HELLO FRIENDS, IS POST OFFICE SAVINGS BANK A/S INTEREST TAXABLE OR EXEMPTED.
CA Dhiraj Ramchandani
(CA, M. com)
(10823 Points)
Replied 10 May 2010
Interest recieved from savings account in post office was exempt u/s 80L (deduction in respect of interest on certain securities,dividends,etc.).
No deduction u/s 80L is available from assessment year 2006-07.
Krutesh Patel
(ACA)
(727 Points)
Replied 10 May 2010
Savings Bank interest is taxable from AY 06-07 onwards.
vikash rathi
(Chartered Accountant)
(787 Points)
Replied 10 May 2010
fully taxable....not exempted any where
Rahul Gupta
(Project Controller ACA MBA(Fin.))
(8014 Points)
Replied 10 May 2010
Agreed. It is Fully Taxable.
DT Fundas - Tarun rustagi
( Author)
(1150 Points)
Replied 10 May 2010
interest on post office saving bank is taxable form a/y 06-07 but interest on term deposit with post office for 5 year or more is exempt.
anshul bafna
(student)
(522 Points)
Replied 11 May 2010
WHO IS RESPONSIBLE FOR THIS BLUNDER...
PLEASE SEE
/forum/who-is-responsible-for-this-blunder--82380.asp
anshul bafna
(student)
(522 Points)
Replied 11 May 2010
WHO IS RESPONSIBLE FOR THIS BLUNDER...
PLEASE SEE
/forum/who-is-responsible-for-this-blunder--82380.asp
Prasanth Nair V
(ACA,ACS,CWA Final,Mcom)
(557 Points)
Replied 11 May 2010
Interest on Post Office Savings Bank Account is Exempted under Section 10(15) of the Income Tax Act.
Ritesh Jain
(CA, CS in Job)
(675 Points)
Replied 11 May 2010
"Interest recieved from savings account in post office was exempt u/s 80L (deduction in respect of interest on certain securities,dividends,etc.).
No deduction u/s 80L is available from assessment year 2006-07."
Agreed..
Prejith
(Pursuing CA)
(92 Points)
Replied 12 June 2010
Interest on post office savings account is fully exempt u/s 10(15), as it is one of the notified securities mentioned in the sec 10(15)
CAclubindia
