New Delhi. Anyone can open their savings account in the post office. By opening a savings account in the post office, you can save tax of Rs 13,500 annually. In the joint account, up to Rs 17000 can be saved instead of 13500. According to tax experts, this gives extra tax benefit. This tax benefit can be claimed while filing income tax return. Let us know how much interest is available on this…
Interest up to 3% on savings account
Most of the banks are giving interest up to 3% per cent on the savings account while the post office savings account gets 4% interest. That is, about 1/3 percent more interest will be available at the post office. Also, when you have a joint account on filing ITR, you will be able to give tax exemption of Rs 17000 on post office savings account. In such a situation, investors who prefer to take less risk can take advantage of 33 percent additional interest on Post Office Savings Account. Also, you can save 35 percent through income tax exemption.
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Investors get discount
The notification dated 9th June 1989 can claim exemption from tax under Rule 10(15)i of Income Tax. It has been amended in this notification that post office savings account can claim exemption of 3,500 in individual cases and 7,000 in joint account. Apart from this, 10 thousand rupees can be claimed in ITR under section 80TTA of Income Tax. The savings account holder should mention this income while filing ITR. If you declare tax exemption, you will be able to take advantage of the post office savings account.
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