Hello,
Is interest on REC Bonds received is exempt u/s 10 (15) and if yes whether there is any restriction on amount of interest.
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Interest on rec bonds
Replies (8)
INTEREST ON REC BONDS IS TAXABLE.
| Originally posted by : Divya Shah | ||
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INTEREST ON REC BONDS IS TAXABLE. |
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Interest on rec bonds is taxable.
But in the section it's mentioned that interest on capital bonds is exempt and REC is covered in capital bonds
Yes, you are right.
Taxation:
Tax Free: The Bonds are tax free in nature (exempt u/s 10(15)(iv)(h) of the Income Tax Act, 1961 and the interest on the Bonds will not
form part of the total income.
TDS: Since the interest Income on these bonds is exempt, no Tax Deduction at Source is required
"The entire interest received will be exempted, no restriction on the amount of interest."
Thanx ritu mam.
The interest earned on the REC bonds is fully taxable under the head “Income from Other Sources”. No tax at source would be deducted from the interest on these bonds.
SO RITU MAM IT IS TAXABLE OR NOT. PLS CLEAR KRO
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