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National Savings Recurring Deposit Account

5-Year Post Office Recurring Deposit Account (RD)

Interest payable, Rates, Periodicity etc. Minimum Amount for opening of account and maximum balance that can be retained
From 01.04.2020, interest rates are as follows:-
  • 5.8 % per annum (quarterly compounded)
 Minimum INR 100/- per month or any amount in multiples of INR 10/-. No maximum limit.
Salient features including Tax Rebate
  • Account may be opened by
    (i) a single adult
    (ii) Joint Account (Maximum 3 adults)
    (iii) Minor above 10 years of age
    (iv) A guardian on behalf of a minor/Person of unsound mind
  • Account can be opened by cash / Cheque and in case of Cheque the date of deposit shall be date of clearance of Cheque
  • Nomination facility is available at the time of opening and also after opening of account
  • Premature closure is allowed after three years from the date of opening of the account and interest at the rate applicable from time to time to the Post Office Savings Account shall be payable on such premature closure of account
  • Account can be transferred from one post office to another
  • Any number of accounts can be opened in any post office
  • Subsequent deposit can be made up to 15th day of next month if account is opened up to 15th of a calendar month and up to last working day of next month if account is opened between 16th day and last working day of a calendar month
  • If subsequent deposit is not made up to the prescribed day, a default fee is charged for each default, default fee @ 1 Rs for every 100 rupee shall be charged. After 4 regular defaults, the account becomes discontinued and can be revived in two months but if the same is not revived within this period, no further deposit can be made
  • *If in any RD account, there is monthly default amount , the depositor has to first pay the defaulted monthly deposit with default fee and then pay the current month deposit. This will be applicable for both CBS and non CBS
  • There is rebate on advance deposit of at least 6 installments, Rs. 10 for 6 month and Rs. 40 for 12 months Rebate will be paid for denomination of Rs. 100
  • Minor after attaining majority has to apply for conversion of the account in his name
  • One loan up to 50% of the balance allowed after one year. It may be repaid in one lumpsum along with interest at the prescribed rate at any time during the currency of the account
  • Protected Savings Scheme is applicable for the account of denomination Rs 100/-
  • Online Deposit facility is available through Intra Operable Netbanking/Mobile Banking
  • Online Deposit facility is available through IPPB Saving Account
  • Date of maturity will be 5 years after date of opening. Account can be extended for further 5 year by giving application at account office

National Savings Time Deposit Account

Post Office Time Deposit Account (TD)

Interest payable, Rates, Periodicity etc. Minimum Amount for opening of account and maximum balance that can be retained
Interest payable annually but calculated quarterly. Minimum INR 1000/- and in multiple of 100. No maximum limit.

Interest rates From 01.04.2020 to 30.06.2020

Period Rate
1yr.A/c 5.5%
2yr.A/c 5.5%
3yr.A/c 5.5%
5yr.A/c 6.7%
Salient features including Tax Rebate
  • .Account may be opened by
    (i) a single adult
    (ii) Joint Account (Maximum 3 adults)
    (iii) Minor above 10 yearsof age
    (iv) A guardian on behalf of a minor/Person of unsound mind
  • Account can be opened by cash /Cheque and in case of Cheque the date of realization of cheque in Govt. account shall be date of opening of account
  • Nomination facility is available at the time of opening and also after opening of account
  • Account can be transferred from one post office to another
  • Any number of accounts can be opened in any post office
  • Single account can be converted into Joint and Vice Versa
  • Minor after attaining majority has to apply for conversion of the account in his name.
  • TD account can be extended by giving an application in account office
  • Interest shall be payable annually, No additional interest shall be payable on the amount of interest that has become due for payment but not withdrawn by the account holder
  • The annual interest may be credited to the savings account of the account holder at his option
  • Premature encashment not allowed before expiry of 6 month, If closed between 6 month to 12 month from date of Opening, Post Office Saving Accounts interest rate will be payable
  • The investment under 5 Years TD qualifies for the benefit of Section 80C of the Income Tax Act, 1961 from 1.4.2007.
  • Online Account Opening facility is available through Intra Operable Netbanking/Mobile Banking

National Savings Monthly Income Account

Post Office Monthly Income Scheme Account (MIS)

