Nitin (Chartered Accountant) (118 Points)
17 June 2011Everybody,
Tax on Income from Post Office Savings Scheme has been announced...
Tax on Interest minimum limit Rs. 3,500/- (p.a) on individual investor.
Tax on Interest minimum limit Rs. 7,000/- (p.a) on joint investor.
This tax will be definitely affect the senior citizens more who are dependent on these schemes for a regular monthly income for their survival. If tax is deducted on these amounts then their very survival will be in the red.
Please come ahead with your suggestions...
U S Sharma
(glidor@gmail.com)
(21063 Points)
Replied 17 June 2011
look at the post office savings scheme, where the maximum ceiling of POSB is 1 lac for individual and 2 Lacs for joint, and interest exempted is fully exempted upto the ceiling level
however if one play somne tricks and open accounts in multiple joint names, or multiple post offices, then his any one post office account would be tax free and others would get taxed.
Sona Shalini
(Chartered Accountant CS Final )
(82 Points)
Replied 20 June 2011
Previously the Post office savings account can be opened for an amount not exceeding Rs.100000/- or Rs.200000/- jointly , in one or more accounts. But now anyone can open for any amount provided any interest above Rs.3500/- is taxable.
I think it has just eased the job of an assessee from opening many POSB account since the limit of Rs.100000/- or Rs.200000/- has been eliminated.
They would, however be taxable for any interest earned above Rs.3500 or Rs.7000, whichever is appropriate.
CAclubindia
