I didn't get advantage of POMIS over PPF as I see its interest is taxable while PPF interest is tax free. Is it just the lockin period of 6 vs 15 years for PPF?

i think investment in POS is waste bcoz interested earned from our investment is fully taxable & if we withdraw our fund before the maturity period v vl loose 2% deduction amount +  bonus amount is fully forfeited best is to invest in ppf which is long period but v vl get 60% of investment as loan from PPF department & interest earned from ppf is exemption U/s 10(11) is fully exempted

i think investment in POS is waste bcoz interested earned from our investment is fully taxable & if we withdraw our fund before the maturity period v vl loose 2% deduction amount +  bonus amount is fully forfeited best is to invest in ppf which is long period but v vl get 60% of investment as loan from PPF department & interest earned from ppf is exemption U/s 10(11) is fully exempted

investing in mis is a waste and blocking of your money. In a bank like icici if you invest 6,00,000 for one year you get intrest of 6.75 % which on comulative effect works out to be approximately 7%. Benifits are:-

1) LIQUIDITY

2) NO BLOCKING FOR SIX YEARS

I invested RS. 5 lakh in monthly income scheme with my husband,but unfortunately my husband died after 3 months.am i required to take out Rs. 50,000 ?If yes ,how to go about it.

Pammi, you can not withdraw the amount till one year.

What r the tax savings schemes of post office?

we putted just few days before, i and my facing unforeseen circumstances will it possible to withdrawal. any authority i can approach

can you tell that if interest earned from mis 6000 is it taxable

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mis is good for retired person as they need money monthly what they cant get from ppf .

Hi  sir

My Name is Hareram Kumar

I am Working Haryana  At  Gurgaon

Iam Planning to Do post Office Savings Every Month 500-1000. Can you Plz Advise me

Where i can do my savings in Haryana

Hi  sir

My Name is Hareram Kumar

I am Working Haryana  At  Gurgaon

Iam Planning to Do post Office Savings Every Month 500-1000. Can you Plz Advise me

Where i can do my savings in Haryana

My PO MIS is maturing in June 2010. However due to certain reason I am unable to collect it this month.. Could you advise if I could collect the same in the month of November 2010

Interest from this is not taxable under section 80L

check www.vakilno1.com/.../s80l.htm

interest is not taxable under section 80L

www.vakilno1.com/.../s80l.htm

interst is not taxable u/s 80L . so invest in post office

i am invest 500 for 10 yrs,which youer plan is possible

I have submitted the cheque of Rs 60,000 in the month of May 2010 for inesting in MIS but I have not yet recived any pass book for the same from my agent. The cheque has been submitted to Andheri Post office & I am residing at Santacruz ( East) Vakola.

Post office MIS scheme is good for middle class persons in which they will get monthly income and after 6 years around 5% bonus and agent commission which is around .5%

Itgives monthiy regular salaried income.

Itgives monthiy regular salaried income.

Itgives monthiy regular salaried income.

Itgives monthiy regular salaried income.

INTEREST ON MIS IS NOT TAXABLE.  NO TDS IS DEDUCTED ON INTEREST.

IF X DEPOSITS RS. 9.00 LACS JOINTLY WITH HIS WIFE IN PO MIS, PLEASE CLARIFY WHETHER X CAN ADD HIS NAME IN PO MIS DEPOSIT OF RS. 4.5 LACS MADE BY HIS SON OR BY DAUGHTER.

If interest is not taxable,then why are they asking for pan no while investing???? would you kindly clarify?

Earlier a PO MIS ued to give 10% bonus on maturity. Now the MIS account  gives only 5% bonus on maturity.  It means the provision regarding bonus would have been modified at some point of time. However, it is my understanding that MIS accounts opened prior to date of such modification would continue to receive bobus at 10%. If so, would some one please tell me the date of this change which reduced bunus from 10 to 5%.

In fact I want to know the last date upto which the MIS accounts opened would earn 10% bonus, on maturity.

        An early reply will be higly valued and appreciated.

Comment on what MR.A SINGH  and Mr. Jyotibrata Haldar said:

Interest on MIS is Taxable - the only thing is that there is no TDS (tax deduction at source) but the interest income is treated as "income" and the receipent thereof is reqquired to pay tax on his own and show it in his ITR with proof of tax paid (Form 16-A). Tha PAN cards are being asked so as to enable the IT Deptt. to watch payments from these accounts and catch the defaulters.

I would like to add here that now, except for PPF (which also might be taxed in future) all saving instruments are taxable -some on TDS basis and others with onus on the receipent.

yuk scheme!!!!!!!!!!

MIS is a good scheme for anyone wishes to get interest every month (of course it is taxable according to the maximum amount of interest earned p.a.).  If someone would like to block the invested amount for 6 years without taking back the interest earned every month, reinvest the interest amount credited every month in the same postoffice s.b. account in post office R.D. account scheme.  Net return works out to approx. 10.9% (i.e. interest earned out of MIS scheme+Bonus interest on MIS maturity scheme+R.D.interest).  And some agents are ready to share 50% of their agent's commission as a gift.  So, why not opt this scheme which is safe when it is backed by GOI (Government of India).  

As suggested by Venkat it looks interesting (MIS scheme *** R.D. scheme).  

Alternatively, return of interest earned every month may further be reinvested in KVP scheme in the same post office (instead of R.D. scheme), and the invested amount in KVP becomes double (100% return) after 8years 7months.  The total return would be more than any other scheme and every month (after 8 years 7 months) one could get double the amount of interest earned out of MIS scheme.  

Even if someone is paying tax for their returns, if worked out properly, they may find that the returns are still better than bank F.D.s.

I think, to avoid tax, the assessee may invest part of their amount in tax savings scheme also (if anyone is liable to pay tax at the time of maturity of a particular year), so that they can avoid tax.

As per Venkat it is good.

However, if the investment is made as MIS *** KVP(Kisan Vikas Patra-8years 7months scheme), the net return of interest would be still higher, even if the period of investment is longer, (i.e. return of interest earned out of MIS scheme every month may be reinvested in KVP scheme).  Also, when one saves sufficiently in tax savings scheme like NSC, to avoid tax, the net returns (interest earned) tax may be avoided during a particular period of maturity.  

Still it is safe when compared to Mutual Funds scheme (i.e. returns on Mutual Fund is not backed by GOI or even the Fund Manager).

I am Interested in Investing  for monhhly Income interest to Live on..Is the monthly  Income scheme suitable for  this or is something else better for me? I neeed

a way to easily to access the monthly Interest like say being mailed a check...

please advise (530 )6713953

I invest 60,000 in MIS. But I confused that when bonus was deducted to 10% to 5%.

What is rate of interest of KVP & NSC.

SIR

    I THINK POST OFFICE PPF SCHEME IS VERY APPRICIATE BY MY ALL CLIANTS IN THIS U GET 8% INTERST &TAX FREE AMOUNTUP TO 70000/--RS

THIS IS SUTABLE FOR ALL.