hi anybody plz help me
Received 25000 from Post office MIS interest.
Is it is exempted ???? fully or what amount and under which section....
plz reply its urgent
thanxs in advance
HARDIK
(ARTICLE)
(105 Points)
Replied 29 December 2011
Interest on POMIS was exempted u/s. 80L. But, from A.Y. 2006-07, Deduction U/s. 80L has been not allowed.
& Therfore, it is fully Taxable....!!!!
Bhanu Prakash Rao
(Think Beyond Stay Ahead...!)
(1064 Points)
Replied 29 December 2011
Agree with Hardik
Interest and on maturity bonus received both are taxable under Income from other sources head.
@*CS Siddharth Bumb. *
(B.Com, CA Final, CS )
(5270 Points)
Replied 29 December 2011
agreed with all... MIS interest is taxable
PRIYA
(CA FINAL & CS FINAL)
(168 Points)
Replied 29 December 2011
but i have heard u/s10(15) The CBDT has issued a recent notification to amend the earlier notification and to provide that interest exemption shall be limited to Rs. 3500/- in a year in case of a single POSB A/c and up t oRs.7000/- in case of a joint account.
PRIYA
(CA FINAL & CS FINAL)
(168 Points)
Replied 29 December 2011
plz reply is it true
can i claim exemption in A.Y 2011 -12
* Krishna *
(CA Student)
(6149 Points)
Replied 29 December 2011
@ Priya
Earlier interest received from POMIS is exempt. According to new notification, interest received from such account is exempted upto 3500 p.a. (individual account) and upto 7000 p.a. (joint account). Relevant official notification from income-tax is given in below link. Refer Notification No.32, dated 03-06-2011. Try to open the file in internet explorer with adobe reader installed to access the notification.
https://law.incometaxindia.gov.in/DIT/Notifications.aspx
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