Exempt income
This query is : Resolved
26 June 2019
Dear experts,
Please guide is it required to show Public Provident Fund maturity proceeds received after 25 years of account maintaining in Exempt Income schedule of Income Tax Return? The assessee has declared interest earned on PPF every year in exempt income schedule of ITR in all the previous assessment years.
If it is to be shown, which amount to be shown- only principal contribution or entire proceeds including interest?
Thanks and regards
Please guide is it required to show Public Provident Fund maturity proceeds received after 25 years of account maintaining in Exempt Income schedule of Income Tax Return? The assessee has declared interest earned on PPF every year in exempt income schedule of ITR in all the previous assessment years.
If it is to be shown, which amount to be shown- only principal contribution or entire proceeds including interest?
Thanks and regards
26 June 2019
No. Only interest earned during relevant year of maturity is to be shown as exempt income. As maturity proceed is not an income as it is capital receipt.
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