Thursday, March 12, 2015

SENIOR CITIZENS TAX SAVINGS SCHEME

SENIOR CITIZENS SAVINGS SCHEME
• Individual above 60 years (VRS persons 55 and above) can invest.

• Duration 5 years. Can be extended for further 3 years.

• Multiple/Joint accounts are allowed.

• Maximum Limit 15 Lakh.

• Lock-in period 1 year. Premature closure allowed with penal interest.

• Interest @ 9.2% p.a. payable Qly.

• 1.5 Iakh invested earns Rs. 3450 per Qtr.

• Interest earned is taxable.

• Tax Exemption: Eligible for exemption U/s 80C for overall Invest. upto Rs. 1.5 lakh. Int. earned is taxable.