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Arrear of interest income, which form

piknoo (none) (72 Points)

22 July 2017

I had a MIS account in post office, having maturity on July '2016.

In Sept 2014 Post office stopped paying monthly interest stating my account is above prescribed limit.

I fought case and in May '2016, i won the case and arrears of intesest were paid to me by post office, which were due from Sept'2014 to May 2016.

I want claim the interest which was due in 2014 , be shown in that AY 2015-16.which form should i fill.

i.e. like form 10 E for salary arrears what is form for filling interest arrrears?

Thanks in advance

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7 Replies

Poltu Ghosh (Job) (1865 Points)
Replied 22 July 2017

There is no concept of relief as available in case of arrears salary in case of interest income. You need to offer tax in the year of receipt.

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Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (184716 Points)
Replied 22 July 2017

Interest income is taxed on accrual/receipt basis, & MIS interest cannot be accrued.........

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piknoo (none) (72 Points)
Replied 22 July 2017

thanks for your reply. You are right Sir, however i fought the case with Postal Deptt for nearly two years, now i have to pay more tax asi was in less salary bracket in 2014.

neeraj gupta (1138 Points)
Replied 22 July 2017

Dear piknoo, I commend you for your fight. From standpoint of fairness your stand is correct. And if this arrears are arising because of mistake of postal dept, it's good for society that people like you stand up. I would be interested to know how you pursuing ur case and am willing to offer any help within my capacity.

piknoo (none) (72 Points)
Replied 23 July 2017

Thanks for your reply,

I pursued my case to every level of Govt.Nearly 25 RTI's I filed to get various rules of MIS as well as reply to my letters.I studied each and every notification on MIS and wrote letters to Hon'ble PMO, Ministry of Finance and explained to them why i am right in my understanding of MIS.But nothing happened.

Finally i wrote to chairman,Department of Posts, making allegations against Postal department officials of saving their own officials of their wrong doings, then things started moving and Department of Posts wrote a letter to Ministry of finance for clarfication.Then i again pursued Ministry of Finance , and after two years of injustice , this clarification was issued by Department of Posts,

SB Order : 08/2016 - Clarification on treating the investment by guardian on behalf of minor and his own investment in Post Office Monthly Income Scheme - Regarding

https://sapost.blogspot.com/2016/09/sb-order-082016-clarification-on.H T M L

(if above link not work then search the subject, it will give the order)

And after this clarification i got all my money, and applied for compensation in my case, and my case file is again moving from one office to other,our Govt is working.....LoL

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Poltu Ghosh (Job) (1865 Points)
Replied 23 July 2017

Dear pinkoo, you did a commendable job. Great and hard work. This is the best reply to the lazy govt employees. I would like to request you to post a write up of your case as a case law with all the facts to enlighten me and others. After aĺl there are many who are victims of callousness of various govt department.

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