CA Bhuvnesh Goyal

Marriage has traditionally held a sacred place in Indian society, with people placing the union of two individuals as a couple on a very high pinnacle. Throughout history, the practice of marriage has accumulated so many norms and ethics that it has resulted in a union of two families rather than two individuals. When picking partners for marriage, there is frequently a significant level of social involvement. In many regions of India, for example, marriage between members of the same social status or caste has become a norm, while inter-caste marriages are strongly prohibited. The Special Marriage Act was drafted into the Indian legal system in the year 1954 as one of independent India’s most prominent secular measures. The Act was designed to be a legislation that governs marriages which couldn’t be solemnized under the various religious customs. The Act is applicable to all Indian citizens, whether residing in India or abroad. The State of Jammu and Kashmir is excluded under the ambit of this Act, though residents domiciled in other states but residing in Jammu and Kashmir would qualify for these provisions. A brief overview of the Special Marriage Act, 1954 As one of independent India’s most significant secular initiatives, the Special Marriage Act, 1954 was brought into the Indian legal system in 1954. The Act was intended to be a piece of legislation that controls weddings that could not be solemnised due to religious traditions. The Act applies to all Indian nationals, whether they live in India or outside. The State of Jammu and Kashmir is not included in the scope of this Act, although persons domiciled in other states but residing in Jammu and Kashmir would be eligible for these provisions.  It is a piece of law that establishes a special type of marriage by registration. Marriage is unique in that there is no requirement to convert or reject one’s religion. Unlike conventional arranged weddings, which include two families from the same caste or community, the Act aspires to legalise interreligious or inter-caste marriages. The Act’s Certificate of Registration has been regarded as universal evidence of marriage. As stated in the Preamble, the Act allows for a special form of marriage in specific circumstances, registration of such and other marriages, and divorce Objectives of the Special Marriage Act, 1954 The following are the key goals that may be derived from the Act’s Preamble:  A specific type of marriage, documentation of certain marriages, separation. Conditions for Marriage Neither of the parties has a living spouse. Neither of the parties is incapable of consenting to the marriage owing to unsound mind. Neither of the parties is affected with any mental disorder which renders them unfit for marriage and the procreation of children. Neither of the parties is subject to constant attacks of epilepsy or insanity. The bridegroom and the bride have attained the age of 21 and 18 respectively. The parties are not within the confines of a prohibited relationship. It may be noted though that if a custom governing at least one of the parties doesn’t prohibit a marriage between them, the marriage can be solemnized under this Act. Applicability of the Special Marriage Act, 1954 The Special Marriage Act, 1954 extends to all Indian states as well as Indian nationals living in other countries. Individuals of diverse faiths, such as Muslims, Hindus, Parsis, Sikhs, or Christians, can marry under this Act. The Act applies not only to interreligious or inter-caste marriages or love marriages but also to intra-faith marriages and provides an option to register marriages performed in accordance with the couple’s personal laws. The fulfillment of customs and ceremonies to solemnise the marriage is a requirement of personal laws, whether Hindu or Muslim law, however, the Special Marriage Act, 1954 does not demand the performance of any rituals or ceremonies; rather, the single requirement for being married is two persons having permission. It applies to the whole of India except the State of Jammu and Kashmir and applies also to citizens of India domiciled in the territories to which this Act extends who are (in the State of Jammu and Kashmir). Marriages between Hindus, Muslims, Christians, Sikhs, Jains, and Buddhists are all covered under the statute. As a result, there is no distinct court marriage for different faiths; rather, it is a uniform process of being married regardless of religion. Important Sections of the Special Marriage Act, 1954 Section 4 of the Special Marriage Act, 1954 addresses the numerous requirements for a lawful marriage. It specifies four basic requirements for a legitimate marriage: It forbids polygamy and declares a marriage null and void if neither party had a spouse living at the time of the marriage. The married partners must be in a sound state of mind. The parties must be able to make their own decisions and be sane at the moment of marriage. Both parties to the marriage must have reached the legal age of majority. The female party must be at least eighteen years old at the time of marriage application, and the male party must be at least twenty-one years old. The parties going into marriage should not be in close proximity to one another and should not be in a forbidden connection with