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Section 14a of income tax act

Lakshay (None) (160 Points)

01 August 2016

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

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CA Saurabh Singh (Practising Chartered ) (974 Points)
Replied 01 August 2016

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.

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Udgam Koomar (Tax Technologist) (1949 Points)
Replied 01 August 2016

tax free bond income is EEE

Lakshay (None) (160 Points)
Replied 01 August 2016

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..