Public Provident fund

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Gopal (Querist)
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19 October 2010 As per sec 10(11) of income tax act any payment from PPF is exempt.what "payment " means here?is the interest on PPf is included in payment?

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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19 October 2010 Interest Earned on PPF is exempt u/s 10(11)

CA. Chikkerur C R

CA. Chikkerur C R (Expert)
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20 October 2010 Dear Gopal

Payment refers here Interest earnerd, Bonus if any. ANy payment paid for PPF is exempt. Act is kind enough to exempt every payment on PPF by PPF admn

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Kishanlal Paliwal

Kishanlal Paliwal (Expert)
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20 October 2010 To more clarify, the payment (i.e.deposit) into PPF account is exempted up to Rs. 70000.00 only.

The interest income on PPF deposit amount is also exempt from Income Tax.

And, if I am not wrong, the final amount got at the end of PPF account tenure is also exempt from Income Tax since it is the saving accumulated by the depositor.

Regards
K.L.Paliwal

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