Interest on mis

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This query is : Resolved

Geetha (Querist)

01 March 2012
I am getting an interest of Rs.48000/- p.a for deposit made towards postal monthly income scheme. Is the whole amount taxable?

Amit Jain

Amit Jain (Expert)

01 March 2012 Assuming that your income is below the taxable limit, the amount would not be taxable.However, the postal department may deduct the tds on same. In such cases, a refund can be claimed by filling the return.

anurag

anurag (Expert)

01 March 2012 You can check ur form 26AS.

Geetha

Geetha (Querist)

01 March 2012 Dear Amitji,

I am drawing rs.4000/- evry month. when will they have deducted tds? u mean 4000 is after deduction of tds?

Amit Jain

Amit Jain (Expert)

01 March 2012 The moment your interest amount is more than 10,000; tds would be deducted irrespective of you wthdraw it or not.You can check whether TDS has been deducted or not in AS 26, which is a govt. link. The same can be reached through your internet banking account also.

Geetha

Geetha (Querist)

01 March 2012 nothing is seen in AS26

Amit Jain

Amit Jain (Expert)

01 March 2012 So Dear, it means no TDS has been deducted

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