DEDUCTION...

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study
52 Points Posted on 16 November 2020
Intrest on post office deposit or intrest on deposit can be allowed as deduction?
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On 16 November 2020 at 18:55 Report
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This discussion clarifies whether interest earned on Post Office deposits is eligible for tax deduction. Generally, interest is taxable. However, senior citizens may be eligible for a deduction of up to £50,000. Tax-saving scheme deposits and their interest are typically tax-free for both principal and interest.

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Accountant
3662 Points Posted on 16 November 2020
No....

Interest is taxable

Deduction allowed to only senior citizen upto 50000
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On 16 November 2020 at 22:25
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Tax consultant
5895 Points Posted on 17 November 2020
Which deposit and interest can you clearly say
if it is for tax saving scheme deposit n interest they are tax free both sides principal n interest
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On 17 November 2020 at 02:31

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