section 10(15)
This query is : Open
08 December 2009
can any one say interest from MIS is exempt u/s 10(15) of income tax act?
is it cover under postal savings deposit?
is it cover under postal savings deposit?
08 December 2009
Income under MIS is not exempt. Even Senior Citizen Savings Scheme is not exempt from tax.
Monthly Income Scheme(MIS) means whatever interest is credited to the account; you can withdraw. Hence; it is an income instrument.
CA Rakhecha
Surat
Monthly Income Scheme(MIS) means whatever interest is credited to the account; you can withdraw. Hence; it is an income instrument.
CA Rakhecha
Surat
08 December 2009
Agree with CA Rakhechaji, MIS income is not exempt u/s 10(15)...
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