interest on post office deposit
This query is : Resolved
31 December 2009
i want to ask that , is the interest earned monthly on post office deposit exempt ? or taxble if yes , under which sec ?
or if taxable under which sec ?
or if taxable under which sec ?
CA.Tarun Maheshwari
(Expert)
31 December 2009
It is taxable under Income from Other Sources u/s 56.
31 December 2009
i want to ask that , is the interest earned monthly on post office deposit exempt ? or taxble if yes , under which sec ?
or if taxable under which sec ?
or if taxable under which sec ?
CA.Tarun Maheshwari
(Expert)
31 December 2009
I think, I also replied the same question. If you want to ask anything else, then pls tell me with details.
31 December 2009
I HEARD THAT IT IS EXEMPT U/S 10 (15) SO I JUST WANT TO CONFIRM
CA.Tarun Maheshwari
(Expert)
31 December 2009
Ok. You have pointed out a good provision before me. I was not aware of that. But when I read it, it seems that u/s 10(15) certain specified interests are only exempt. And as per my practical experience, interest on post office deposit is not covered into this. But, still I will give you the correct reply, after going through more details of this section. Once again thanks for updating me on this issue.
KRISHNA KUMAR R C
(Expert)
31 December 2009
u/s 10(15), interest on post office term deposit alongwith post office sb account is exempt from tax. however, interest on post office MIS is taxable under the haed Other Sources
Murtaza I Bhagat
(Expert)
31 December 2009
agree with krishnakumar
CA Deepak P. Agrawal
(Expert)
06 January 2010
I think of all the reply Mr. Krishna Kumar has fot the right answer.
post office MIS is taxable ans int on SB and Deposit are exempt
Regards
post office MIS is taxable ans int on SB and Deposit are exempt
Regards
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