Disclosure of PPF maturity amount in IT returns
This query is : Open
12 August 2020
Hi all,
I have 2 queries
1) I forgot to disclose PPF accrued interest as exempt income in earlier years. Now the PPF is matured. Does it make sense to disclose the cumulative interest in the current year returns as exempt income?
2) One more thing is - no need to disclose PPF principal amount anywhere in IT returns correct?
I have 2 queries
1) I forgot to disclose PPF accrued interest as exempt income in earlier years. Now the PPF is matured. Does it make sense to disclose the cumulative interest in the current year returns as exempt income?
2) One more thing is - no need to disclose PPF principal amount anywhere in IT returns correct?
CA Raj Doshi
(Expert)
13 August 2020
1. Just disclose current years ppf interest.
2. Maturity proceeds from PPF required to report such income by selecting - 'Any Other' option and providing description in respect of that income under Exempt Income. It is completely ok if not reported.
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