Interest payable, Rates, Periodicity etc. Minimum Amount for opening of account and maximum balance that can be retained
From 01.04.2020, interest rates are as follows:-
  • 6.6 % per annum payable monthly.
  • In multiples of INR 1000/-
  • Maximum investment limit is INR 4.5 lakh in single account and INR 9 lakh in joint account
  • An individual can invest maximum INR 4.5 lakh in MIS (including his share in joint accounts)
  • For calculation of share of an individual in joint account, each joint holder have equal share in each joint account.
Salient features including Tax Rebate
  • Account may be opened by
    (i) a single adult
    (ii) Joint Account (Maximum 3 adults)
    (iii) Minor above 10 years of age
    (iv) A guardian on behalf of a minor/Person of unsound mind.
  • Account can be opened by cash/Cheque and in case of Cheque the date of realization of Cheque in Govt. account shall be date of opening of account
  • Nomination facility is available at the time of opening and also after opening of account
  • Account can be transferred from one post office to another.
  • Any number of accounts can be opened in any post office subject to maximum investment limit by adding balance in all accounts (Rs. 4.5 Lakh)
  • Single account can be converted into Joint and Vice Versa
  • Minor after attaining majority has to apply for conversion of the account in his name
  • Maturity period is 5 years from 1.12.2011
  • Interest can be drawn through auto credit into savings account standing at same post office,orECS./In case of MIS accounts standing at CBS Post offices, monthly interest can be credited into savings account standing at any CBS Post offices
  • Can be prematurely en-cashed after one year but before 3 years at the discount of 2% of the deposit and after 3 years at the discount of 1% of the deposit. (Discount means deduction from the deposit.)
  • A bonus of 5% on principal amount is admissible on maturity in respect of MIS accounts opened on or after 8.12.07 and up to 30.11.2011. No bonus is payable on the deposits made on or after 1.12.2011
  • Interest shall be payable to the account holder on completion of a month from the date of deposit
  • If the interest payable every month is not claimed by the account holder such interest shall not earn any additional interest.

News Section

News

01 Jul 22
GST Council 47th Meeting Decides GST Rates be Changed from 18 July
Easy to Know Key Decisions of GST 47th Council Meeting
30 Jun 22
GSTN enables Option to Show Return filing Frequency
Online Sellers Get Enrollment Relief in 47th GST Council Meeting
GST Council Waives GSTR 4 & CMP 08 Filing Late Fee for FY22
29 Jun 22
MPTLBA & CTPA Highlight Challenges During GST Audit by Officers
Council to Withdraw Few GST Exemptions and Correct Slab Rates
HC Directs Authority to Give IGST Refund & Interest on Ocean Freight
28 Jun 22
Quick Live Updates: GST 47th Council Meeting in Chandigarh
GST Council Meet Begins: 28% GST on Online Gaming, States Compensation Key Agendas Today
26 Jun 22
Royalty Paid on Mining Lease Contract attracts 18% GST: AAR
GST Compensation to States gets a Four-Year Extension
25 Jun 22
GST QRMP Scheme: Govt asks Taxpayers to Pay Tax before 25th June, Late Payment to Attract Interest
GST: Fitment Company recommends GST Rate Changes, Exclusion of Certain Items from Exemption List
24 Jun 22
Fitment Committee Suggests GST Council to Start Margin Scheme for Travel Agents
CAIT to Council: Consultation Before Imposing GST Rate on Food Grains, Cloth
Easy to Check Form 16 Part A and B While Income Tax Filing
19 Jun 22
Supreme Courts GST ruling emboldens states against Modi government
CBIC urges taxpayers to file GST returns by due date
18 Jun 22
GST Council-Appointed GoM to Meet on June 17; Likely To Discuss GST Rate Rationalisation
GST Registrations of 6,483 Struck Down in Haryana
GST Scam: Director of Company arrested in Maharashtra
17 Jun 22
GST Portal: GSTN advises Taxpayers not to avail ITC on Same Invoice appearing twice in GSTR-2B
Filing of Initiation of Corporate Insolvency Resolution Process: IBBI asks to Furnish Extracts Of GSTR-1, GSTR-3B & E-Way Bills along with Application
GST Council Meet on 28th June to Consider Revision of Tax Rates
16 Jun 22
Summary of Best and Worse in 5 Years GST Compliance Period
Maharashtra AAR: 18% GST Rate Levy on Solar PV DC Cables
High-power Board GST Suggestions to Execute in 3 Months, CM MP
15 Jun 22
MH AAR: Services Must be Provided Outside India to Qualify as Exports As Per IGST section 2(6)
MH AAR: Services Must be Provided Outside India to Qualify as Exports As Per IGST section 2(6)
Easy Procedure to Free Download MSME Certificate on Portal
09 Jun 22
Govt Council Planning to Reduce GST Rate on Li-ion Batteries
GST Notification CT 08/2022 to Waive-off Interest for GSTR 8 Non-Filing
Income Tax Conditions When Your Deductions Will Be Taxable
08 Jun 22
GST on Crypto: Cryptocurrency Exchanges to pay 1% TDS from Next Month
Govt Functioning on GST Mechanism to Resolve States’ Disputes
ICAI issues Exposure Draft Guidance Note on the CARO, 2020
07 Jun 22
Gujarat AAR: 18% GST Rate Levy on Car Sale After Used for Business
CBDT Clarifies Income Tax Form 10AC for Trusts & Universities
KGST Department Allows GST Amnesty Scheme Benefits for Traders
GoM May Advice Pruning Exemption List Before 47th GST Meeting
06 Jun 22
Sale Of Car By Company After Using It For Business Purpose Attracts 18% GST: AAR
MCA Circular No. 6/2022 for Filing LLP E-forms Without Extra Fees
Kerala GST dept invites Applications for Amnesty Scheme
05 Jun 22
Over 3.2 lakh dealers in Tamil Nadu did not pay a single rupee in GST last year
ITC Challenge, Digitalization and Future of GST E-invoicing
GST not leviable on Fees collected for Training on Football, Basketball, Athletics, Cricket, Swimming, Karate, and Dance: AAR
04 Jun 22
Annual Subscription and Maintenance Fees not leviable as GST: AAR
GST not leviable on Fees collected for Training on Football, Basketball, Athletics, Cricket, Swimming, Karate, and Dance: AAR
03 Jun 22
WB AAR: Zero GST Rate on Supply of Going Concern Transfer Service
May 2022 GST Revenue of Maharashtra, Odisha, Kerala, Gujarat
ITAT: Bonafide Mistake in Record Can’t Attract Tax Penalty U/S 271

