If you are looking for a safe and secure way to earn decent capital gains, then the Post Office Monthly Income Scheme (POMIS) is a good choice. POMIS provides better assurance rather than other financial funds. The policies offered by the post office to invest are hassle-free and risk-free. This policy is perfect for government retired employees or senior citizens. This MIS scheme is very popular so let us learn “Is MIS in post office taxable?”
Pay You Water/Electricity/Piped Gas Bills via NoBroker and Get Assured Cashback! Get home loans at the lowest interest rate from NoBroker and avoid hefty paperworkIs monthly income scheme in post office taxable?
The deposit included as MIS is exempted from Wealth tax.
No Tax Deduction at Source or Tax Rebate is applicable in this scheme.
Although after investing in this scheme you cannot get any tax exemption under Section 80C.
You won't be able to put in more than Rs. 4.50 lakhs in a single account and Rs. 9 lakh in a joint account.
There is a five-year lock-in period but if the account is closed after three years then 1 % of the amount invested will be deducted.
If you close the account within 1 year or before three years 2% of the money invested will be charged for closure.
After reading this, I hope you can understand ‘MIS in post office is taxable or not?’
I hope I was able to clear your doubt regarding Is MIS in post office taxable?
Read more:
How much interest on FD in post office?
How to save tax on FD interest?
Which bank gives highest interest rate on FD?
How to calculate interest on FD?
Authors Of The Question
Is MIS in post office taxable?
Sweta
112Views
2 Year
2022-08-31T23:41:34+00:00 2022-09-01T00:57:18+00:00Comment
1 Answers
Share