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Post office scheme and indira vikas patra

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(Querist)
13 May 2012 Hi,

Is interest income from Post office scheme and Indira Vikas Patra taxable

Regards
Anish
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CA PARAS BAFNA

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CA PARAS BAFNA (Expert)
13 May 2012 Yes, Interest is taxable.
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CA Mayank Chopra

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CA Mayank Chopra (Expert)
14 May 2012 Dear Anish,

1) Rebate under section 80 C not admissible for Post office scheme & Indira Vikas patra.

2) Interest income on Post office scheme & Indira Vikas patra is taxable, however no TDS is deducted.

3) Post office scheme & Indira vikas patra are exempt from Wealth Tax.
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