Thinking of investing in a post office scheme to save tax? So be aware, 80C benefit is not available in these saving schemes

People think of different options to save tax. The best option among them is Post Office Savings Scheme. Most of the small savings schemes offer the benefit of Section 80C of Income Tax, but there are many post office schemes where this benefit is not available.

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The month of March will start from tomorrow. People think of different options to save tax. The best option among them is Post Office Savings Scheme. Most of the small savings schemes offer the benefit of Section 80C of Income Tax, but there are many post office schemes where this benefit is not available.

You should know about these schemes before investing in post office scheme for tax saving. Kisan Vikas Patra is a post office scheme. In which the benefit of Section 80C is not given. Tax has to be paid on the returns received from it. The income generated by it is counted under 'Income from other sources' in ITR.

RD - 5 years RD also does not get the benefit of Income Tax Section 80C. Tax has to be paid on all the returns received by him. Apart from this, you can invest in Post Office Time Deposit for one, two, three and five years. Income tax benefit is available only on 5 years term deposits. Deposits remaining for one, two and three years are not exempted from tax.

Even in Post Office Monthly Scheme, investors do not get income tax benefits. Up to 9 lakh rupees can be invested in this scheme. TDS is deducted if the amount of interest received in this scheme exceeds the limit.

Mahila Samman Savings Certificate – This scheme was announced by the Modi government in the budget of the year 2023. There is no tax benefit on this scheme either. In this scheme you have to pay income tax on the interest income.