CBDT issued significant Notification No. 32/2011 dated 03.06.2011 regarding Limits for Exemption of Interest on Post Office Savings Bank Account. Under Section 10(15)(i), income by way of inter alia, interest on such securities, bonds, annuity certificates, savings certificates, other certificates issued by the Central Government and deposits as the Central Government, may, by notification in the Official Gazette, specify in this behalf, would be exempt subject to such conditions and limits specified in the said notification.
In exercise of powers given in section 10(15)(i), the Central Government has, through this notification, amended the Notification No. GSR 607(E) dated 09th June, 1989 which specified the bonds, annuity certificates, savings certificates and other certificates issued by the Central Government for the purpose of exemption under this clause al well as the maximum limit up to which the income by way of, inter alia, interest on such securities, bonds, savings certificates etc. issued by the Central Government shall be exempt from tax for any assessment year. The said notification dated 9th June, 1989 provided for exemption of the whole of the amount of interest on Post Office Saving Bank Account.
However, as per the amendment by this notification, the interest on Post Office Savings notification, the interest on Post Office Savings Bank Account which was so far fully exempt would henceforth be exempt from tax for any assessment year only to the extend of:
In exercise of powers given in section 10(15)(i), the Central Government has, through this notification, amended the Notification No. GSR 607(E) dated 09th June, 1989 which specified the bonds, annuity certificates, savings certificates and other certificates issued by the Central Government for the purpose of exemption under this clause al well as the maximum limit up to which the income by way of, inter alia, interest on such securities, bonds, savings certificates etc. issued by the Central Government shall be exempt from tax for any assessment year. The said notification dated 9th June, 1989 provided for exemption of the whole of the amount of interest on Post Office Saving Bank Account.
However, as per the amendment by this notification, the interest on Post Office Savings notification, the interest on Post Office Savings Bank Account which was so far fully exempt would henceforth be exempt from tax for any assessment year only to the extend of:
- Rs. 3500 in case of an Individual Account.
- Rs. 7000 in case of a Joint Account.
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