Please Help: Monthly Income Scheme (post office)
Posted Date : 23-Jul-2011 , 04:04:38 pm | Posted By: Varun Arora
Category :
Income Tax | Answers :
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Comments :
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I have received a certificate from Post office stating about interest of Rs. 50000 (app.) but no tax has been deducted by post office on it.
Should now i have to pay tax on it while filling ITR.??
or the interest earned is exempt, if it is exempt then in which section it is exempt.
Please suggust ASAP....
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Answers:
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 Answer by: CA Rajnish |
| Dear if interest is on NSC certificates then this will first include in your income and later the same amount will qualify for deduction u/s 80c as accrued interest(only for first 5 years)and if interest is on other scheme then include in total income. Post office does not deduct TDS on its all scheme,but the interest/income earned is liable for tax.
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| Comments |
| Posted By : Mukesh Goyal, Chartered Accountant |
24-Jul-2011, 09:12:09 |
| Right Rajnish ji !!!
Varun ji you have to pay Tax on 50k(interest amount-under other sources) and there is no deduction available for you u/s 80-C as in you case investment type is MIS. |
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| Posted By : CA VIPIN GARG |
23-Jul-2011, 04:30:49 |
| My dear Varun, interest earned on post office saving is exempt u/s 10(15)(i) of the IT ACT. So the bank is rightly not deducted your tds and you also need not to pay any tax for the related income at the time of filing your return......
Bye and tc and have a nice day........ |
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