post office savings bank a/c
keshab Das (student) (201 Points)
01 June 2018if taxable ,whether deduction u/s sec 80 TTA available.
keshab Das (student) (201 Points)
01 June 2018
CA Naveen Chand
(Chartered Accountant)
(12729 Points)
Replied 01 June 2018
SSY offers the highest tax-free return with sovereign guarantee and comes with the exempt-exempt-exempt (EEE) status. The annual deposit (contributions) qualifies for Section 80C benefit and the maturity benefits are non-taxable.
keshab Das
(student)
(201 Points)
Replied 01 June 2018
CA Naveen Chand
(Chartered Accountant)
(12729 Points)
Replied 01 June 2018
maturity benefits are also non-taxable
keshab Das
(student)
(201 Points)
Replied 01 June 2018
CA Naveen Chand
(Chartered Accountant)
(12729 Points)
Replied 01 June 2018
yes exempt
The interest that accrues against this account which gets compounded annually is also exempt from tax
CA Naveen Chand
(Chartered Accountant)
(12729 Points)
Replied 01 June 2018
In order to encourage investments in SSA, SSA has also been provided with tax benefits as follows:
I. Investments made in the SSY scheme are eligible for deduction under Section 80C subject to a maximum cap of Rs 1.5 lakhs
II. The interest that accrues against this account which gets compounded annually is also exempt from tax
III. The proceeds received upon maturity/withdrawal are also exempt from income tax