Post office scheme and indira vikas patra

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Anish Modi

Anish Modi (Querist)
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13 May 2012 Hi,

Is interest income from Post office scheme and Indira Vikas Patra taxable

Regards
Anish

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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13 May 2012 Yes, Interest is taxable.

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CA Mayank Chopra

CA Mayank Chopra (Expert)
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14 May 2012 Dear Anish,

1) Rebate under section 80 C not admissible for Post office scheme & Indira Vikas patra.

2) Interest income on Post office scheme & Indira Vikas patra is taxable, however no TDS is deducted.

3) Post office scheme & Indira vikas patra are exempt from Wealth Tax.

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