Income-tax exemptions:Interest on Post Office Savings Bank Account (POSB) -recent amendment to restrict exemption is not much purposeful – will increase administrative burden on assessee and AO without much gain to revenue if at all.

Income-tax exemptions:Interest on Post Office Savings Bank Account (POSB) -recent amendment to restrict exemption is not much purposeful – will increase administrative burden on assessee and AO without much gain to revenue if at all. https://www.taxtmi.com/article/detailed?id=1348 The amendment caps the interest exemption for each Post Office Savings Bank account, making interest above the per-account ceiling taxable; this change will seldom yield substantial revenue because POSB balance limits and prevailing interest rates mean most accounts will not exceed the exemption, while imposing significant administrative and TDS-related compliance burdens on taxpayers and assessing officers. en-us Thu, 07 Jul 2011 23:54:53 +0530 Fri, 08 Jul 2011 10:56:31 +0530 TaxTMI RSS Generator Income-tax exemptions:Interest on Post Office Savings Bank Account (POSB) -recent amendment to restrict exemption is not much purposeful – will increase administrative burden on assessee and AO without much gain to revenue if at all. https://www.taxtmi.com/article/detailed?id=1348 The amendment caps the interest exemption for each Post Office Savings Bank account, making interest above the per-account ceiling taxable; this change will seldom yield substantial revenue because POSB balance limits and prevailing interest rates mean most accounts will not exceed the exemption, while imposing significant administrative and TDS-related compliance burdens on taxpayers and assessing officers. Articles Income Tax Thu, 07 Jul 2011 23:54:53 +0530 https://www.taxtmi.com/article/detailed?id=1348