Sec 14 a (urgent)
This query is : Resolved
05 November 2012
Can anybody tell me the applicability of Dis allowance u/s.14 A on PPF Interest received.
if there is any case law then please give me the details of that.
Thanks in Advance
if there is any case law then please give me the details of that.
Thanks in Advance
05 November 2012
Section 14 A is applicable as per the propotion of the amount invested in the exempted assets. For example if the amount of exempted asset is Rs.100000 & taxable asset is Rs.100000 then the interest paid Rs.50000 then it sholud be approprited Rs.25000 each to taxable & exempted asset.So calculate in this manner.
07 November 2012
dear friends,
my query about applicability of sec 14 a on ppf interest received.
my query about applicability of sec 14 a on ppf interest received.
07 November 2012
PPF Interset is exempt income. Then section 14 A applicable for teh PPF Interest also.
07 November 2012
But the investment in PPF is as per the guideline of the Income tax and it is invested for the purpose of the tax saving.
and when investment is for tax saving and as per the income tax guideline how can the ITO disallow any amount from such income.
and when investment is for tax saving and as per the income tax guideline how can the ITO disallow any amount from such income.
07 November 2012
14a says no deduction of expenses incurred for earning exempt income. & ppf interest is exempt income so no deduction of expenses.
07 November 2012
Sir i am asking about disallowance u/s 14 a on ppf interest income whether ito can disallow it u/s 14 a?
09 October 2021
No. It cannot be disallowed.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- About TDS & Income Tax
- Under construction property in ITR
- Scrutiny and reopening of past returns
- Section 194JA & JB Income which ITR Form to use
- PPF interest-As Exempt Income disclosure
- Pass word to open justification report for Q1 for FY 2026-27
- Building tax payment deduction in rental Income
- Upload Level ValidationITR3Category of Defect B/D
- Booth for sales promotion
- Capital Gains on sale of residential flat
- F & O PROFIT REPORTING FOR AY 2026-27
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