Due Date Reminder

Jan Feb Mar Apr May June
July Aug Sep Oct Nov Dec
All
07 Jul 22 Payment of TDS/TCS of June. In case of government offices where TDS/TCS is paid by book entry, same shall be paid on the same day on which tax is deducted or collected.
07 Jul 22 Monthly Return of External Commercial Borrowings for June.
10 Jul 22 Monthly Return by Tax Deductors for June.
10 Jul 22 Monthly Return by e-commerce operators for June.
11 Jul 22 Monthly Return of Outward Supplies for June.
13 Jul 22 Quarterly return of Outward Supplies for Apr-Jun (QRMP)
13 Jul 22 Optional Upload of B2B invoices, Dr/Cr notes under QRMP scheme for June.
13 Jul 22 Monthly Return of Input Service Distributor for June.
15 Jul 22 ESI payment for June.
15 Jul 22 E-Payment of PF for June.
15 Jul 22 Details of Deposit of TDS/TCS by book entry by an office of the Government of June.
15 Jul 22 TCS statements for Q1 of 2022-23
15 Jul 22 Statement by Banks etc. in respect of foreign remittances during April-June.
15 Jul 22 E-filing of form 15G/H for April-June.
15 Jul 22 Annual Return of LLP for FY 21-22.
15 Jul 22 Issue of TDS Certificate u/s 194-IA on Purchase of Property for TDS deducted in June.
15 Jul 22 Issue of TDS Certificate for tax deducted u/s 194M on certain payments by individual/HUF in June
15 Jul 22 Contribution from Jan-Jun. Amount = No of employee as on 30 June X Rs 3
15 Jul 22 RBI Annual Return by Companies having Foreign Investment received or Foreign Investment made abroad during FY 21-22.
15 Jul 22 Annual return of Foreign Assets & Liabilities for FY 2021-22.
18 Jul 22 Payment of tax by taxpayers under Composition Scheme for June quarter .
20 Jul 22 Summary Return cum Payment of Tax by Monthly filers for June. (other than QRMP).
20 Jul 22 Monthly Return by Non-resident taxable person for June.
22 Jul 22 Issue of TDS Certificate u/s 194-IA on Purchase of Property for TDS deducted in June.
22 Jul 22 Summary Return of Apr-Jun quarter by Quarterly filers in Chhattisgarh, Madhya Pradesh, Gujarat, Maharashtra, Karnataka, Goa, Kerala, Tamil Nadu, Telangana, Andhra Pradesh, the Union territories of Daman and Diu and Dadra and Nagar Haveli, Puducherry, Anda
24 Jul 22 Summary Return of Apr-Jun quarter by Quarterly filers in Himachal Pradesh, Punjab, Uttarakhand, Haryana, Rajasthan, Uttar Pradesh, Bihar, Sikkim, Arunachal Pradesh, Nagaland, Manipur, Mizoram, Tripura, Meghalaya, Assam, West Bengal, Jharkhand or Odisha, t
25 Jul 22 Deposit of GST under QRMP scheme for June.
25 Jul 22 Statement of Financial Transactions by Depositories, Registrars & Share Transfer Agents for reporting of information relating to Capital gains on transfer of listed securities or units of Mutual Funds for April-June.
28 Jul 22 Return by persons with Unique Identification Number (UIN) (like embassies etc to get refund under GST for goods and services purchased by them) for June.
30 Jul 22 Issue of TCS certificate for April-June by All Collectors.
30 Jul 22 Deposit of TDS u/s 194-IA on payment made for purchase of property in June.
30 Jul 22 Deposit of TDS on certain payments made by individual/HUF u/s 194M for June.
31 Jul 22 TDS Statements for April-June.
31 Jul 22 Return of non-deduction at source by banks from interest on time deposit for April-June.
31 Jul 22 ITRS for Individuals, Non Corporates not-liable to Audit, for AY 2022-23
31 Jul 22 Statement of foreign income in FY 21-22 & tax deducted or paid on such income to claim foreign tax credit. Applicable where due date of ITR is 31 July.
31 Jul 22 Statement to accumulate income for future application u/s 10(21) or  11(1). Applicable where due date of ITR is 31 Jul.
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