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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

15 Nov 24

More Than 70% of India’s Income Tax Comes from High Earners Making Over ?50 Lakh

Investigation Wing to Examine Cases of JDA Landowners Who Didn’t Pay Capital Gains Tax

Bombay HC: GST Refund Rejection Without Hearing Violates CGST Rules 92(3) and Principles of Natural Justice

Gujarat HC: No Need for Certified Copy of GST Appeal Order When Accessible on Common Portal

14 Nov 24

MP HC: IT Order Passed Under Section 148A(d) Cannot Be Applied; Writ Petition Can Be Appealed

Budget 2025-26: Centre May Introduce Simplified Direct Tax Code to Reduce Statutory Issues

Maharashtra AAR: No GST on Penalties, Late Fees, or Penal Interest Imposed by RBI

Madras HC:Recovery Actions Cannot Be Initiated Against Company Directors if Assessee’s Status is Non-Existent

13 Nov 24

India`s Online Gaming Market Surges by 23% in FY24 Amidst GST Hike

NFRA Recommends Comprehensive New Audit Framework for India by April 2026

ADVISORY FOR WAIVER SCHEME UNDER SECTION 128A

Advisory regarding IMS during initial phase of its implementation

12 Nov 24

ITAT: Medical Certificate is Valid Proof for Condoning Assessee’s Delay in Filing Tax Audit Reports

Karnataka HC: GST Section 75(4) Ensures a Hearing Opportunity Before Any Adverse Order

SC: The Law is Common for Everyone; Income Tax Must Be Deducted on Salaries Paid to Christian Nuns

11 Nov 24

ITAT Chennai: Dismissal Due to Delay Without Condonation Petition is Untenable

New GST Forms SPL-01 and SPL-02 to Avail Interest Waiver and Penalties U/S 128A

ITAT Chennai: Dismissal Due to Delay Without Condonation Petition is Untenable

Bangalore ITAT Cancels Disallowance of Interest-Free Advances to Sister Concern of Assessee u/s 36(1)(iii)

SC: The Law is Common for Everyone; Income Tax Must Be Deducted on Salaries Paid to Christian Nuns

10 Nov 24

GST AAR: Tax Will Be Applicable to the AAI-Adani Pact for the Airport in Thiruvananthapuram, Kerala

Karnataka Sugarcane Cultivators’ Association Urges FM to Grant GST Exemption on Agricultural Equipment

Orissa HC Instructs Filing of GST Appeal U/S 112 to Challenge Short Tax Payment

08 Nov 24

GSTN Issues Advisory related to Other Territory Applications

Gen GST Software’s Invoice Management System Dashboard

GST: Tax Authorities Disclose INR 25K Cr Tax Evasion Due to False Tax Credit Claims

MCA Dept. Extends Deadline for Filing Financial Statements by Producer Companies

TDS Concept for the Metal Scrap Industry Under GST

07 Nov 24

CBIC Mandates 1-Year Deadline for Customs Fraud Inquiries

GST Advisory No. 543: No Permission to Report Older e-Invoices for Businesses with AATO Above ?10 Crores

CBDT Allows Tax Officials to Reduce or Waive Interest on Delayed Payments, Subject to Conditions

Easy Guide to Filing the New GST DRC-03A Form on Portal

06 Nov 24

Big Relief for TNPDCL Customers: No GST on Replacement of Three-Phase Electricity Meters

FM Sitharaman Chairs Meeting for Comprehensive Review of the Income Tax Act, 1961

Gujarat Govt Eases the Burden by Providing Relaxation in GST Penalties and Interest

GSTN Advisory: New e-Invoice Reporting Limit Set for Businesses with AATO of Rs 10 Crore and above

GSTN Issues Advisory for Form GST DRC-03A

05 Nov 24

Income Tax Department Receives 6500 Stakeholder Suggestions for Overhaul of IT Act, 1961

CBDT Allows Electronic Filing of Forms 3CEDA and 3C-O Via Notification No. 5/2024

Delhi HC: Two Judgment Orders Against One SCN Cannot Be Accepted for the Same Period

No GST Returns Will Be Accepted If Filed More Than 3 Years Past Their Due Date

04 Nov 24

CBIC Issues New Guidelines to Balance Tax Evasion Investigations with Ease of Doing Business in Import and Export

GST IMS Dashboard: New Guidelines for `Deemed Acceptance` and Record Handling

03 Nov 24

Important Income Tax Forms Due by November 30, 2024

India’s GST Revenue Hits ?1.87 Lakh Crore in October with 9% Growth

New GST Amnesty Scheme Effective November 1: Know about Important Deadlines and Benefits

02 Nov 24

Kerala HC Rejects Tax Reassessment Order After Assessee Was Given Only 3 Days to Respond to SCN

GST Collection Hits Rs 1.87 Lakh Crore in October, Second-Highest Ever Boosted by Domestic Sales

01 Nov 24

CBDT Grants Delay Condonation for AY 2023-24 Income Returns Claiming Section 80P

ICAI and CAs: Supporting India`s Journey to Become a $30 Trillion Economy by 2047

CBDT Notifies Transfer Pricing Tolerance Range for AY 2024-25 Under Rule 10CA

Due Date Reminder

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

25 Nov 24 Deposit of GST under QRMP scheme for October .

28 Nov 24 Return for October by persons with Unique Identification Number (UIN) like embassies etc to get refund under GST for goods and services purchased by them.

29 Nov 24 Half yearly Audit Report from April to September of Reconciliation of Share Capital by Unlisted Public Companies.

29 Nov 24 Annual Return by OPCs and Small Companies.

29 Nov 24 Annual Return by companies other than OPCs and small companies.

30 Nov 24 Statutory Auditor to file Annual return with National Financial Reporting Authority (NFRA) in respect of entities covered in Clause 3(1)(a) to 3(1)(e) of NFRA Rules 2018. It will not cover tax audits, Limited review & Quarterly audits.

30 Nov 24 Filing of Income Tax Return where Transfer Pricing applicable.

30 Nov 24 Deposit of TDS u/s 194-IA on payment made for purchase of property in October.

30 Nov 24 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 October (Else TDS is to be deposited on annual basis by 30 April of next year.)

30 Nov 24 Deposit of TDS on certain payments made by individual/HUF u/s 194M for October.

30 Nov 24 Deposit of TDS on Virtual Digital Assets u/s 194S for October.

30 Nov 24 Online Application for alternative tax regime if due date of ITR is 30 Nov.

30 Nov 24 Claim input tax credit (ITC) for FY 23-24 in GSTR-3B. Issue Credit/Debit notes for FY23-24 .

30 Nov 24 Reversal of ITC of FY 23-24 where supplier had filed GSTR-1/IFF but not filed GSTR-3B till 30 Sep, 2024.

30 Nov 24 Amendments in declared opening balance of cumulative ITC reversal (ITC that has been reversed earlier and has not yet been reclaimed) in Electronic Credit Reversal and Re-claimed Statement.

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