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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

27 Sep 21
Amount of CGST, SGST, or IGST wrongly paid for Intra-State or Inter-State shall be Refunded within 2 years, clarifies CBIC
GST: CBIC relaxes Requirement of Filing Job Work Declaration in Form GST ITC-04
Supreme Court suo moto withdraws Extension of Limitation Period for cases from Oct 2
GST new rule: Aadhaar authentication now mandatory for GST refunds
26 Sep 21
CBIC mandates Aadhaar Authentication for Registered Person for Filing of Application for Revocation of Cancellation of GST Registration, Refund Application
Key Changes to be considered before filing GST Returns of Sep 2021
Income Tax New E-Filing Portal: Know the list of New Services Available Now
Relief to Shell India: No TDS on consideration received from Resale / Use of Computer Software through EULAs/Distribution Agreements: ITAT
25 Sep 21
Rajasthan Govt. approves the proposal of restructuring of Commercial Tax Department
Department can’t allege Input Services are not common once Commissioner (Appeals) concludes Input Services are ‘Common’: Madras High Court
GST: CBIC relaxes Requirement of Filing Job Work Declaration in Form GST ITC-04
Amount of CGST, SGST, or IGST wrongly paid for Intra-State or Inter-State shall be Refunded within 2 years, clarifies CBIC
23 Sep 21
GST: Uttarakhand High Court orders Release of Vehicle, Mango Kernel Oil, Rice Bran Oil confiscated on Mere Suspicion
Reasonable Opportunity ought to be granted to Taxpayers to Submit, Revise, Re-revise Electronically Form GST TRAN-1 or TRAN-2: Allahabad High Court
Income Tax Return: CBDT issues E-Filing ITR 6 Schema Changes for AY 2021-22
GST Dept. Haryana arrests Proprietor allegedly involved in Fake ITC claim
22 Sep 21
GST: Physical Invoice need not be carried when E-Invoice has been issued, says CBIC
GST: CBIC issues clarification on Cut-off date for availing Input Tax Credit in Debit Notes
GST: Physical Invoice need not be carried when E-Invoice has been issued, says CBIC
ITAT deletes Addition by Holding Trading Liability to be existing liability as proceedings for Recoveries with respect of these amount was still in progress
21 Sep 21
GST Council grants One Year extension to NAA
Goods actually subjected to Export Duty will be covered under restriction imposed from availment of Refund of Accumulated ITC: CBIC
Companies Get Huge GST Relaxation from 45th Council’s Explanations
IT Act, 1961 TDS u/s 194A Provisions Concerning Section of 10(26)
New Deadline for Aadhaar-PAN & Tax Penalty, Relaxation TDS Section 194A
20 Sep 21
Alert for Income Tax Defaulters: All you Need to Know about New Provision Empowering Income Tax Officers to serve Notice
GSTN makes available Self-Service Functionality on GST Portal for those Importers of Goods, Recipients of Supplies from SEZ, Search Bill of Entry details, which didn’t Auto-Populate in GSTR-2A
Correction in Inverted Duty Structure in Footwear and Textiles sector: New Rules applicable from 1st January 2022
19 Sep 21
Pure Henna Powder, Laboratory Reagents, Carbonated Fruit Beverages of Fruit Drink: GST Council issues Clarification on GST Rate
Date of Issuance of Debit Note shall determine relevant FY for claiming ITC on Supply of Goods or Services: GST Council
CGST Ahmedabad Zone organizing Special Drive for Risky Exporter Refund Verification
18 Sep 21
Mere Time gap between Withdrawals and Deposits can’t be a Sole basis for Suspecting Genuineness of Cash-in-Hand: ITAT deletes Addition
Above 75% Indians Demand Petroleum Products to Come Under GST
No Need GST EWB When Supplying Only Services Without Goods
17 Sep 21
GST: CBIC issues Advisory for Generation of E-Way Bill where the Principal Supply is Supply of Services
GST Evasion: Gauhati HC grants Bail to person accused of deliberately Supplying Goods without issuing Invoices
Patna High Court quashes demand of GST, Interest, and Penalty as No Opportunity of Hearing was afforded
ITAT allows Business Loss including an Amount paid as Managerial Remuneration as it is included in Business Expenses
Zomato, Swiggy May Get Convert to Restaurants with 5% GST
16 Sep 21
TDS not deductible on Commission paid to Overseas Agents: ITAT
GST: Number of Tasks entrusted through a Single Contract would not constitute ‘Composite Supply’, rules AAAR
GST: Rajasthan High Court directs Release of Goods on Furnishing Surety Bond, Security in Form of Bank Guarantee
Bombay High Court allows revision of claim of GST Transitional Credit in Form TRAN-1
New GST Rate to Make Business Unprofitable, Say Solar Industry Experts
15 Sep 21
GST: Sale of LPG, Rental Charges for Supplier Gas System installed at Customer Premises doesn’t constitute Composite Supply, rules AAR
IGST payable on Importation of Tank Containers Lease Services into India: AAR
Madras HC stays Single Bench Ruling on GST payable Contributions by RWA members in excess of Rs7,500 per month
GST: Place of Supply is Location of recipient in case of Construction of Immovable Property Outside India, rules AAR
GST: Rajasthan High Court directs Release of Goods on Furnishing Surety Bond, Security in Form of Bank Guarantee
14 Sep 21
GST Council to weigh bringing fuel under indirect tax regime
Only ITR e-Filing Extension But No Change on Interest Liability U/S 234A
GST Authorities can initiate Inquiry u/s 70 with proceedings u/s Section 6(2)(b): Madras High Court
Legal view under Income Tax Act 1961, on Employee’s Contribution paid beyond the date as specified under relevant Act

