Reserve Bank of India

post office senior citizen saving scheme - finance india?

If my mom invests in post office senior citizen saving scheme will she get 9% interest. I believe the interest is taxable. Can she get exemption from TDS by submitting form 15H ( note : she does not have any other income or assets but my father owns property)

Public Comments

1. Read the Finance Minister clarification in this connection: F.No.2/8/2005-NS-II Ministry of Finance Department of Economic Affairs Budget Division … New Delhi, the 23rd June, 2006 Office Memorandum Subject:Senior Citizens Savings Scheme, 2004 – Issues relating to TDS- Clarifications regarding- …. The following clarifications received from the Central Board of Direct Taxes on issues relating to Tax Deduction at Source (TDS) on interest payable on deposits under the Senior Citizens Savings Scheme, 2004 is hereby circulated for information and necessary action: i)An individual resident in India of 65 years of age or above may furnish a declaration in Form No.15-H to the Bank/Post Office if the tax on the estimated income for the financial year is nil. ii)A declaration in Form No.15-G can be furnished by a depositor of less than 65 years of age.