each other. The degree of banned relationship is determined by the conventions of the persons involved and differs from one tradition to the next. Schedule one of the legislation outlines the degrees of banned connections; nonetheless, in typical circumstances, the norms governing persons take precedence. The marriage will only be lawful if all of these prerequisites are met. Other prerequisites for a lawful marriage include the permission of the parties, with both parties entering into the marriage providing acceptable consent. The willingness of both parties is taken into account. The caste or religion of either party is not taken into account and will not operate as a barrier. Section 5 of the Act specifies that the parties must give written notice to the Marriage Officer of the District and that at

The world’s economy is dynamic and subject to constant change. This change is evident from a decrease in the purchasing power of money due to a sustained rise in the prices of goods and services. The phenomenon of a reduction in the value of money, which leads to an increase of an individual’s cost of living, is known as inflation.  Cost Inflation Index or CII is a tool used in the calculation of an estimated yearly increase in an asset’s price as a result of inflation. The Central Government fixes this index and publishes it in its official gazette for measuring inflation. This index, notified each year by the Government is defined under Section 48 of the Income Tax Act, 1961. What is Cost Inflation Index? The cost inflation index (CII) is a means to measure inflation, which is used in the computation of long-term capital gains concerning the sale of assets. Cost inflation takes into account the Consumer Price Index (CPI) for a given year for urban non-manual employees for the preceding year. What is the Purpose of CII? A Cost Inflation Index table is used to calculate the long term capital gains from a transfer or sale of capital assets. Capital gain refers to the profit acquired from the sale/transfer of any capital assets, including land, property, stocks, shares, trademarks, patents, etc.  In accounting, usually, long term capital assets are recorded at their cost price in books. Thus, despite rising prices of assets, these capital assets cannot be revalued.   Thus, at the time of sale of these assets, the profit or gain acquired from them remains high due to their high sale price in comparison to their purchase price. As a result, assessees also have to pay a higher income tax on the gains from these assets. With the application of Cost Inflation Index for capital gain, in the long run, the purchase price of assets is adjusted according to their sale price, leading to lower profits and lower tax amount on them. The Central Board of Direct Taxes in February 2018 notified new Cost Inflation Index numbers applicable from 2017-18 onwards. In this revision, there was a shift from the old base year of 1981 to 2001, with 100 taken as its CII. The indices for subsequent years were also revised accordingly.  This revision in the base year was prompted to solve the difficulties faced by taxpayers in the calculation of tax payable for gains from capital assets purchased on or before 1981. Following are two tables illustrating new and old Cost Inflation Index for the last ten financial years –  Old CII Table Financial Year CII 2007-08 551 2008-09 582 2009-10 632 2010-11 711 2011-12 785 2012-13 852 2013-14 939 2014-15 1024 2015-16 1081 2016-17 1125 New CII Table Financial year Cost Inflation Index 2024-25 363 2023-24 348 2022-23 331 2021-22 317 2020-21 301 2019-20 289 2018-19 280 2017-18 272 2016-17 264 2015-16 254 2014-15 240 2013-14 220 2012-13 200 2011-12 184 2010-11 167 2009-10 148 2008-09 137 2007-08 129 2006-07 122 2005-06 117 2004-05 113 2003-04 109 2002-03 105 2001-02 100 How is Cost Inflation Index used in Income Tax? Long-Term Capital Assets are recorded at cost price in books. Despite increasing inflation, they exist at the cost price and cannot be revalued. When these assets are sold, the profit amount remains high due to the higher sale price as compared to the purchase price. This also leads to a higher income tax.  The cost inflation index is applied to the long-term capital assets, due to which purchase cost increases, resulting in lesser profits and lesser taxes to benefit taxpayers. To benefit the taxpayers, the cost inflation index benefit is applied to the long-term capital assets, due to which purchase cost increases, resulting in lesser profits and lesser taxes. What is the Concept of the Base Year in Cost Inflation Index? The base year is the first year of the cost inflation index and has an index value of 100. The index of all other years is compared to the base year to see the increase in inflation percentage. For any capital asset purchased before the base year of the cost inflation index, taxpayers can take the purchase price higher of the “actual cost or Fair Market Value (FMV) as on the 1st day of the base year. Indexation benefit is applied to the purchase price so calculated. FMV is based on the valuation report of a registered valuer. Why is Cost Inflation Index Calculated? The Cost Inflation Index is calculated to match the prices to the inflation rate. In simple words, an increase in the inflation rate over time