Post office senior citizen scheme interest is exempt or taxa
This query is : Resolved
22 August 2013
Dear Sir
With reference to above i am a BHEL Employe i had taken VRS on 2009-10 Year and what ever amount received from Company same is TDS deducted from All Received Amount. my query is som amount Invested in POST OFFICE in Special sheme for same is Interest Received of Rs. 65,000/- for the year09-10, Rs.90,000 from 2010 to 2013 is it taxable or Exempt. If exempt under which Section. Post Office Persons are not Deducted TDS on that Income. Please Send Me Sir
With reference to above i am a BHEL Employe i had taken VRS on 2009-10 Year and what ever amount received from Company same is TDS deducted from All Received Amount. my query is som amount Invested in POST OFFICE in Special sheme for same is Interest Received of Rs. 65,000/- for the year09-10, Rs.90,000 from 2010 to 2013 is it taxable or Exempt. If exempt under which Section. Post Office Persons are not Deducted TDS on that Income. Please Send Me Sir
22 August 2013
You should fill form 15H for non deducting of tds and submit it to post dept for the same, then they will not deduct any tds on it.
Since you are a senior citizen your total income is exempted upto Rs.2,50,000 if you ag is bet 60-79 years.
Since you are a senior citizen your total income is exempted upto Rs.2,50,000 if you ag is bet 60-79 years.
22 August 2013
Interest is taxable presuming that the deposit is covered under 'Senior citizens Saving Scheme Rules,2004. Interest is subject to TDS.
22 August 2013
If after filling form 15H and if your total income for the year is below the basic exemption limit mentioned, then even if int is on the amount deposited under Senior citizen savings scheme rules,2004 still no tds will be deducted.
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