Due Date Reminder

Jan Feb Mar Apr May June
July Aug Sep Oct Nov Dec
All
30 Sep 21 Payment of disputed amount of tax WITHOUT Additional Payment under Vivad se Vishwas Scheme.
30 Sep 21 Deposit of TDS u/s 194M for August on payments made to resident contractors or professionals greater than 50 lacs pa by individuals/HUF not subject to tax audit.
30 Sep 21 Investment etc. for claiming exemption u/s 54 to 54GB where last date for such compliance falls between 1.4.21 to 29.9.21.
30 Sep 21 Deposit of TDS u/s 194-IA on payment made for purchase of property in August.
30 Sep 21 Application for KYC of Directors who hold DIN on 31.3.21.
30 Sep 21 Filing of application for revocation of cancellation of registration where the due date of filing of application for revocation of cancellation of registration falls between 01.03.2020 to 31.08.2021.
01 Oct 21 Dynamic QR Code must on B2C Invoices for turnover above 500 cr. Penalty to be levied from 1.12.20 if not ready by 1.10.21.
06 Oct 21 Monthly Return by Tax Deductors for May.
06 Oct 21 Monthly Return by e-commerce operators for May.
14 Oct 21 Intimation of appointment of Auditor on completion of 5 years to be given in 15 days of AGM. (Presuming AGM on 30.9.21)
31 Oct 21 Payment of disputed amount of tax without additional payment under Vivad se Vishwas Scheme .
06 Nov 21 Monthly return of Outward Supplies for May. (other than QRMP)
30 Nov 21 Last date to hold AGM for FY 20-21. (Extended from 30 Sep)
30 Nov 21 Statement of foreign remittances by authorized dealers for June quarter.
30 Nov 21 Uploading declarations received in Form. 15G/15H during quarter ending June.
30 Nov 21 Filing of pending GST-3B Returns from July 2017 to April 2021 with reduced late fee under Amnesty scheme.
Readmore...

Blog News

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  • 19 Aug 2019 POINTS TO BE NOTED BEFORE FILING YOUR RETURN. - August is coming to an end. If you haven’t filed your income tax yet, you need t...
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