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of <h1>Interest from Post Office Cumulative Time Deposits is tax-exempt u/s 10(15)(ii) of the Income-tax Act, 1961.</h1> Interest earned from Cumulative Time Deposits in Post Office Savings Banks is exempt from income tax under Section 10(15)(ii) of the Income-tax Act, 1961. This exemption applies to interest on specified securities and deposits, including bonuses from such deposits, as per the Post Office Savings Bank (Cumulative Time Deposits) Rules, 1959. The Central Board of Direct Taxes clarifies that interest from these accounts is exempt, provided the deposit does not exceed the maximum permissible amount as per the postal bank regulations.
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