anthony (Finance) 10 June 2011
SECTION 10(15)(i) OF THE INCOME-TAX ACT, 1961 - EXEMPTIONS - INCOME BY WAY OF INTEREST, ETC. , ON BONDS, SECURITIES - SPECIFICATION OF BONDS, SECURITIES , ETC., ISSUED BY CENTRAL GOVERNMENT - AMENDMENT IN NOTIFICATION NO.G.S.R. 607(E), DATED 9-6-1989
NOTIFICATION NO. 32/2011[F.No.173/13/2011-ITA.I] /S.O.1296(E), DATED 3-6-2011
In exercise of the powers conferred by sub-clause (i) of clause (15) of section 10 of the Income-tax Act, 1961 (43 of 1961) the Central Government hereby makes the following amendment to the notification of the Government of India in the Ministry of Finance, Department of Revenue, Central Board of Direct Taxes, published in the Gazette of India, Extraordinary, Part II, section 3, sub-section (i), vide number G.S.R. 607(E), dated the 9th June, 1989, namely :—
In the said notification, in the Table, for serial number 9 and the entries relating thereto, the following serial number and entries shall be substituted, namely :—
"9. Post Office Savings Bank Account
To an extent of the interest of3,500 in the case of an individual account and7,000 in the case of joint account"
2. This notification shall come into force from the date of its publication in the Official Gazette
R.V.RAO (SERVICE) 08 November 2011
what use of allowing tax exemption on INTEREST ON post savings bank a/c?
HOW MANY PEOPLE CARRY HUGE BAL. IN P.O S.B ACCOUNTS? WHY NOT EXTEND THIS BENEFIT TO THE POOR OLD SENIOR CITIZENS WHO SURVIVE ON P.O MI.I.S, AND S.C.S.S IN THESE DAYS OF ALARMING INFLATION.?
GOVT. BABUS AND POLITICIANS ARE ALWAYS GENROUS ON LESS USEFUL OR NO USEFUL EXEMPTIONS TO THE CITIZENS AND BLIND TO THE NEEDY AND PURPOSEFUL DEDUCTIONS AND EXEMPTIONS?
LET GOD MAKE WISDOM PREVAIL IN THEIR MINDS.
Vaibhav A. Vakharia (Article Assisstant) 29 February 2012
My client has many post office saving accounts each with interest around Rs. 300 to 500, then the exemption will be available cumulative or for anly one account.