TDS on Post Office Time Deposit

TDS 622 views 3 replies

amit

fdf

59 Points Joined May 2012

iam planning to invest in Post office time deposit but i find lot of confusion on the TDS point.

A) There is lot of conflicting information and there is no clarity whether TDS is applicable on Post office time deposit?

B) If TDS is applicable on Time deposit who will issue the form 16A ? Local post office or head post office?

I did lot of research and found bits & pieces of information that postal department do not file tds returns on time and it is difficult to claim the tax deducted, also the India Post website has no information on tds.

Replies (3)

Kapadia Pravin

17264 Points Joined December 2018

Post office investments are as safe as Government bonds.

Another reason why people flock to post office schemes is that there is no TDS for any of the Post Office (PO) schemes except the Senior Citizens Savings Scheme (SCSS).

For TDS on SCSS scheme ......
Form 16A is issued by concerned post office and credit appears in 26AS in due course without any delay. Those old days are gone and at present it's well streamlined.