interest from ppf and tax free bonds should be declared in exempt income under which headers?
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Ppf and tax free bond under which header
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Quick Summary
Please refer Schedule "EI" -Exempted Income and fill S.No 1-Interest Income...as cosolidated Interest of PPF and Taxfree bonds..
it has sections so which ones in that?
Interest from PPF is exempt under Section 10(11) of the Income Tax Act, while Interest from Tax-Free Bonds is exempt under Section 10(15)(iv)(h) of the Income Tax Act, and must also be reported in the “Interest Income” category under Other...
and what about gratuity sir?
Gratuity is exempt under Section 10(10) of the Income Tax Act, 1961, up to specified limits depending on the employee’s category and conditions of payment.
In the hands of a Government employee Gratuity and PF receipts on retirement are exempt from tax. In the hands of non-Government employee, gratuity is exempt subject to the limits prescribed in this regard and PF receipts are exempt from tax, if the same are received from a recognised PF after rendering continuous service of not less than 5 years.
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