Categories
Pagination Scroll
Prasad Shirodkar

Exempt PF interest...
Dear Sir:
Where should I show my PF interest earned from my EPF account? EPF account is opened by my employer at Bandra office.
Thanks & great effort on the website
  • Show Placeholder
  • Hide Discussion
Amlan Dutta
Employer providend funds (EPFO) are generally recognized in nature ...So, these are exempt under section 10(12) ...you will show it under exempt income reporting section - nature of income is recognized PF - exempt under section 10(12) ...Check attached picture and rest shall be clear to you ...th...
Employer providend funds (EPFO)  are generally recognized in nature ...So, these are exempt under section 10(12) ...you will show it under exempt income reporting section - nature of income is recognized PF - exempt  under section 10(12) ...Check attached picture and rest shall be clear to you ...the answer options - video shall guide you step by step........
  • July 24, 2018
  • ·
  • Like
  • ·
  • Select as Answer
Jitendra B
EPF Interest on PF Account is not generally shown in ITR. Only the PPF Account interest which you have will be shown in Other Income not to be included in taxable income.
  • July 24, 2018
  • ·
  • Like
  • ·
  • Select as Answer
Prasanna

Exempt Statutory PF interest u/s 10 (11)...
Hi Amlan,
Should we disclose Interest amount Accrued in PPF account of SBI Bank under any section of exempt Income Reporting purpose. Interest of Rs 20000 has been accrued in my PPF acount for the FY 2017-2018.
  • Show Placeholder
  • Hide Discussion
Amlan Dutta
Public providend fund is statutory PF ...so , you will show exempt interest from public providend Fund under exempt income reporting section under exempt section 10(11) ...

Under answer options, click on video for relevant videos for this question category.
  • July 17, 2018
  • ·
  • Like
  • ·
  • Select as Answer
Sanjib Basak

Exempt Recognised PF interest u/s 10 (12)...
Sir
I have deposit in PPF A/c Rs 1000/_ for FY 17-18. And interest received for PPF A/c Rs 100/_ for FY 17-18. I have show Rs 1000/_ in sec 80C. And interest Rs 100/_ is show for exempt income under sec 10 (12). I have the correct show in those amount in ITR1?
  • Show Placeholder
  • Hide Discussion
Amlan Dutta
Yes , your treatment is correct...Public providend fund is recognised PF and so exempt interest from it is to be shown using section 10(12)...and investment towards PPF qualifies for eligible investment under section 80 C ...well done
Yes , your treatment is correct...Public providend fund is recognised PF and so exempt interest from it is to be shown using  section 10(12)...and investment towards PPF qualifies for eligible investment under section 80 C ...well done
  • July 17, 2018
  • ·
  • Like
  • ·
  • Select as Answer
Preet Gill

Exempt Statutory PF interest u/s 10 (11)...
For interest on PPF from SBI bank --> I checked your video and understand that I need to show it under exempt income as 10 (11) but do I also need to show it under income ? For example income from other sources ? or do not show under income and only show under exempt income ?
  • Show Placeholder
  • Hide Discussion
Amlan Dutta
If you show PF interest under other sources , it will become taxable and no longer remain exempt ...understand concept of what exempt i.e non taxable means ...f you have 100 Rs FD interest , 100 Rs savng interest , 100 Rs PF interest, then Both fd and saving interest is taxable and to be shown under...
  • July 15, 2018
  • ·
  • Like
  • ·
  • Select as Answer
JK Jain

Exempt PF interest...
Dear sir, Under what section interest credited in PPF a/c in SBI is exempted. It is either 10(11) or 10(12) or any other section of clause 10. Whether PPF comes in statutory or recognize provident fund or in any other category.
  • Show Placeholder
  • Hide Discussion
Amlan Dutta
Public providend fund under statutory provided fund and exempt interest income from such to be shown under section 10(11)
  • July 13, 2018
  • ·
  • Like
  • ·
  • Select as Answer
Alex Dcosta

Exempt Statutory PF interest u/s 10 (11)...
Sir I am confused between Statutory PF and recognized PF, Actually It is Interest given by my Bank on Public Provident Fund, so what should I select as I am not Clear about it.
Thanks Sir
  • Show Placeholder
  • Hide Discussion
Amlan Dutta
Bank PPF are statutory in nature , you can show exempt PF interest under section 10(11)....please watch my tutorials since it will be tough for me to always keep answering basic queries
  • July 4, 2018
  • ·
  • Like
  • ·
  • Select as Answer
Alex Dcosta

