Need to mention PPF account in ITR1 Bank account list!

ITR 1699 views 4 replies

Here PPF account is that individual open with Bank for Personal provident fund. This is not EPF account.

Mostly ITR1 form ask for all active account in last finanacial year and that is mostly Saving or Current. This is my understanding.

Now if there is PPF account and interest earned on that, required to mention as exempted income as report only purpose.

In that section of all bank accounts active in last financial year, do I need to mention PPF account ? If yes,  What type of account ? If we mention saving or current account it may consider for refund and may cause issue.

Is there any suggestion or inpuit on this ? 

Replies (4)

@ spatel

PPF or any provident fund cannot be filled into Banks list.

There is provision now in ITR-1 [AY25-26] for entering provident fund details on the First Section [Applicant Details, Income, and calculated tax ]

@ Ranjan

Thanks for reponse and It is clear that PPF account is not part of that list. 

For your second point that there is provision for ITR1 (AY 25-26] related to PPF. Is there separate section for this PPF and just to make sure that this is not EPF. I think for EPF there is some limit like 2,50,000 and if cross interest is taxable. 

My understanding is that Section 10(11) or Section 10(12) can not be used as interest earned on PPF is not part of total salary.

There is one section I can see is Exempted Income for Report purpose only. 

Can you please clarify which section you are mentino in your earlier answer. 

@ spatel

The taxation rules on provident funds in India is too convoluted to explain here.

If you google, you will get the information from sites lihe cleartax etc.

You will also find how to fill up the provident fund information in ITR from same sites.

@ spatel

Further to my last reply. Following apply to the ITR-1 Excel Utility, where you can fill up the pension details:-

Open Schedule - Income Details

Scroll to - DEDUCTIONS [This is written on the left side of the excel work sheet]

In DEDUCTIONS, you will see many places for entering the appropriate pension scheme details.

But refer to my previous reply about Taxability of various pension schemes, and google to find out.

If you are not using excel utility but doing the filing on line, go to section DEDUCTIONS and do accordingly


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