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Now post office saving schemes come under tax net

Contributor June 24th, 2011

In an attempt to monitor all deposits made under post office schemes and bring them at par with bank interest earnings, the Central Board of Direct Taxes (CBDT) has notified that income from post office savings schemes will be taxed from the current financial year.

By making it mandatory for individuals to declare investments in their tax returns, I-T department has brought all such deposits under its scanner.

A CBDT notification said a declaration to this effect has to be made in the income tax returns filed by an individual. Any income earned beyond Rs 3,500 annually in case of individuals and Rs 7,000 in case of joint accounts will be taxable.

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