Treatment of Forgotten PPF Interest
This query is : Resolved
02 March 2010
What is the treatment of forgotten Public
Provident Fund Interest in accounts? In Income Tax any penalty for forgotten PPF interest?
Provident Fund Interest in accounts? In Income Tax any penalty for forgotten PPF interest?
shakuntala chhangani
(Expert)
23 March 2010
Hi Bhavesh, there is nothing to worry about as PPF interest is exempted income u/s 10(15). Simply show the same in capital a/c as well as PPF A/c on the asset side. ur Balance sheet will tally. Regards, CA Shakuntala Chhangani
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