DEAR SIR, I HAVE DEPOSITED 2000.00 P.M. IN 5 YEAR POST OFFICE R.D. A/C, I WANT TO KNOW THAT AFTER MATURITY THE INTEREST WIL BE TAXABLE, IF TAXABLE, HOW I MANAGE IN INCOME TAX, KINDLY CLEAR MY CONFUSION.
THX
H.G. MISHRA
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5 year post office R.D. A/C
Replies (5)
you have to get your passbook updated after every march , they will update the incurred interest for last year, and the same would be added to the income of previous year.
THE INTEREST WILL BE TAXABLE IN THE YEAR WHICH IT ACCRUES .
HENCE IT WILL BE TAXABLE ON YEARLY BASIS
interest on maturity will be taxable as income from other sources
R.D.a/c Means,,,,,,,,,,,,,,,,
Dear Mr.Mishra,
The interest will be taxable when it becomes accrued. You can reduce your burden of tax liability by making such investments allowed under Chapter VI-A of the Income Tax Act,1961.
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