31 December 2009
i want to ask that , is the interest earned monthly on post office deposit exempt ? or taxble if yes , under which sec ? or if taxable under which sec ?
31 December 2009
i want to ask that , is the interest earned monthly on post office deposit exempt ? or taxble if yes , under which sec ? or if taxable under which sec ?
31 December 2009
Ok. You have pointed out a good provision before me. I was not aware of that. But when I read it, it seems that u/s 10(15) certain specified interests are only exempt. And as per my practical experience, interest on post office deposit is not covered into this. But, still I will give you the correct reply, after going through more details of this section. Once again thanks for updating me on this issue.
31 December 2009
u/s 10(15), interest on post office term deposit alongwith post office sb account is exempt from tax. however, interest on post office MIS is taxable under the haed Other Sources
06 January 2010
I think of all the reply Mr. Krishna Kumar has fot the right answer. post office MIS is taxable ans int on SB and Deposit are exempt Regards
CAclubindia
