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SAIKAT DAS

Category : Taxation..,
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What happen If i do not pay tax for postal deposit interest???
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Amlan Dutta
Not just post office , anytime some taxable income is not offered for tax , assesse is always at risk of getting a scrutiny assessment notice for payment of tax later on and whenever that happens department shall compute tax plus penal interest till the date of notice for demand of tax and this ac...
MOHAMMEDYASIN

Category : Taxation..,
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Is post office RD of 5 years is taxable? If yes, where is to display in income, also, it is exempted or not. Is interest of RD is exempted under 80TTA, i.e my saving interest is 8500 and RD interest is 15000, how to calculate in return.
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Amlan Dutta
Yes, Recurring deposits( doesn't matter whether in Post office or banks) it is taxable under income from other sources ...No exemption of 80 TTA is available on RD ...that is available to only saving interest...you will show under other sources 23500 and claim under 80 TTA 8500rs