Intt on Post office savings account
This query is : Resolved
19 July 2023
Please guide as to how & where to show post office savings account interest of less than Rs. 3000in ITR2?
Is it to be included in the interest on savings account first & then shown as exempt?
Is it to be included in the interest on savings account first & then shown as exempt?
19 July 2023
No. Fill in schedule EI ..... Interest on Post Office Savings Bank [Exemption u/s 10(15)(i)]
20 July 2023
You are welcome
20 July 2023
P.O. sb a/c interest has to be declared u/s 56 and claim deduction u/s 80TTA(1)(c).
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20 July 2023
NOTIFICATION NO. 32/2011
[F.No.173 x13x2011-ITA.I] /S.O.x1296(E)
DATED 3-June -2011
In exercise of the powers conferred by sub-clause (i) of clause (15) of section 10 of the Income-tax Act, 1961 (43 of 1961) the Central Government hereby makes the following amendment to the notification of the Government of India in the Ministry of Finance, Department of Revenue, Central Board of Direct Taxes, published in the Gazette of India, Extraordinary, Part II, section 3, sub-section (i), vide number G.S.R. 607(E), dated the 9th June, 1989, namely :—
In the said notification, in the Table, for serial number 9 and the entries relating thereto, the following serial number and entries shall be substituted, namely :—
"9. Post Office Savings Bank Account To an extent of the interest of Rs. 3,500 in the case of an individual account and Rs. 7,000 in the case of joint accounts"
2. This notification shall come into force from the date of its publication in the Official Gazette.
[F.No.173 x13x2011-ITA.I] /S.O.x1296(E)
DATED 3-June -2011
In exercise of the powers conferred by sub-clause (i) of clause (15) of section 10 of the Income-tax Act, 1961 (43 of 1961) the Central Government hereby makes the following amendment to the notification of the Government of India in the Ministry of Finance, Department of Revenue, Central Board of Direct Taxes, published in the Gazette of India, Extraordinary, Part II, section 3, sub-section (i), vide number G.S.R. 607(E), dated the 9th June, 1989, namely :—
In the said notification, in the Table, for serial number 9 and the entries relating thereto, the following serial number and entries shall be substituted, namely :—
"9. Post Office Savings Bank Account To an extent of the interest of Rs. 3,500 in the case of an individual account and Rs. 7,000 in the case of joint accounts"
2. This notification shall come into force from the date of its publication in the Official Gazette.
20 July 2023
Section(s) Referred: 10 x 10(15), x 10(15)(i)
Statute: INCOME TAX
Date of Issue: 9/June/1989
In exercise of the powers conferred by sub-clause (i) of clause (15) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby specifies the securities, bonds, annuity certificates, savings certificates, other certificates issued by the Central Government and deposits mentioned in column (2) of the Table below and the maximum limit of the amount of the interest, premium on redemption and other payment mentioned in the corresponding entry in column (3) of the said Table for the purposes of the aforesaid provisions of the Income-tax Act, 1961, for the assessment year 1989-90 and subsequent assessment years.
TABLE ------- Sl. Name of Securities, bonds, annuity Maximum amount No. certificates, etc. -------
1. 12 years National Savings Annuity Certificates Whole of the amount
2. National Defence Gold Bonds, 1980 Whole of the amount
3. Special Bearer Bonds, 1991 Whole of the amount
4. Treasury Savings Deposit Certificates (10 years) Whole of the amount
5. Post Office Cash Certificates (5 years) Whole of the amount
6. National Plan Certificates (10 years) Whole of the amount
7. National Plan Savings Certificates (12 years) Whole of the amount
8. Post Office National Savings Certificates (12 years/7 years) Whole of the amount
9. Post Office Savings Bank Accounts ...... Whole of the amount
10. Public Account of the nature referred to in item (6) in the Table below rule 4 of the Post Office Savings Account Rules, 1981 Rs. 5,000
11. Post Office Cumulative Time Deposits Rules, 1981 Whole of the amount
12. Scheme of Fixed Deposits governed by the Government Savings Certificates (Fixed Deposits) Rules, 1968
Whole of the amount
13. Scheme of Fixed Deposits governed by the Post Office (Fixed Deposits) Rules, 1968 Whole of the amount
14. Special Deposit Scheme, 1981 Whole of the amount -------
(Sd.) Arbind Modi, Under Secretary to the Government of India.
Statute: INCOME TAX
Date of Issue: 9/June/1989
In exercise of the powers conferred by sub-clause (i) of clause (15) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby specifies the securities, bonds, annuity certificates, savings certificates, other certificates issued by the Central Government and deposits mentioned in column (2) of the Table below and the maximum limit of the amount of the interest, premium on redemption and other payment mentioned in the corresponding entry in column (3) of the said Table for the purposes of the aforesaid provisions of the Income-tax Act, 1961, for the assessment year 1989-90 and subsequent assessment years.
TABLE ------- Sl. Name of Securities, bonds, annuity Maximum amount No. certificates, etc. -------
1. 12 years National Savings Annuity Certificates Whole of the amount
2. National Defence Gold Bonds, 1980 Whole of the amount
3. Special Bearer Bonds, 1991 Whole of the amount
4. Treasury Savings Deposit Certificates (10 years) Whole of the amount
5. Post Office Cash Certificates (5 years) Whole of the amount
6. National Plan Certificates (10 years) Whole of the amount
7. National Plan Savings Certificates (12 years) Whole of the amount
8. Post Office National Savings Certificates (12 years/7 years) Whole of the amount
9. Post Office Savings Bank Accounts ...... Whole of the amount
10. Public Account of the nature referred to in item (6) in the Table below rule 4 of the Post Office Savings Account Rules, 1981 Rs. 5,000
11. Post Office Cumulative Time Deposits Rules, 1981 Whole of the amount
12. Scheme of Fixed Deposits governed by the Government Savings Certificates (Fixed Deposits) Rules, 1968
Whole of the amount
13. Scheme of Fixed Deposits governed by the Post Office (Fixed Deposits) Rules, 1968 Whole of the amount
14. Special Deposit Scheme, 1981 Whole of the amount -------
(Sd.) Arbind Modi, Under Secretary to the Government of India.
23 July 2023
Thank You.
I stand corrected.
I stand corrected.
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23 July 2023
Appreciate your gratitude.
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