Income From Interest & Securities

Friday, December 13, 2013

Income From Interest & Securities

       1)Income from government securities earned by an Indvidual is exempt upto Rs . 5,000;
2)Interest on KHAS DEPOSIT is totally exempted;
3)Interest on saving Bank Account of a Scheduled Bank is exempted uto Rs. 1,000;
4)Interest on post Office Saving Band Account Is totally exempted;
5)Dividend income from shares of private companies is exempted upto Rs. 5,000 but the total dividend income is restricted to Rs. 15,000;
6)Dividend Income from listed and unlisted companies,NIT , ICP and PLS account shall be taxable and is no more exempted now and is taxable @ 10% under a separate block of income;
7)Royalty Income For Literary or artistic work is exempted upto Rs. 25,000;

Income From Business-

   Share of income from a Registered firm is to be included in the total income.In case of income from an unregistered firm,it is not to be included in the total income;it will be included only for rate purposes.

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