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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, Due Date Reminder and Location Map

News

24 Jan 25

ONGC Receives GST Demand Notice of ?6.72 Crore for IGST Payment Discrepancies

Main Expectations of the Insurance Industry from Budget 2025

Budget 2025: NDFC Seeks Import Duty Rationalization, GST Reduction, and PLI Scheme for Dry Fruit Sector

Gauhati HC: GST Commissioner Must Justify Necessity of Arrest Alongside ‘Reasons to Believe’ U/S 69

23 Jan 25

Bombay HC Quashes Order Due to Improper Service of GST Notice U/S 37C(1)

CBDT Issues New Order to Address Challenges in the Vivad Se Vishwas Scheme 2024

22 Jan 25

CBDT Issues Key Clarification on Appeals Timeline for Vivad Se Vishwas Scheme 2024

Union Budget 2025: Industry Experts Seek Tax Incentives to Boost REITs and Green Buildings

Union Budget 2025: Key Expectations for India`s Insurance Sector

Allahabad HC Rejects GST Demand Order Due to Missing Oral Hearing Opportunity U/S 75 for Assessee

21 Jan 25

CBDT Issues Key Clarification on Appeals Timeline for Vivad Se Vishwas Scheme 2024

GST Notification No. 02/2025: Tax Exemption for Gene Therapy, a Vital Treatment for Life-Threatening Diseases

Ahmedabad ITAT: Misuse of Credit Cards by Friends Not Considered Personal Expenditure

Ahmedabad ITAT Cancels Assessment Due to Failure to Issue Tax Notice U/S 143(2) and Unjustified Additions

20 Jan 25

EV Industry Seeks GST Cut on Batteries & Infrastructure Status for Charging Stations in Upcoming Budget

Budget 2025: New Income Tax Law and Expectations

Budget 2025: Govt Plans to Phase Out Old Tax Regime

19 Jan 25

Income Tax Department Releases Updated Utility Excel-Based & JSON Schema for ITR-1 to ITR-7

Delhi HC: GST Cannot Be Levied on Fees Collected by CERC and DERC

18 Jan 25

AP HC Stays Notification Issued by ICAI on Removal of CA Accused of Creating Fake GST Invoices

Budget 2025: CREDAI Urges a 15% Income Tax Rate for Affordable Housing

West Bengal GST AAR: Catering Services for In-Patients Not Eligible for Tax Exemption

17 Jan 25

Kerala HC: Separate Notification Not Required for Cross-Empowerment of State GST Officials

Kolkata ITAT Rejects Appeal on Tax Penalty U/S 271(1)(c) as Withdrawn Under Govt Scheme

Bombay HC Accepts GST Officials’ Apology for Arresting Petitioner Before Recording Statement

Mankind Pharma Gets INR 2.27 Crore GST Penalty for Alleged Discrepancies

16 Jan 25

Net Direct Tax Collections Jump 15.88% to Rs 16.90 Lakh Crore in FY 2024-25

Taxpayers Must Withdraw Existing Appeals Before Applying for the GST Amnesty Scheme

AP HC: 5% GST Applies to the Supply of Solar Power Stations as a Composite Supply, Not a Works Contract

15 Jan 25

Tax Experts Call on the Govt to Make the GST IMS More User-Friendly

GST Dept Extends Draft Generation Timeline for Form GSTR-2B of December 2024

CBIC Revises Guidelines on GST Offences Through Instruction No. 01/2025

14 Jan 25

Upcoming Budget, Medical Device Industry Seeking Standard GST Rates, Export Incentives, and Price Regulation

CBIC Circular on Adjusting Total Turnover: Gujarat HC Remands Case for GST Refund Reconsideration

Pune ITAT Remands Case as AO Add Receipts of ?24,89,121 Instead of Net Income U/S 144

No Proper Opportunity Given to Assessee to Explain Additions, ITAT Sends Case Back to CIT(A)

13 Jan 25

Budget 2025: EV Industry Seeks GST Simplification and Incentives

Simplified Income-Tax Act Set to Launch in Budget 2025

12 Jan 25

GSTR-5, GSTR-6, GSTR-7 & GSTR-8 Filing Deadlines for Dec 2024 Extended

CAs and Businesses Face GST Portal Glitches as GSTR-1 Deadline Nears

No Proper Opportunity Given to Assessee to Explain Additions; ITAT Sends Case Back to CIT(A)

11 Jan 25

Delhi HC: Section 159 Applies Only if Reassessment Tax Notice Issued Before Assessee’s Death

GSTR-1 & GSTR-3B Filing Deadlines for Dec 2024 Extended

10 Jan 25

Gems, jewellery sector urges govt to reduce GST to 1% in upcoming Budget

Delhi HC: Section 153C of IT Act Requires AO’s Satisfaction, Not Tax Portal Uploads

IT Department Releases Common Offline Utility for Filing ITR 1 to ITR 4 for AY 2024-25

09 Jan 25

GST AAAR Clarifies Margin Scheme Applicability U/R 35(5) for Sale Used Batteries, Plastic Waste

Madras HC: Email Notice or Personal Delivery of GST Order Mandatory Before Publication on Portal or Newspaper

Implementation of mandatory mentioning of HSN codes in GSTR-1 & GSTR 1A

CBDT Notifies Exemption for IFSC Units from Section 206C(1H) Tax Collection Under Income-tax Act

Advisory Issued for Biometric Aadhaar Verification for GST Registration in Rajasthan

Due Date Reminder

Jan	Feb	Mar	Apr	May	June
July	Aug	Sep	Oct	Nov	Dec
All

28 Jan 25 Return by persons with Unique Identification Number (UIN) like embassies etc to get refund under GST for goods and services purchased by them, for December .

30 Jan 25 Issue of TCS certificate for December quarter by All Collectors

30 Jan 25 Deposit of TDS u/s 194-IA on payment made for purchase of property in December.

30 Jan 25 Deposit of TDS u/s 194-IB @ 5% on total payment of Rent more than 50,000 pm by individual or HUF (not liable to tax audit) during FY 24-25, where lease has terminated in December (Else TDS is to be deposited on annual basis by 30 April of next year.)

30 Jan 25 Deposit of TDS on certain payments made by individual/HUF u/s 194M for December.

30 Jan 25 Deposit of TDS on transfer of virtual digital asset u/s 194S, by an exchange, for December.

31 Jan 25 TDS Statements for December quarter.

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