Thursday, April 15, 2021

Do you have an account at the post office? But you must know these new rules!

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Post Office Schemes: Do you have an account at the post office? Have you joined any of those schemes? However this is for you. No more post office …

Post Office Schemes: Do you have an account at the post office? Have you joined any of those schemes? However this is for you. Withdrawal of money from post office schemes is no longer Rs. Indian Post has issued new rules for TDS deduction in excess of Rs 20 lakh. These rules also apply to PPF withdrawals. According to the amended provisions of Section 194N of the Income Tax Act 1961, if the investor does not file Income Tax Returns (ITR) for the past three assessment years, then TDS is deductible from the withdrawal amount.

Post Office, PPF TDS Rules.

According to the new rules, the investor’s cash withdrawal in a financial year is Rs. 20 lakhs .. Rs. If it does not exceed Rs 1 crore .. then TDS at the rate of two per cent will be increased to Rs. 20 lakhs will have to be paid. According to an article in the national media, the new rule will come into force on July 1, 2021.

If cash withdrawn from all post office accounts .. Rs. If it exceeds Rs 1 crore, then 5 per cent TDS will be levied at Rs. Payment for amount exceeding Rs 1 crore.

Meanwhile, if you are filing an income tax return, the total amount to be deducted from the post office schemes during the financial year is Rs. If it exceeds Rs 1 crore, income tax will be levied at the rate of two per cent on cash exceeding the limit.

To facilitate post offices in modifying TDS, the Center for Excellence in Postal Technology (CEPT) has collected details of depositors between April 1 and December 31, 2020. CEPT provided details of cash to be deducted in the form of customer’s PAN number and TDS.

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