is interest received from savings bank acccoun in post office is exempt frm tax????????????????
Is interest received from post office exempt from tax???
Vishwakarma Bhagat (Student) (28 Points)
28 November 2009Vishwakarma Bhagat (Student) (28 Points)
28 November 2009is interest received from savings bank acccoun in post office is exempt frm tax????????????????
Sunil
(Trader)
(2611 Points)
Replied 28 November 2009
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.
Balaji
(Knowledge Seeker)
(317 Points)
Replied 30 November 2009
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
(CHARTERED ACCOUNTANT)
(719 Points)
Replied 30 November 2009
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 )
(182 Points)
Replied 30 November 2009
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Fatema is absolutely correct...80L has been withdrawn...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)
(317 Points)
Replied 30 November 2009
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)
(1678 Points)
Replied 30 November 2009
HI BALAJI!
If you r sure then pls attach reference like, i want to know the same if it is exempt.
Balaji
(Knowledge Seeker)
(317 Points)
Replied 30 November 2009
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)
(894 Points)
Replied 30 November 2009
/forum/messages/2009/8/41763_post_office_savings_bank_interest.asp
Vishwakarma Bhagat
(Student)
(28 Points)
Replied 01 December 2009
Thanks a lot frnds for ur replies.......
chandan
(Taxation & accounts)
(30 Points)
Replied 14 December 2009
Dear all
Answer given by you all are incorrect.
As per sec10(15) intrest received on post office saving bank a/c is exempt upto Rs.5000
chandan
(Taxation & accounts)
(30 Points)
Replied 14 December 2009
Dear all
Answer given by you all are incorrect.
As per sec10(15) intrest received on post office saving bank a/c is exempt upto Rs.5000
Master GSTR-9 and 9C with India's First Unique Live Course with Live practical training