1.Are interrsts from Savings accounts in banks and post offfice taxable?
2. if Pongal gift is given in pension account is it taxable. This is not regular salary nor arrears.
5 Replies
Pratik K
(Student)
(3406 Points)
Replied 28 January 2009
I think it will be included in your total income
what you say other members???
Pavan Jain S
(Chartered Accountant)
(1575 Points)
Replied 28 January 2009
1. Interest from SB accounts are taxable. Further, Interest from PO Accounts are taxable unless they fall in specific exemption list enumerated in section 10,.
2.Since no employer-employee relation exists, the gift so received from the former employer is taxable under IOS subject to initial exemption specified in IOS.
himanshu taneja
(CA final)
(32 Points)
Replied 28 January 2009
Interest will be taxable for sure... refer chap Income from other sources..
there are exemption limits availble..kindly chek them.. if it is more than the exemption limit..the whole amount would be taxable...
mahaveer dhelariya (devta)
(practisioner)
(692 Points)
Replied 19 February 2012
pongal gift is taxable under "other sources" head
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