Utilities

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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

07 Aug 26

Delhi HC Rules GST Registration Can’t Be Cancelled Retrospectively Without a Clear Proposal in the SCN

Renewable Energy Sector Seeks 5% GST Rate on Battery Energy Storage System Containers

Delhi ITAT Rules AO Can’t Consider Fresh Capital Gains Deduction Claim Made in the ITR

Centre Exempts Banks from Section 15(1) Restriction on Unamortized EIR Expenditure

Income Tax Department Releases ITR-6 Excel Utility, JSON Schema and Validation Rules for AY 2026-27

06 Aug 26

Madras HC Sends Back IT Order Over Form 26AS & Books of Account Mismatch Treated as Undisclosed Income

Delhi HC Allows GST Return Rectification for FY 2017–18 Across GSTR-3B, 2A, and GSTR-9

Supreme Court Halts GST SCN Amid Parallel Proceedings During Pending Statutory Appeal

MCA Extends Registration Deadline for `Corporate Mitra` Course for North East Candidates Till 14th Aug 2026

RBI Keeps Repo Rate Unchanged at 5.25%

05 Aug 26

Government Boosts MSME Financing Through SIDBI and ECLGS 5.0

Taxation and Other Laws (Amendment) Bill, 2026 Introduced in Lok Sabha

FM Sitharaman Introduces Appropriation (No. 3) Bill, 2026 in Lok Sabha

MCA Extends Registration Deadline for `Corporate Mitra` Course for North East Candidates Till 14th Aug 2026

04 Aug 26

Andhra Pradesh July GST Collections Reach ?13,283 Crore, Registering 21% Growth

Hyderabad GSTAT: 10% Pre-Deposit for GST Penalty Appeals U/S 112(8) Can’t Apply Retrospectively

Tripura High Court Rules GST ITC Can’t Be Denied for Bona Fide GSTIN Reporting Error

Rajasthan HC Allows Delayed GST Appeal Due to Ineffective Communication of Order

03 Aug 26

Haryana retains top position in state GST collection growth in first 4 months of 2026–27 financial year

RBI Finalises New Deposit Interest Rate Rules, Effective from 1st Oct 2026

July 2026 GST Revenue Surges to Rs 2.11 Lakh Crore, Registers 15.4% YoY Growth

02 Aug 26

Common Show Cause Notice for Multiple Tax Periods Valid Under GST Law: Karnataka HC

NADT-RC, Mumbai Launches First Training Programme on Grievance Redressal

01 Aug 26

MCA Informs Parliament: June 5 2026 Data Centre Fire Caused No Data Loss or Service

Karnataka HC Dismisses GST Registration Cancellation Plea After Tax Dept Revokes Order on Hearing Day

Madras HC: GST Amnesty Benefit Can’t Be Refused Without Larger Ruling on Section 128A

30 Jul 26

AP HC Grants GST Sec. 62(2) Relief After Dealer Files Pending GSTR-3B with Late Fee & Interest

Govt Defends Section 43B(h), Rules Out Changes to MSME Payment Compliance

MSME Development (Amendment) Bill, 2026 Introduced in Rajya Sabha

Paytm Payments Bank to Be Wound Up After RBI Licence Cancellation

GSTN Puts Proposed e-Way Bill Enhancements on Hold Until Further Notice

29 Jul 26

MSME Development (Amendment) Bill, 2026 Introduced in Rajya Sabha

Paytm Payments Bank to Be Wound Up After RBI Licence Cancellation

Karnataka HC Grants Interim Relief to Taxpayer in Section 74 Proceedings After GST ITC Reversal

Patna HC Imposes ?25,000 Penalty for Reversing Stand on GST Undertaking After Accepting Relief

CBIC Issues Circular on Departmental GSTAT Appeals in DGGI Common Adjudication Matters

No Recovery From Genuine Buyer First? Karnataka HC Examines GST Authorities’ ITC Demand Approach

28 Jul 26

CBDT Extends Tax Exemption Benefits to Maharashtra Fees Regulating Authority Under Section 10(46)

No Change in MSME Payment Compliance: Government Defends Section 43B(h) in Parliament

New ITR-BN Form for Block Assessment in Search and Seizure Cases

Allahabad High Court Sets Aside IT Reassessment Notice Issued After Assessee’s Death

