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Discussion > Income Tax >

Is interest received from post office exempt from tax???

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Student

[ Scorecard : 28]
Posted On 28 November 2009 at 19:07 Report Abuse

is interest received from savings bank acccoun in post office is exempt frm tax????????????????


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Sunil
Trader

[ Scorecard : 2038]
Posted On 28 November 2009 at 19:11

No. It is all taxable. What some of the schemes are exempt from is deduction of TDS like in MIS etc. Even Senior Citizen Scheme is subject to TDS. Currently PPF interest at Post office is exempt from tax. That will change once we migrate to EET regime in the new DTC.





CA. Megha Topiwala
Job

[ Scorecard : 1534]
Posted On 28 November 2009 at 19:30

Its taxable....




Balaji
Knowledge Seeker

[ Scorecard : 295]
Posted On 30 November 2009 at 07:34

Originally posted by :Vishwakarma Bhagat
" is interest received from savings bank acccoun in post office is exempt frm tax???????????????? "

I'm afraid the replies given by Sunil & Megha are incorrect.Interest earned on P.O. SB A/c is tax-free.The max. amt that can be kept in the A/c is Rs.1 lakh(singly) and Rs.2 Lahks(jointly).




FATEMA
C.A FINAL

[ Scorecard : 702]
Posted On 30 November 2009 at 10:45

Dear Balaji,

Megha & Sunil are correct.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.




Harshal
Article Assistant

[ Scorecard : 182]
Posted On 30 November 2009 at 12:24

Yeah Mr. Balaji

Fatema is absolutely correct...80L has been withdrawn...

and still if u are sure than pls quote where it is written....

 




Balaji
Knowledge Seeker

[ Scorecard : 295]
Posted On 30 November 2009 at 19:58

My dear Harshal/Fatema,

Interest on SB A/c in a post-office is exempt u/s 10 of I.T.Act.It is a tax-free income.

FYI,Sec.80-L covered interest on P.O. Time Deposits,P.O.Recurring Deposits,National Savings Scheme,POMIS etc. but not P.O. SB interest.




Ameet
L

[ Scorecard : 1668]
Posted On 30 November 2009 at 20:36

HI BALAJI!

If you r sure then pls attach reference like, i want to know the same if it is exempt.

 




Balaji
Knowledge Seeker

[ Scorecard : 295]
Posted On 30 November 2009 at 21:35

Dear Ameet,

Rest assured,it is exempt.You can approach the P.O. and they'll provide you the reference material which will reflect the same.The pass-book issued by P.O. also has the details.




Hareesh H Sharma
Cleared IPCC..now article

[ Scorecard : 889]
Posted On 30 November 2009 at 22:28



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