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Regarding Ppf Interest income


Kamlesh Tolani (accountant)     27 January 2020

Kamlesh Tolani
accountant 
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Respected all members
PPF Interest amount credited 01-04-2018 for the fy.2017-18
and 2018-19 Ppf interest credited in 31-03-2019 so
one year two years Ppf interest credit so how can taken in income tax return.

avater

Aditi Kaur (Practising CA)    28 January 2020

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RAJA P M ("Do the Right Thing...!!!")     27 January 2020

RAJA P M
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Check out the Interest amount in FY 17-18 ITR for provisionally. If not accounted in FY 17-18 ITR then take the interest amount as IFOS in FY 18-19...

If FY 17-18 interest accounted then it will adjust to the provision entry...

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Kapadia Pravin   27 January 2020

Kapadia Pravin

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Usually PPF interest is credited by bank / post office on 31st March. May be one day overlapping. You can go to bank/PO where you have Account , they will correct date in pass book.

You can well consider 31st March and ignore 1st April date.

Note that PPF interest will come under Exempt Income Schedule. It will not be IFOS. Interest is fully Exempt.

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rama krishnan   27 January 2020

rama krishnan

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Generally incidence of income will be reckoned from the date of accrual or credit whichever is earlier. hence as on 31st, the interest on PPF is accrued and the same has to be taken as date of receipt. as said by Mr kapadia, PPF interest is exempted hence the date of receipt has no role to play

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RAJA P M ("Do the Right Thing...!!!")     27 January 2020

RAJA P M
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@ Mr Rama Krishnan.,

Yes... PPF interest is exempted.
But, as per date of interest and entry in books based on receipts. Interest credited in 1st April then it will be book accrual basis in PY's account...
Am I Right Mr Ramakrishnan...?!

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RAMAKRISHNAN R (INCOME TAX OFFICER)     27 January 2020

RAMAKRISHNAN R
INCOME TAX OFFICER 
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@ raja sir if the assessee follows cash basis accounting then it'll be accounted according to the receipt date and if he follows mercantile system 31st would be his accrual date

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rama krishnan   27 January 2020

rama krishnan

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Correct me if I'm wrong raja sir

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Kamlesh Tolani (accountant)     27 January 2020

Kamlesh Tolani
accountant 
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Thank u very much for my quary reply

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RAJA P M ("Do the Right Thing...!!!")     27 January 2020

RAJA P M
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@ Mr Ramakrishnan Sir.,

I fully agree to You... I just give my view.

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Dr. Rajendrakumar N. Suryawans   28 January 2020

Dr. Rajendrakumar N. Suryawans

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Mr. Ramkrishnan sir, you are right.


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