Monthly Income Scheme (MIS) of Post office

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Is interest income on Amount Invested in Monthly Income Scheme (MIS) of post office taxable or not????

Thanks,

Varun Arora 


Replies (7)

It is taxable under the head Income from Other Sources

but how? while filing ITR 1, if interest amount is such that tax is not deducted then excel for ITR1 forces to enter TDS for income from other sources and creates 1 record in xml...

how to resolve this

Originally posted by : Naveen.N

It is taxable under the head Income from Other Sources

T A X A B L E    A S   I N C O M E   F R O M   O T H E R   S O U R C E S

treated as income from other sources

Thanks for suggestions......

I have received a certificate from Post office stating about interest of Rs. 50000 (app.) but no tax has been deducted by post office on it.

Should now i have to pay tax on it while filling ITR.??

Please suggust....

Thanks

Varun Arora

taxable...agree with all


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