Post office recurring deposit is small savings scheme promoted by Govt of India which can be opened in any of the post office. One can deposit as small as Rs 10 every month.
On maturity after 5 years, INR 10/- account fetches INR 728.90/-. Can be continued for another 5 years on year to year basis.Any individual (a single adult or two adults jointly) can open an account.
Features of post office recurring deposit
Leave Travel Allowance (LTA) is basically defined as the cost of travel granted to employees to travel anywhere in India, while on leave from work. The amount of exemption depends upon the mode of travel, and it is allowed only towards the travel fare, and not for boarding and lodging. It is allowed twice in a block of four calendar years. The current block is 2010-13. So, for the period 2010-13 one can claim this exemption for any two occasions.
What is e-payment of taxes?
Its official now as the much awaited issue of lesser Points of Presence for New Pension Scheme (NPS) has been addressed to some extent as the The postal department has launched a new pension scheme for the public, specially service holders, who are able to deposit a minimum of Rs 500 per month as well as at-least Rs 6000/- annually, which is open for all citizens up to the age of 55 years.
Kisan Vikas Patra is one of the Post office deposit schemes. Please find below salient features of kisan vikas patra
Period | Rate of Interest |
One Year | 6.25% |
Two years | 6.50% |
Three years | 7.25% |
Five years | 7.50% |
The income tax department has launched a drive to file corrected returns with a view to do away with the problem of held-up refunds and the tax already paid not being credited to the assessees’ name. A large number of people whose tax is deducted at source did not get the payments credited which, in turn, held up refunds. It was because the National Securities and Depositories Limited (NSDL), which accounts the tax receipts, could not record the payments as I-T returns of many did not carry the permanent account number (PAN). In some cases, the returns were not filed at all, said a statement issued by the income tax department.
House rent allowance (HRA) is received by the salaried class. A deduction is permissible under Section 10(13A) of the Income Tax Act, in accordance with Rule 2A of the Income Tax Rules. One can claim exemption on HRA under the Income Tax Act if he/she stays in a rented house and get a HRA from their employer.
