Interest on mis

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Geetha (Querist)
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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)
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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)
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01 March 2012 You can check ur form 26AS.

Geetha

Geetha (Querist)
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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)
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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)
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01 March 2012 nothing is seen in AS26

Amit Jain

Amit Jain (Expert)
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01 March 2012 So Dear, it means no TDS has been deducted

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