Interest on mis
This query is : Resolved
01 March 2012
I am getting an interest of Rs.48000/- p.a for deposit made towards postal monthly income scheme. Is the whole amount taxable?
I am getting an interest of Rs.48000/- p.a for deposit made towards postal monthly income scheme. Is the whole amount taxable?
01 March 2012
Assuming that your income is below the taxable limit, the amount would not be taxable.However, the postal department may deduct the tds on same. In such cases, a refund can be claimed by filling the return.
01 March 2012
Dear Amitji,
I am drawing rs.4000/- evry month. when will they have deducted tds? u mean 4000 is after deduction of tds?
I am drawing rs.4000/- evry month. when will they have deducted tds? u mean 4000 is after deduction of tds?
01 March 2012
The moment your interest amount is more than 10,000; tds would be deducted irrespective of you wthdraw it or not.You can check whether TDS has been deducted or not in AS 26, which is a govt. link. The same can be reached through your internet banking account also.
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