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POMIS interest reckoning for tax
POMIS is a monthly interest plan. How the interest is considered for income tax? yearly or at the time of maturity?
Replies (1)
Post office monthly income scheme is a scheme where investors get a fixed income every month on the invested sum.
The interest income is taxable and the contribution doesn't give tax deduction( i.e no 80 C).However no tds is deducted.So interest will be taxed yearly and not at the time of maturity ( Just like FD interest).
The interest income is taxable and the contribution doesn't give tax deduction( i.e no 80 C).However no tds is deducted.So interest will be taxed yearly and not at the time of maturity ( Just like FD interest).
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