay,
Interest earned on PPF was exempt, but now as per amendmend made by the finance Act, the same shall be taxable.
Secondly, the interest earned on tax free bond is exempt from taxl.
tax free bond income is EEE
Respected Saurabh Sir
Thanks for the prompt reply and plz clarify regarding the taxability of PPF Interest because as per my knowledge ,PPF Interest is still in EEE Model..
Lakshay,
I would like to correct myself, PPF is still under the bracket of EEE, whereas EPF Interest from 1st April 2016, shall be taxable
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