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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?
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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
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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...
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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
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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
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