Exempt PF interest...
Sir This is Regarding Interest On PPF, where does one mentions on the ITR 1, is it compulsory to show this amout of interest on the ITR 1
Thanks Sir
  • Show Placeholder
  • Hide Discussion
Amlan Dutta
Yes it is good to show it in return under exempt income ...i have in the attached pictures show where you need to depict this ...
(i)if it is statutory PF , then exempt interest from such can be shown under 10(11). ...
Yes it is good to show it in return under exempt income ...i have in the attached pictures show where you need to depict this ...           <br />  (i)if it is statutory PF , then exempt interest from such can be shown under 10(11).                                                                                           <br /> (ii)if it is recognized PF , then it is to be shown under 10(12).<br /><br />In this way the department understands why the PF interest income being present still is not offered for tax on account of it being exempt under relevant sections<br /><br />Note - I have not considered unrecognized Provident fund because most PFR are either recognized or statutory . If unrecognized then interest from such is not exempt and  taxable under other sources head anywaysYes it is good to show it in return under exempt income ...i have in the attached pictures show where you need to depict this ...           <br />  (i)if it is statutory PF , then exempt interest from such can be shown under 10(11).                                                                                           <br /> (ii)if it is recognized PF , then it is to be shown under 10(12).<br /><br />In this way the department understands why the PF interest income being present still is not offered for tax on account of it being exempt under relevant sections<br /><br />Note - I have not considered unrecognized Provident fund because most PFR are either recognized or statutory . If unrecognized then interest from such is not exempt and  taxable under other sources head anyways
  • July 3, 2018
  • ·
  • Like
  • ·
  • Select as Answer
Alex Dcosta
Thanks Sir
  • July 3, 2018
  • ·
  • Like
  • ·
  • Select as Answer
DIPAYAN

Exempt PF interest...
will west bengal state govt employee show the interest amount of g.p.f (general provident fund) in The columns of "exempt Income (from reporting purpose) " or income from other sources or both ? their g.p.f interest rate is 7.5%. is This interest totally tax free? is it statutory or recognised or u...
  • Show Placeholder
  • Hide Discussion
Amlan Dutta
The interest is surely exempt and has to be reported using reporting section for recognized provided fund under section 10(12)..check attached picture ...however i advise you to take a second opinion in this....
The interest is surely exempt and has to be reported using reporting section for  recognized provided fund under section 10(12)..check attached picture ...however i advise you to take a second opinion in this....
  • June 23, 2018
  • ·
  • Like
  • ·
  • Select as Answer
hanif

Exempt Recognised PF interest u/s 10 (12)...
Dear Amlan.. this is regarding exempt income..you have already explained about allowance ie.rs 1600x12=19200/- i would like to ask you about PPF interest which is credited every year in march. do we have to show that interest figure in exempt income column and if yes what HEAD will we show it...plea...
  • Show Placeholder
  • Hide Discussion
Amlan Dutta
You can show this as exempt income under section 10(12) if it maintained by recognised PF body(most companies maintain this) else if it is maintained by statutory PF body , you will show it under 10(11) ...............statutory provident fund is an account which can be opened with any branch of S...
You can show this as exempt income under section 10(12) if it maintained by recognised  PF body(most companies maintain this) else if it is maintained by statutory PF body , you will show it  under 10(11)  ...............statutory provident fund is an account which can be opened with any branch of SBI or its subsidiaries and any individual i.e You , me can  go open it and claim deduction u/s 80C<br /><br /> Recognised provident fund is recognised by commissioner and employer's contribution is exempt upto 12% and interest upto 9.5%.and employee,s contribution is eligible for deduction u/s 80C<br /><br /> (<br />Just so that you should know  - Unrecognised provident fund is not recognised- interest is to be shown under  income from other sources and no deduction can b claimed u/s 80C  )  ,,check attached picture<br /><br />P.s - Please select question category properly next time
  • May 31, 2018
  • ·
  • Like
  • ·
  • Select as Answer
Nrupal Save
Hello Amlan,

You have mentioned that "Statutory provident fund is an account which can be opened with any branch of SBI."
What if it is opened with any other banks?
I had opened my PPF account with ICICI Bank in November-14. Does it still fall under category 'Statutory Provident Fund'?

Regards,
Nrupal
  • August 28, 2018
  • ·
  • Like
  • ·
  • Select as Answer
BISWARANJAN SWAIN

Exempt PF interest...
Dear Amlan
There's an interest credit of 10000/- in my SBI PPF A/C in FY 17-18.My question is whether it's mandatory to show this income in ITR? If so then which section it would be. 10(11) or 10(12) or any other?
  • Show Placeholder
  • Hide Discussion
   likes this.
Amlan Dutta
Am assuming the follwing
AY 2018 19 - Non senior resident individual

Show under exempt reporting schedule .... exempt Under section 10 (11).... Check my tutorial on how to show exempt income im tax return....
  • May 14, 2018
  • ·
  • Like
  • ·
  • Select as Answer