Webb25 jan. 2024 · SCSS investments qualify for deduction under Section 80C. Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Webb10 apr. 2024 · d) Tax Deduction Benefit: Up to Rs 1.5 lakh in an FY under Section 80C of the IT Act. · Senior citizen savings scheme (SCSS) - SCSS is a government-sponsored savings plan for people over 60.
SCSS - Senior Citizen Savings Scheme Tax Benefits - Learn by …
Webb2 feb. 2024 · Tax Implications on SCSS or Senior Citizen Savings Schemes . Under section 80C, you can take advantage of tax deduction up to Rs 1.5 lakh only in case you invest more than 1.5 lakh in SCSS. You can avail of this tax benefit only for the year of deposit in SCSS. Interest earned on the SCSS account is purely taxable in the hands of the depositor. Webb27 juli 2024 · You can claim a deduction of up to Rs. 1.5 lakh under Section 80C for this variant Interest rates: Post Office Time Deposit interest rate is more or less in line with that of a Fixed Deposit (FD). A table on POTD interest rates is given below. The returns are stable and assured as the scheme is backed by the government jon venables and robert thompson background
Is a tax benefit available for opening a new SCSS account?
WebbEligible individuals require making a minimum deposit of Rs. 1,000 to open an account under the Senior Citizen Scheme. At the same time, the deposit quantum is capped at Rs. 15 Lakh or the amount received as a retirement benefit, whichever is lower. For example, if an individual receives Rs 10 Lakh as a retirement benefit, he can invest up to ... WebbNo, entire of such expenses are not deductible. Only deduction in respect of health insurance premium is available under section 80D and preventive health check up of 5000 in 80D. Additionally, deduction is available under section 80DDB with cap of 40000 / 100000 according to age provided the treatment is of specified diseases. Webb16 mars 2024 · SCSS features you need to know: The account shall be opened with a minimum deposit of Rs 1,000 or any sum in multiple of Rs 1,000 not exceeding Rs 15 … how to install rag