Tax Management India. Com
                            Law and Practice: A Digital eBook ...
TMI - Tax Management India. Com
Case Laws Acts / Rules Notifications Circulars Tariff/ ITC HSN Forms Manuals News SMS Articles Highlights
        Home        
 
Extracts
Home List
← Previous Next →

POST OFFICE (MONTHLY INCOME ACCOUNTS) RULES, 1987

Income Tax - By: - Mr.†M. GOVINDARAJAN - Dated:- 14-4-2018 - Introduction By virtue of powers conferred by Section 15 of the Govern­ment Savings Banks Act, 1873 the Central Government made the which came into force with effect from 15.08.1987. This scheme is much helpful to those who want to save their hard earned money, especially those who retired from service on superannuation. They may deposit the amount under these Rules. Who may deposit? An individual who,- on his own behalf; or on beh .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

investment may be in multiple of ₹ 1500/- subject to the threshold limit. For the purpose of maximum balance, the depositor's share in the balance of a joint account shall be taken as one-half or one-third of such balance according to the account is held by two adults or three adults. There shall be only one deposit in the account in the multiple of one thousand five hundred rupees not exceeding rupees four lakh fifty thousand in case of single account and rupees nine lakhs in case of .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

positor or the postmaster of the Post Office and endorsed in favour of the postmaster. Where deposit is made by cheque or demand draft, the date of deposit under these rules shall be the date of encashment of the cheque or the demand draft. Nomination The depositor may at the time of opening the account under these rules, nominate a person or persons who, in the event of death of the depositor, shall become entitled to payment of amount due on the account. If such nomination is not made at the t .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

9.1993 and 31.12.1998; 12% per annum for the deposits made between 01.01.1999 and 14.01.2000; 11% per annum for the deposits made between 15.01.2000 and 28.02.2001; 9.5% per annum for the deposits made between 01.03.2001 and 28.02.2002; 9% per annum for the deposits made between 01.03.2002 and 28.02.2003; 8% per annum for the deposits made between 01.03.2003 to 31.12.2017; 7.3% per annum for the deposits made from 01.01.2018; Payment of interest The following are to be noted in respect of the pa .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

h interest will not earn by additional interest. Interest shall be rounded off to nearest multiple of rupee one and for this purpose any amount of 50 paise or more shall be treated as rupee one and any amount less than 50 paise shall be ignored. A Post office shall, as soon as it comes to the notice that a deposit made under rule 4 by a subscriber exceeds the pre­scribed ceilings specified therein, such Post Office shall re­quest the subscriber to withdraw the excess deposit immediately. .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

which the account stands to the depositor on or after the expiry of six years from the date of the opening along with bonus equal to 10 per cent of the amount deposited, on production of the pass book accompanied by a writ­ten application. no bonus shall be paid on the deposits made in the accounts opened on or after the 13th day of February, 2006. a bonus equal to five per cent of the amount deposited, on production of the pass-book accompanied by a written application (withdrawal form) sha .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

rom the date of opening of such account, subject to the condition that- if the account is closed on or before expiry of three years of opening of such account, an amount equal to two per cent. of the deposit shall be deducted and remainder paid to him, and if the account is closed after expiry of three years from the date of opening of such account, an amount equal to one per cent. of the deposit shall be deducted and remainder paid to the depositor. Pass book On opening an account, the deposito .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

 

 

 

 

 

Discussion Forum
what is new what is new
 


|| Home || About us || Feedback || Contact us || Disclaimer || Terms of Use || Privacy Policy || TMI Database || Members ||

© Taxmanagementindia.com [A unit of MS Knowledge Processing Pvt. Ltd.] All rights reserved.