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Exempted Income

This query is : Resolved 
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(Querist)
15 June 2011 Pls tell me that interest earned from post office senior citizen savings scheme is taxable or not
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CA Sreenivasa Rao Munaga

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CA Sreenivasa Rao Munaga (Expert)
15 June 2011 The interest earned is fully taxable in the hands of the person who is receiving that income.
However Tax will not be deducted at source by the post office for that income of interest earned.

However investments made to that scheme will be exempted from wealth tax.

Let us know if you have questions on this.

Thanks,
CA M Sreenivasa Rao
R&S Associates
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