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section 10(15)

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(Querist)
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?
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CA SURENDRA KUMAR RAKHECHA

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CA SURENDRA KUMAR RAKHECHA (Expert)
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
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CP Ram

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CP Ram (Expert)
08 December 2009 Agree with CA Rakhechaji, MIS income is not exempt u/s 10(15)...
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Sagar

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Sagar (Querist)
11 December 2009 tahnks
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Sagar

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Sagar (Querist)
11 December 2009 still open

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