Is interest income on Amount Invested in Monthly Income Scheme (MIS) of post office taxable or not????
Thanks,
Varun Arora
CA Varun Arora (CA) (286 Points)
21 July 2011Is interest income on Amount Invested in Monthly Income Scheme (MIS) of post office taxable or not????
Thanks,
Varun Arora
Naveen.N
(student)
(1021 Points)
Replied 21 July 2011
It is taxable under the head Income from Other Sources
Naveen
(ASC)
(53 Points)
Replied 21 July 2011
but how? while filing ITR 1, if interest amount is such that tax is not deducted then excel for ITR1 forces to enter TDS for income from other sources and creates 1 record in xml...
how to resolve this
CA ADITYA SHARMA
(CA IN PRACTICE )
(16719 Points)
Replied 21 July 2011
| Originally posted by : Naveen.N | ||
 |
It is taxable under the head Income from Other Sources |
 |
U S Sharma
(glidor@gmail.com)
(21056 Points)
Replied 21 July 2011
T A X A B L E A S I N C O M E F R O M O T H E R S O U R C E S
Tushar Desai
(Manager - Finance & Accounts)
(834 Points)
Replied 22 July 2011
treated as income from other sources
CA Varun Arora
(CA)
(286 Points)
Replied 22 July 2011
Thanks for suggestions......
I have received a certificate from Post office stating about interest of Rs. 50000 (app.) but no tax has been deducted by post office on it.
Should now i have to pay tax on it while filling ITR.??
Please suggust....
Thanks
Varun Arora
@*CS Siddharth Bumb. *
(B.Com, CA Final, CS )
(5270 Points)
Replied 23 July 2011
taxable...agree with all
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