Post Office Saving Schemes: If you also invest in post office or any other saving scheme for tax saving, then this news is useful for you. In such a situation, it is important for you to know that you do not get tax benefits on all investments made in post office. Actually, many such investment schemes have been started by the government, on which you get good returns, but you do not get tax benefits on investment under Section 80C of the Income Tax Act 1961. Let us talk about such schemes in detail-

Mahila Samman Savings Scheme

Mahila Samman Savings Scheme 2023 (Mahila Samman Savings Certificate) of the Government of India is a small savings scheme specially designed for women. The objective of starting this scheme is to develop the habit of saving among Indian women. There is no age limit to avail the benefits of the scheme but you have to live in India. The interest received in this scheme is taxable. This simply means that you will not get any exemption on this like tax saving FD. TDS will be deducted on the interest received from Mahila Samman Savings Scheme depending on the tax slab (tax category) and interest income of each individual.

National Savings Time Deposit Account

You can open a time deposit account in the post office for one, two, three or five years. If you wish, you can extend this period further later. For this you will have to fill a form in the post office. For your information, let us tell you that the interest on this account is 6.9% for one year, 7.0% for two years and 7.1% for three years. Under this, you can get income tax exemption on time deposits of five years in the post office. Under the Income Tax Act 1961, tax exemption is available on investment up to Rs 1.5 lakh on time deposits of five years. But it is not available for less investment than this.

National Savings Recurring Deposit Account

In this guaranteed scheme of the post office, you get 6.7 percent interest on annual basis for 5 years. In this you also get the benefit of compound interest every year. The special thing about this scheme is that in this you can open an account alone or together. The good thing about this is that you can avail the benefits of this scheme by depositing at least Rs 100 or its multiples every month. There is no limit on deposit in this.

Kisan Vikas Patra

You will not get income tax exemption even on Kisan Vikas Patra. Many people have the misconception that they get tax benefits on investments made under this. Annual interest on the amount deposited in Kisan Vikas Patra is taxable as ‘Income from other sources’. The good thing is that TDS is not deducted on the money withdrawn after maturity. However, despite not getting tax exemption, Kisan Vikas Patra is definitely a safe investment option.

Post Office Monthly Income Scheme

Post Office Monthly Income Scheme can be a good option for investment. You can invest in it from Rs 1,500 to a maximum of Rs 9 lakh. You can invest up to Rs 15 lakh in a joint account. You will get 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 above Rs 40,000, for senior citizens the limit is on interest above Rs 50,000.

Rahul Dev

Cricket Jounralist at Newsdesk

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