interest on PPF acc

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  1. a_I_patel

    a_I_patel New Member

    i have PPF account. is it compulsory to show interest occurred in ITR? if so, in which section? & rebate is to be claimed under which section?

    Arun Patel
     
  2. Harini.k

    Harini.k New Member

    Interest received from PPF A/c Is exempt under section 10(11) of Income Tax Act


    Harini.K
     
    ZED likes this.
  3. ZED

    ZED Well-Known Member

    To the above reply I wish to add in respect of
    Interest income can be computed as per accrual basis or receipt basis. You can choose to show it each year under exempted income but its better to show at the time of withdrawal.

    You need to disclose this under Schedule EI.
     
  4. a_I_patel

    a_I_patel New Member

    Thanks...
     
    ZED likes this.
  5. NITINSHARMA30921

    NITINSHARMA30921 New Member

    Tax bracket for PPF is EEE (i.e. Exempt,Exempt,Exempt). So contribution is exempted under 80C, Interest earned is tax exempted and withdrawal is also tax exempted. Interest earned is fully exempted from tax without any limits. Thnx
    Nitin
     
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