i have query that wethr post office MIS Received on Maturiry it is taxable or nor?
CA.Saibaburao Nanduri
(Chartered Accountant)
(3847 Points)
Replied 11 August 2012
Dear Mr. Viren !
Income one earns from Post office MIS Scheme on monthly basis is taxable. The investment + any capital appreciation is not taxable.
Let us examine an example:
Mr. A invested a sum of rupees one lakh in MIS. He received an income of (say) Rs.750/- per month. This monthly income is taxable. On maturity he received back his investment plus 5% ie Rs 1,05,000/-
This amount of 1,0,5000/- is not taxable. The addition of Rs.5000/- being capital receipt is exempt under I.T Act.
Nagkiran Nayak
(Student)
(22 Points)
Replied 30 December 2017
where to consider mis matured and bonus received from po
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