Tds on salary income
This query is : Resolved
31 October 2010
please inform me the income tax treatment in respect of the following ---
1) Amount invested in Post office MIS & monthly interest received .
2) Amount invested in the bank fixed deposit for 5 years(monthly income scheme)& interest received monthly .
Deduction U/S 80C is available in respect of above invesments.
3) As per U/S 80C, deduction is available of investment in mutual fund.please tell me which type of mutual fund is available for deduction.
4) Interest from Savings bank account is taxable or not.
1) Amount invested in Post office MIS & monthly interest received .
2) Amount invested in the bank fixed deposit for 5 years(monthly income scheme)& interest received monthly .
Deduction U/S 80C is available in respect of above invesments.
3) As per U/S 80C, deduction is available of investment in mutual fund.please tell me which type of mutual fund is available for deduction.
4) Interest from Savings bank account is taxable or not.
31 October 2010
1) 80C will not be allowed. Interest is taxable.
2) 80C can be claimed if the deposit is covered under CBDT Notification 203 /2006, otherwise not. In both cases interest is taxable.
3) Only mutual funds covered under "equity linked savings scheme,2005" (CBDT Notification 1563(E)/2005) or those covered undersection 10(23D) is eligible for the purpose of 80C.
4) Fully taxable.
N.B:- For the notification cited above, pl visit www.incometaxindia.gov.in
2) 80C can be claimed if the deposit is covered under CBDT Notification 203 /2006, otherwise not. In both cases interest is taxable.
3) Only mutual funds covered under "equity linked savings scheme,2005" (CBDT Notification 1563(E)/2005) or those covered undersection 10(23D) is eligible for the purpose of 80C.
4) Fully taxable.
N.B:- For the notification cited above, pl visit www.incometaxindia.gov.in
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