will lead to a rise in prices. How is Indexation Applied for Long-Term Capital Assets? Indexation is applied to the cost of asset acquisition to adjust the price of assets in accordance with inflation. Following is the formula to calculate indexed cost of asset acquisition –  Indexed Cost of Asset Acquisition = (CII for year of sale or transfer x Cost of asset acquisition)/ CII for first year in the holding period of asset or year 2001-02, whichever comes later Following is the formula to calculate the indexed cost of asset improvement–  Indexed  Cost of Asset Improvement = (CII for year of sale or transfer x Cost of asset improvement)/ CII for year during which the asset improvement took place Example of Application of Indexation for Long-Term Capital Assets  Mr Paul invested in the purchase of a capital asset in Financial Year 1994-95 for Rs. 1,00,000. The Fair Market Value of this capital asset on April 1st 2000 was Rs. 2,20,000. He then proceeded to sell this asset in the financial year 2015-16. Following is a calculation of the indexed cost of asset acquisition –  In the case mentioned above, the asset is purchased before the base year. Therefore, cost of asset acquisition, in this case, = Higher between FMV and actual cost of the asset, as on April 1st 2000. Therefore, the cost of acquisition of this asset

The Child Marriage Restraint Act was a legislative act passed on 28 September 1929. The act fixed the marriageable age for girls at 14 years and 18 years for boys. It is popularly known as the Sharda Act after its sponsor, Harbilas Sarda. The Prohibition of Child Marriage Act, 2006, presently sets the marriageable age to be 18 and 21 for boys and girls respectively. Overview of the Child Marriage Restraint Act Child Marriage Restraint Act, 1929 Long Title An Act to define the age of marriage in India Territorial Extent The whole of British India, with Princely states being exempted. Enacted by Imperial Legislative Council Enacted 28 September 1929 Commenced 29 September 1929 Status Amended How was the Child Marriage Restraint Act Formed? Various bills addressing questions on the age of consent were introduced in the Indian legislatures and defeated. The All India Women’s Conference, Women’s Indian Association and National Council of Women in India, through their members developed and articulated the argument in favour of raising of the age for marriage and consent before the Joshi Committee. Muslim women presented their views to the Joshi Committee in favour of raising the age limit of marriage even when they knew that they would face opposition from Muslim Ulemas. The Joshi Committee presented its report on 20 June 1929 and was passed by the Imperial Legislative Council on 28 September 1929 and became a law on 1 April 1930, after approval from Lord Irwin extending to the whole of British India. It fixed 14 and 18 as the marriageable age for girls and boys respectively of all communities. Objectives of the Act The primary object of the Act is to prohibit solemnization of child marriage. This Act is armed with enabling provisions to prohibit child marriages and provide relief to victims and enhance punishment for those who abet, promote or solemnise such marriages. As per the act, the age of marriage for boys is 21, and for girls, it is 18, and any marriage of people below this age will be considered as a child marriage which is illegal, an offence and is punishable under the law. The below following are the objectives of this legislation The Act makes child marriage voidable. The Act also allows for maintenance and residence for the girl till her remarriage from the male contracting party or his parents. All the punishments contemplated under the Act are quite enhanced as compared to the 1929 Act. What is the significance of the Child Marriage Restraint Act? The Child Marriage Restraint Act was the first social reform issue taken up by an organized women’s group in India. This group pressured many politicians into supporting the act by picketing their delegations, holding placards, and shouting slogans. They believed that the passing of this act would show the world that India is serious about social reforms. By showing support for this act, women in India were challenging the double standards of the ancient Shastras. Declaring they would begin to make their own laws, free of male influence, the women’s organization brought liberal feminism to the forefront. Although this was a victory for the women’s movement in India, the act itself was a complete failure. In the two years and five months, it was an active bill, there were 473 prosecutions, of which only 167 were successful. The list goes on with 207 acquittals, with 98 cases still pending during August 1932. Out of the 167 successful prosecutions, only 17 or so did either all of or part of their sentence. The majority of cases were in Punjab and the United Provinces. However, the Act remained a dead letter during the colonial period of British rule in India. As per Jawaharlal Nehru, this was mainly because the British colonial government did nothing to propagate awareness of it, especially in smaller towns and villages of India. In his autobiography, Nehru elucidates that this was largely due to the fact that the British did not want to earn the displeasure of the communal