Tds
This query is : Resolved
26 July 2011
Sir,
Please advice on taxability on deposit in Post office for MIS scheme.
Please clear the deposit plan.
Regards,
Sunil Pareek
Please advice on taxability on deposit in Post office for MIS scheme.
Please clear the deposit plan.
Regards,
Sunil Pareek
26 July 2011
MIS Income is taxable.
In MIS scheme the depositor gets Interest @ 8% p.a.
Suppose he deposits Rs. 300000/-.
He receives Rs. 2000/ as monthly income.
Scheme is best for retired persons as they can get monthly amount for their household expenses from the post office.
If you open a RD Account, in case not require monthly income, the same amount of MIS can be deposited in RD A/c of 5years.
In MIS scheme the depositor gets Interest @ 8% p.a.
Suppose he deposits Rs. 300000/-.
He receives Rs. 2000/ as monthly income.
Scheme is best for retired persons as they can get monthly amount for their household expenses from the post office.
If you open a RD Account, in case not require monthly income, the same amount of MIS can be deposited in RD A/c of 5years.
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