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)
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Sbi ppf interest exempt in which section?
Replies (2)
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.
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