• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to secondary sidebar

Govtempdiary

  • Home
  • 7th CPC Calculator
  • Pay Matrix
  • AICPIN

8th Pay CommissionPay Matrix
AICPINDA Calculator 2025

Income Tax exemption on Post Office saving account

October 6, 2011 by rajasinghmurugesan Leave a Comment

An important amendment has been made by the Department of Posts regarding that the ceiling of maximum balance in a post office savings account.

Prior to this, the ceiling of maximum balance in the savings account was Rs. 1 lakh in single savings account and Rs.2 lakh in Joint savings account. Now it has been amended that there is no limit for retaining balance in single as well as joint savings account and also amended a depositor or depositors can deposit any amount into single and joint savings account.

In addition, maturity value of any savings instrument can be credited into single account of the depositor standing in the same post office irrespective  of the balance in the account. Any cheque either issued by postmaster or any other authority irrespective of any amount can be credited into post office account irrespective of the balance in the account.

After the amendment made by the Postal Department, from the Financial year 2011-12, interest income of Rs.3500 in the case of single account and Rs.7000 in case of joint account will be exempted from Income Tax.

It is the duty of the depositor(s) to show the interest income earned from Post Office Savings Account(s) beyond the limit prescribed above in the Income Tax return and pay due Income Tax.

For more details pl. visit website of India Post

Filed Under: CG Staff news Tagged With: Income Tax, saving account, tax

Recent Posts

  • 8th Pay Commission: Major Salary Hike Expected for Government Employees January 16, 2025
  • CPI-IW November 2024 Update – All-India Consumer Price Index January 6, 2025
  • EPFO UAN Activation 2024: AADHAAR Seeding Guidelines for ELI Scheme December 16, 2024
  • EPS Pension Increase: Updates on Minimum Pension Hike for 2024 December 13, 2024
  • Good News for Ex-Servicemen: ECHS Gets a Major Boost December 12, 2024

Reader Interactions

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Primary Sidebar

  • Home
  • 8th Pay Commission
  • 7th CPC Calculator [updated]
  • Pay Matrix
  • Dopt orders
  • DA News
  • AICPIN
  • DA 2024
  • DA Calculator 2025
  • Superannuation Date Calculator

GET FREE EMAIL UPDATE

Secondary Sidebar

Categories

Copyright © 2010–2025 - Central Government Employees News - Govtempdiary