Urgent help

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....!!!!

agree from hardik

Agree with Hardik

Interest and on maturity bonus received both are taxable under Income from other sources head.

agreed with all... MIS interest is taxable

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.

plz reply is it true

can i claim exemption in A.Y 2011 -12

@ 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

agree with all

everyone is right

Thanks for Sharing