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interest of Senior citizens scheme of post off

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Accounting
27 Points Posted on 22 August 2019
Interest from Senior citizens
scheme of post office, is it exempt from income tax like PPf
Should we show in income
thanks
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On 22 August 2019 at 09:38 Report
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SEO Sai Gr. Hosp.
211715 Points Posted on 22 August 2019
  • Investments made in a Senior Citizen Savings Scheme account qualifies for Income Tax deduction under Section 80(C) of the Income Tax Act, 1961.
  • Interest on SCSS is fully taxable. In case the interest amount earned is more than Rs 50,000 for a fiscal, Tax Deducted at Source (TDS) is applicable on the interest earned. 
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On 22 August 2019 at 09:51
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17264 Points Posted on 22 August 2019
interest on SCSS in not tax free like PPF interest.
Mush show interest income on SCSS under Income from other sources .
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On 22 August 2019 at 11:10


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