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Interest on ppf is exempt under section 10 11 of the income tax act 1961.
Interest on ppf is exempt under which section. Furthermore the accumulated amount and interest is also be exempt from tax at the time of withdrawal. Also every month the interest received is compounded annually in ppf. This in other words means that all deposits made in the ppf are deductible under section 80c of the income tax act.
Interest earned on the public provident fund is tax free. But on nsc it is taxable deduction under section 80c of the income tax act 1961 act can be claimed to the extent of rs 1 50 000 cumulatively for the items specified in that regard. Ppf offer exempt exempt exempt eee tax benefit i e.
Tax benefits under section 80c. Interest on ppf is exempt under section 10 11 of the income tax act 1961. Ppf is one investment vehicle that falls under the exempt exempt exempt eee category.
This can range from agricultural to house rent allowance. A sum of rs 1 5 lakhs invested every year qualifies for tax benefits. Contribution to ppf account up to rs 1 5 lakh per annum is eligible for deduction under section 80c of income tax act interest earned is exempted and maturity proceeds are also exempted from tax.
When it comes to ppf tax benefits the investment amount is eligible for tax deductions under section 80c of the income tax act the interest earned is also tax free and so is the maturity amount. Any income that an individual acquires or earns during the course of a financial year that is deemed to be non taxable is referred to as exempt income. Both the interest earned as well as the withdrawals from ppf are tax free.
Income tax returns itr filing. So ppf comes under the rare eee or exempt exempt exempt category of investments in india. Public provident fund ppf ppf falls under the exempt exempt exempt eee category and the interest earned from ppf is fully exempted from tax without any limits.
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