Tax exemption
Querist :
Anonymous
(Querist) 16 November 2010
This query is : Resolved
Prior to my joining my present employer in July 2010, I was a self employed person. In November 2009, I had opened a PPF with the SBI New Alipore Branch, Kolkata, W.B. In my PPF A/c No. I had deposited Rs (1000-+15,000/-) respectively while opening the above account. Further I have claimed and availed Tax Exemption in respect to my above account for the year 2010-11 and have also filed my ITR in July 2010.
Please advise if I can claim exemption for Rs 16,000/- only in respect to my above existing PPF account and file my return for the remaining period i.e. August’ 2010 –March 2011 since now that I am into service . Can I deposit some amount in my said existing PPF account and claim exemption together with the existing amount of Rs 16,000/- if there is any other procedure then what is it? Kindly treat this urgent and reply accordingly.
Thanks & Regards
Shamba Dutta
soumitra basu
(Expert) 16 November 2010
On the basis of your information I presume that during the financial year 2009-2010 you have deposited rs. 16000 and claimed deduction for the said amount.
To claim deduction in the financial year 2010-2011 you have to deposit again of an amount not exceeding rs. 70000 in the same ppf account. the deposit has to be made within 31st march, 2011.
