![]() Tax rebate under section 80C for deposits (maximum Rs 1.5 lakh p.a.) Tax rebate under Section 80C for deposits (maximum Rs 1.5 lakh p.a.) – TDS to be deducted on interest earned for more than Rs 50,000 p.a.ġ5-year Public Provident Fund Account (PPF) – Tax benefit under Section 80C for deposits Individuals of age> 60 years or age between 55 and 60 for retired civilian or defense employees Maximum deposit over the lifetime allowed at Rs 30 lakh Interest earned is taxable, and no deduction under Sec 80C for deposits made. Post Office Monthly Income Scheme Account (MIS) TDS to be deducted on interest earned for more than Rs 40,000 p.a.(Rs 50,000 in case of senior citizens) Tax benefits up to 5 years under Section 80C on deposits Comparison of Interest Rates of Various Post Office Savings Schemes Scheme The various schemes offered by the post office are discussed below. They also offer tax benefits up to Rs.1.5 lakh under Section 80C of the Income Tax Act. Investments in post office schemes help to create a corpus for emergency purposes and achieve goals. These investments are government-backed and thus provide guaranteed returns. For example, the government operates the PPF scheme via 8200 public sector banks and post offices in each city. Around 1.54 lakh post offices spread all over the country operate these schemes. The Post Office Saving Schemes include several reliable products and offer risk-free investment returns. The maximum deposit limit for the monthly savings scheme is enhanced from Rs.4.5 lakh to Rs.9 lakh for a single account and from Rs.9 lakh to Rs.15 lakh for a joint account. The maximum deposit for the senior citizen saving scheme has been enhanced from Rs 15 lakhs to Rs 30 lakhs.
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