PPF Interest exepmtion

VIKAS SINGHAL 186
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Sir,

Pl confirm the ITR need to be filled for taking exepmtion for PPF interest.

As per present rules if the exempted income is more than 5000 then we need to fill ITR-2, is this correct?

As I have received inrested of more than 50000 for year F.Y. 2012-13, should I fill ITR-1 or ITR-2 form.

Also I want to know whether we need to show PPF interest while filling return?

ppf-interest exempted-income itr-2 income-tax-return
2 Answers

Hi vikas

Yes . You are correct.

Pls declare your stock dividends and other tax exempt income in the returns. and savings interest also (Upto 10000 it is exempted under 80 tta)

You can take ITR - 2. go ahead.

I have used www.cleartax.in. Pls have a look and it also allows to do auto upload and very easy to file the returns.

Regards Vignesh

vignesh946

Sir, My query was whether I shall file my return in ITR-2 if my PPF interest is more than Rs 50000 but my saving account interest in less than Rs 5000, or I need not to mention anything about my PPF interest & shall file my return in ITR-1.

VIKAS SINGHAL•

If exempted income is more than 5,000, ITR-1 cannot be filed.

Exempted income includes conveyance allowance, HRA, LTA, Gratuity payment, PPF interest, payment from insurance policy, Leave Encashment, Income from Mutual Funds, Dividends and Long Term Capital Gains.

So, you should file using ITR-2.

Pankaj Batra5212
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