raj kumar ji (LAW STUDENT ) 10 February 2011

post office monthly saving scheme??????

RESPECTED ,

SIR ,

HERE IS A MR."X" RETIRED FROM A GOVT.SERVICE .HE CAN GET RETIREMENT BENIFIT AMOUNT 20 LAC

THEN HE INVESTED HIS MONEY IN DIFFERNT GOVT.SCHEME HE INVESTED IN POST OFFICE MONTHLY SCHEME MAXIMUM AMOUNT IN JOINT ACCOUNT 9LAC. AND HE GET INTEREST 6000 P.M. AND ALSO HE INVESTED THIS INTEREST INTO RECURING DEPOSIT OF POST OFFICE IN HIS NAME AND HIS SPOUSE AND HIS TWO SONS ALSO .SOME AMOUNT LYING IN BANK PENSION ACCOUNT.ALSO HE GET PENSION FEOM THE GOVT.MAX.20 THOUSAND. NOW WHAT IS THE INCOME TAX IS TAXABLE ON THAT CASE. IN MIS THERE IS NO TDS BUT THE INCOME GET IN HAND IS TAXABLE ?

SO WHAT IS THE TAXABLE AMOUNT OF THAT PERSON ?

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4 Replies

CA SANDEEP BANSAL (PARTNER) 12 February 2011

hi raj kumar ji ...................income frm MIS is taxable ................income from pension is also taxable and also interest on interest (mis) is taxable

raj kumar ji (LAW STUDENT ) 14 February 2011

SANDEEP SIR ,THANKS FOR RPLY BUT THERE IS A CONFUSION THAT WHEN WE GET INTEREST BY MIS THE POST MASTER SAYS THAT THERE IS NO TDS APPLICABLE ON THAT BUT WHEN U GET MATURITY OF THT AMOUNT THEN U SHOULD PAY INCOME TAX .WHAT ARE UR ADVISE ON THAT QUERY .

CA SANDEEP BANSAL (PARTNER) 14 February 2011

dear, he is right in respect to TDS on MIS as this is special previliage to POST Office that no TDS will be deducuted but he is wrong that u have to pay income tax at the time of muturity only .............u have to pay ur tax liability annually and also on bonus u get at the time of maturity of MIS .

CA Sandeep bansal

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