the sbi ppf interest is exempt in section10(11) or section10(12) ? plz guide ,(plz not this is not the empolyer salaried ppf but the general one where anyone can contribute)
Menu
Sbi ppf interest exempt in which section?
Replies (2)
Quick Summary
PPF refers to Public Provident Fund. Interest earned on account of investment in Public Provident Fund is fully exempt under section 10(11) of the Income Tax Act, 1961.
The interest accrued on contributions to Recognized Provident Fund and Statutory Provident Fund is exempt under Section 10(11) and Section 10(12) of the Income Tax Act. But as of the Finance Act, 2021, there is a proviso stating that -
1. interest above INR 2,50,000 is taxable if employer's contribution is included or
2. interest above INR 5,00,000 is taxable if employer's contribution is not included.
This amendment is effective from AY 2022-2023.
Recent Topics :
- Section 54F Exemption
- Would you use a free, open-source alternative to s
- Business & Finance
- Report in GSTR 1 ( Credit Note ) for Wrong GST Rat
- Reply of summons issued under section 70 of the cg
- How to Bulk GSTIN Number Verify and Validation
- OPC Annual Filing Defaults – Need Guidance t
- OPC Annual Filing Defaults – Need Guidance t
- FCGPR of a past period
- Discuss and Download CA Final Question Paper Nov 2
Related Topics :
CAclubindia
