This news is helpful to you if you too invest in Post Office or any other tax-saving plan. You must understand in such a scenario that not all Post Office savings investments are tax benefits. The government has initiated a number of these Post Office savings schemes, on which you receive good returns but do not receive a tax benefit on your investment under Section 80C of the Income Tax Act of 1961.
Mahila Samman Saving Scheme
The Government of India’s Mahila Samman Savings Scheme 2023 (also known as the Mahila Samman Savings Certificate) is a small savings program designed primarily for women. The intention behind launching this program is to instill a saving mindset in Indian women. To be eligible for the scheme’s benefits, you must be a resident of India; there is no upper age limit. The interest earned under this arrangement is subject to taxation. It just implies that there won’t be any tax savings on this like there would be with FD. Depending on the interest income and each person’s tax slab, TDS will be withheld from the interest earned from the Mahila Samman Savings Scheme.
National Savings Time Deposit Account
You can open a time deposit account at the National Savings Time Deposit Account Post Office for one, two, three, or five years. Later on, if you’d like, you can extend this time even further. You will need to fill out a form at the post office for this. We would like to inform you that this account is eligible for 6.9% interest for the first year, 7.0% interest for the next two, and 7.1% interest for the third. This allows you to receive a five-year income tax exemption on time deposits made at the post office. Tax exemption is granted on investments up to Rs 1.5 lakh on a five-year time deposit under the Income Tax Act of 1961. However, it cannot be obtained for less than this.
Kisan Vikas Patra
Even on Kisan Vikas Patra, you would not receive an exemption from income tax. A common misconception is that investments made under this qualify for tax benefits. The sum placed in Kisan Vikas Patra is subject to annual interest, which is taxed as “Income from other sources.” The fact that TDS is not applied to funds taken after maturity is a plus. But even without the tax break, Kisan Vikas Patra is unquestionably a secure investment choice.
Post Office Monthly Income Scheme
An excellent investing choice is the Post Office Monthly Income Scheme. Investments in it are accepted for a maximum of Rs 9 lakh and a minimum of Rs 1,500. A joint account allows for up to Rs 15 lakh in investments. You’ll receive 7.4% interest every year, but it is taxed. This investment does not come under Section 80C of the Income Tax Act 1961. TDS is deducted on interest more than Rs 40,000, for senior citizens the limit is on interest more than Rs 50,000.
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