Do we include ppf int in gross total income?

Tax queries 1807 views 4 replies

Maanoj Rakhit

http://maanojrakhit.com

35 Points Joined February 2012

Are we required to include (show) Public Providence Fund Interest in Gross Total Income?

PS:

Taxsmile is Return e-filing portal https://www.taxsmile.com/returnfiling/taxsmile/pages/user/usermanagement/login.aspx

Their forms require that PPF interest be shown in interst schedule. So, I spoke to Live Chat person and she too confirmed that "yes" it has to be shown.

This is where the problem arises in interpretation. More inputs are requested. If someone may refer to some departmental clarification on the subject it will be highly appreciated.

Replies (4)

CA Ramsai N

Fresher

594 Points Joined October 2011

Interest on PPF is exempted under Sec 10(11). Need not to show in Gross total income

Aazim lakhani

Software Engineer

46 Points Joined December 2011

I agree with neelam ... Interest obtained from PPF is tax free ... So you don't have to show it

Guest

The interest on PPF should be shown in Schedule EI in the return.

Schedule EI (Details of Exempt Income (Income not to be included in Total Income))

In this schedule we should furnish the details of income like agricultural income, interest, dividend, etc. which is exempt from tax.

Maanoj Rakhit

http://maanojrakhit.com

35 Points Joined February 2012

I thought so all along. But Taxsmile e-filing portal thought differently. They did not respond to my question as to why they were doing so. I sought confirmation from Income Tax Department. They too confirmed the same. So I sent documentation to Taxsmile. They are probaly thinking about the whole thing hence not replying. The matter closes from my side. Now Taxsmile paid efiling portal has to do what they want to do or not want to do.