These Post Office Saving Schemes Offer Income Tax Benefits




By: Anoj Yadav
11 Jan 2019


India post or branch of Posts, which runs the postal network of the usa, gives some of saving schemes with one of a kind hobby costs. It gives 9 savings schemes and funding in a number of them qualify for profits tax blessings, stated India submit. The schemes, which give income tax deduction -- Time Deposit (TD), Senior Citizen financial savings Scheme (SCSS), Public Provident Fund (PPF), country wide financial savings certificate -- are to be had at submit office and banks. the use of these submit office saving schemes, an investor can claim a deduction up to Rs. 1.five lakh in a financial 12 months from taxable profits beneath segment 80C of the income Tax Act, 1961.

1.  Time Deposit Scheme: funding in time deposits (TD) of 1-yr, -yr and 3-12 months maturity durations fetch an interest of seven in keeping with cent. five-yr Time Deposit offers a return of seven.eight in line with cent. The interest is payable yearly however calculated quarterly. The investment underneath five-yr TD qualifies for the benefit of phase 80C of the income Tax Act, 1961, stated India publish.

2. Senior Citizen financial savings Scheme: An man or woman of the age of 60 years or greater is eligible for the scheme. The scheme offers an hobby rate of 8.7​ according to cent  in line with annum, payable from the date of deposit of March 31/ September 30 / December 31 inside the first example and thereafter, interest will be payable on March 31, June 30, September 30 and December 31. Tax deducted at source (TDS) is deducted on hobby, if the quantity is extra than Rs. 10,000 per annum. funding underneath this scheme qualifies for the benefit of phase 80C of the profits Tax Act, 1961 from April 1, 2007.

three. 15-12 months Public Provident Fund Account: The scheme gives an interest fee of eight in line with cent according to annum, that's compounded yearly. one could open an account with Rs. a hundred but needs to deposit a minimum of Rs. 500 in a monetary year. Deposits beneath the scheme qualify for deduction below segment 80C of I-T Act, said India put up. The hobby earned is also tax-unfastened, it similarly said.

four. countrywide financial savings certificate: The NSC fetches an interest charge of 8 in step with cent consistent with annum and deposits underneath it also qualify for deduction beneath phase 80C of the earnings Tax Act. This hobby is compounded annually however payable at adulthood. An NSC of Rs. a hundred will offer Rs. 146.93 on maturity after five years.



Anoj Yadav

I am the lead software developer of this excellent website a2zupdate.com.i developed this website in 2014 and brought it infront of the public eye for them to enjoy the full intoxication of News and Entertainment





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