In today's situation, where we watched different cheats identified with banks, in such a circumstance numerous individuals and mainly senior residents are moving towards the post office to make sure about their no-nonsense cash. Despite the fact that the pace of interest is now and again somewhat less the security and trust with the post office is high in the market.
Simultaneously, numerous individuals are under an
inappropriate impression that the interest earned from post office saving
financial balance is completely absolved in the hands of the beneficiary. This
is false by any stretch of the imagination. Subsequently today I am writing
this short and straightforward article just to illuminate all the peruses who
are under this off-base impression regarding interest earned on post office
saving ledger.
The center explanation of this disarray in the minds
of individuals
is because of different corrections concerning tax collection from interest of
post office saving financial balance. Prior it is completely excluded U/s
10(15)(i) vide notice no. G.S.R. 607(E) dated 9 June 1989. Then the
said notice is revised in 2011 to give halfway exception for example up to Rs
3,500.
At present, the interest from the post office and saving financial balance is first available under income from other sources and then qualified for deduction u/s 80TTA up-to Rs 10,000 alongside other saving ledger interest. And whatever will be the measure of interest well beyond that deduction will be available in the hand of the beneficiary.
Expectation the above explanation will assist you with understanding the duty viewpoint concerning interest earned on Post office and saving Bank balance.
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