27 Jul 26

Supreme Court Confirms No GST on Long-Term Industrial Plot Leasehold Transfers

FM Sitharaman Calls for Greater Tax Certainty and Reduced Litigation at 167th Income Tax Day Celebration

Draft Insurance Rules 2026 Released: Centre Proposes Major Overhaul of 87-Year-Old Insurance Rules

26 Jul 26

CBDT Notifies ITR-BN Under Income Tax Rules 2026 for Block Assessment Cases

Andhra Pradesh Inaugurates Two New GSTAT Benches to Hear GST Appeals

Gauhati HC Directs Authorities to Restore Registration After Filing Pending GST Returns and Clearing Dues

25 Jul 26

Supreme Court: Section 74 Cannot Be Invoked Without Proof of Fraud or Fake ITC

Gauhati HC: ITC Can’t Be Refused to Bona Fide Purchaser for Seller’s Failure to File GST Returns

24 Jul 26

Punjab & Haryana HC Invalidates GST Show Cause Notice Prepared Using AI Tool

Delhi HC Declines Plea Against 18% Tax on Diagnostic Services, Directs Matter to GST AAR

MoS Finance Pankaj Chaudhary: GST Rate on 36 Life-Saving Medicines Reduced to Nil

TN Rice Millers Seek Removal of 5% GST on Rice Ahead of Upcoming Council Meeting

Due Date Reminder

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

10 Aug 26 Monthly Return by Tax Deductors for July.

10 Aug 26 Monthly Return by e-commerce operators for July.

11 Aug 26 Monthly Return of Outward Supplies for July.

13 Aug 26 Monthly Return of Input Service Distributor for July.

13 Aug 26 Optional Upload of B2B invoices, Dr/Cr notes under QRMP scheme for July.

13 Aug 26 Monthly Return by Non-resident taxable person for July.

14 Aug 26 Issue of TDS Certificate for TDS deducted on Purchase of Property in June.

14 Aug 26 Issue of TDS Certificate for tax deducted on rent above 50,000 pm by certain individuals/HUF under Section 194-IB where lease has terminated in June.

14 Aug 26 Issue of TDS Certificate for tax deducted on certain payments by individual/HUF in June.

14 Aug 26 Issue of TDS Certificate for tax deducted on Virtual Digital Assets in June.

15 Aug 26 Issue of TDS certificates for Q1 of TY 2026-27.

15 Aug 26 Issue of TCS certificates for Q1 of TY 2026-27.

15 Aug 26 Details of Deposit of TDS/TCS of July by book entry by an office of the Government.

15 Aug 26 E-Payment of PF for July.

15 Aug 26 Payment of ESI for July

20 Aug 26 To add/amend particulars (other than GSTIN) in GSTR-1 of July. It can be filed after filing of GSTR-1 but before filing corresponding GSTR-3B. If incorrect values are auto-populated in Table 3.2 of GSTR-3B, correct the values by making amendments through

20 Aug 26 Summary Return cum Payment of Tax for July by Monthly filers. (other than QRMP). Auto-populated values in Table 3.2 of GSTR-3B for inter-state supplies made to unregistered persons, composition taxpayers, and UIN holders are now non-editable.

20 Aug 26 Monthly Return by persons outside India providing online information and data base access or retrieval services, for July.

25 Aug 26 Deposit of GST under QRMP scheme for July .

28 Aug 26 Return for July by persons with Unique Identification Number (UIN) like embassies etc to get refund under GST for goods and services purchased by them.

30 Aug 26 Deposit of TDS on payment made for purchase of property in July.

30 Aug 26 Deposit of TDS @ 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 July. (Else TDS is to be deposited on annual basis by 30 April of next year.)

30 Aug 26 Deposit of TDS on certain payments made by individual/HUF for July.

30 Aug 26 Deposit of TDS on Virtual Digital Assets for July.

31 Aug 26 Application for exercising option under Explanation to section 11(1) to apply income of previous year in the next year or in future, if ITR due date is October 31.

31 Aug 26 Statement in to be furnished to accumulate income for future application u/s 10(21) or 11(1), if ITR due date is October 31.

31 Aug 26 Regularise pending MCA annual filings under CCFS 2026 Scheme without penalty but at concessional fees. Parallel route for inactive or defunct companies to opt for dormancy or strike-off.

31 Aug 26 Exercise option to opt for old regime for AY 26-27 if due date is 31 Aug.

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