section 10(15)
This query is : Resolved
08 December 2009
can any one say interest from MIS is exempt u/s 10(15) of income tax act?
is it cover under postal savings deposit?
is it cover under postal savings deposit?
08 December 2009
Income under MIS is not exempt. Even Senior Citizen Savings Scheme is not exempt from tax.
Monthly Income Scheme(MIS) means whatever interest is credited to the account; you can withdraw. Hence; it is an income instrument.
CA Rakhecha
Surat
Monthly Income Scheme(MIS) means whatever interest is credited to the account; you can withdraw. Hence; it is an income instrument.
CA Rakhecha
Surat
08 December 2009
Agree with CA Rakhechaji, MIS income is not exempt u/s 10(15)...
23 July 2025
Section 10(15) of the Income Tax Act — Interest Income Exemption
This section exempts interest income from certain specified sources from tax.
Does Interest from MIS (Monthly Income Scheme) qualify for exemption u/s 10(15)?
MIS is a scheme run by the Post Office.
Section 10(15) covers interest on deposits made with the Post Office, including Postal Savings Deposits and other notified schemes.
Yes, interest earned from MIS is exempt under Section 10(15) because MIS is a notified post office savings scheme.
Important points:
The exemption applies only if the deposit is made by an individual or HUF.
If the deposit is held by other entities, the exemption may not apply.
The exemption is subject to conditions mentioned in the Income Tax Act.
Summary:
Interest from Exemption under Section 10(15)?
Post Office Monthly Income Scheme (MIS) ✅ Yes, exempt
Postal Savings Deposit ✅ Yes, exempt
Other notified savings schemes ✅ Yes, exempt
This section exempts interest income from certain specified sources from tax.
Does Interest from MIS (Monthly Income Scheme) qualify for exemption u/s 10(15)?
MIS is a scheme run by the Post Office.
Section 10(15) covers interest on deposits made with the Post Office, including Postal Savings Deposits and other notified schemes.
Yes, interest earned from MIS is exempt under Section 10(15) because MIS is a notified post office savings scheme.
Important points:
The exemption applies only if the deposit is made by an individual or HUF.
If the deposit is held by other entities, the exemption may not apply.
The exemption is subject to conditions mentioned in the Income Tax Act.
Summary:
Interest from Exemption under Section 10(15)?
Post Office Monthly Income Scheme (MIS) ✅ Yes, exempt
Postal Savings Deposit ✅ Yes, exempt
Other notified savings schemes ✅ Yes, exempt
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