elements among the Hindus and Muslims. In the 1930s, the only parties in India that continued to support British rule were these communal groups. The British government did not wish to lose its support. Hence, they completely avoided implementing this and similar social reforms, instead of focusing their attention on preventing the Indian freedom movement. Thus, their infamous “Dual Policy” prevented any significant social reform in India. Implementation of the Act Prevention The law seeks to prohibit child marriages by making specific actions punishable and by appointing certain authorities responsible for the prohibition and prevention of child marriages. These persons are responsible for ensuring that the Act is implemented. Child Marriage Prohibition Officers (CMPO) are to be appointed in every state to prohibit child marriages, ensure the protection of the victims as well as prosecution of the offenders. The Act lays down penal provisions for those who solemnise child marriages. The Prohibition of Child Marriage Act, under section 11 provides punishment for those who permit and promote child marriages. Protection The law provides for all support and aid including medical aid, legal aid, counselling and rehabilitation support to children once they are rescued. It gives legal status to all children born from child marriages and makes provisions for their custody and maintenance. It provides for the residence and maintenance of the female contracting party. Prosecution of Offenders The law provides for punishment for a male above 18 years of age marrying a child. The Child Marriage Prohibition Officer has been empowered to provide necessary and legal aid to victims of child marriage and to produce children in need of care and protection before the Child Welfare Committee or a First Class Judicial Magistrate, where there is no Child Welfare Committee. Child Marriage Prohibition Officers A child marriage prohibition officer is deemed a public servant in this act. The Child Marriage Prohibition Officer (CMPO), who is responsible for ensuring no child marriage, takes place in their jurisdiction by approaching the courts for

Road Tax in Bihar is governed by the state transport department. The amount that is paid as tax is computed based on a number of factors including fuel type, vehicle age, weight, engine capacity and seating capacity among several other factors. Purchasing a vehicle is the dream of many Indians, with an upgrade constantly on our minds. While most companies provide the ex-showroom price of a vehicle, the ultimate cost of owning and registering it is higher, on account of road tax imposed by different states. The road tax in Bihar (Capital City: Patna) is governed by the Transport department, with Regional transport offices across the state registering new vehicles. With the number of vehicles on the road increasing every day, road tax becomes an important revenue source for a government to improve the roads in their state. Bihar Road Tax Vehicle-owning citizens in Bihar must pay the road tax on time. The money collected from the road taxes allows the government to carry out various developmental projects in the state, like building new roads for enhanced connectivity, improving public transportation within the cities, repairing old roads, etc. The Bihar road taxis to be paid by vehicle owners while they are registering their cars at the Regional Transport Office (RTO). The tax can be paid all at once on a lifetime basis or according to three plans, which are: Monthly Quarterly Annual Bihar Road Tax Calculation The Bihar road tax is calculated keeping the below-mentioned factors in mind: Vehicle type (two-wheeler, three-wheeler, or four-wheeler) The seating capacity of the vehicle (for instance, tax varies for five-seater cars and seven-seater cars) The age of the vehicle The engine capacity of the vehicle Usage of the vehicle (personal or commercial) Road Tax in Bihar for Two-Wheelers In Bihar, tax charges on two-wheelers are imposed based on their price range: Price Range of the Vehicle Road Tax Imposed Less than Rs. 1 Lakh 8% on the total cost of the vehicle Rs. 1 Lakh – Rs. 8 Lakhs 9% on the total cost of the vehicle Rs. 8 Lakhs – Rs. 15 Lakhs 10% on the total cost of the vehicle Above Rs. 15 Lakhs 12% on the total cost of the vehicle Road Tax in Bihar for Three-Wheelers Three-wheeler vehicles like autorickshaws fall into the commercial vehicle category. The road tax charges imposed on three-wheelers are based on the age of the vehicle. Time Period Road Tax Price Imposed 0 – 5 years Rs. 6,000 5 – 10 years Rs. 6,700 10 – 15 years Rs. 10,000 Road Tax in Bihar for Four-Wheelers Similar to two-wheelers, tax charges on four-wheelers in Bihar are also imposed based on their price range: Price Range of the Vehicle Road Tax Imposed Less than Rs. 1 Lakh 8% on the total cost of the vehicle Rs. 1 Lakh – Rs. 8 Lakhs 9% on the total cost of the vehicle Rs. 8 Lakhs – Rs. 15 Lakhs 10% on the total cost of the vehicle Above Rs. 15 Lakhs 12% on the total cost of the vehicle Road Tax for Commercial Vehicles in Bihar For four four-wheeler vehicles in Bihar which fall under the commercial category like taxis, cabs, etc., the following charges are applicable, based on their price range: Price Range of the Vehicle Road Tax Imposed Less than Rs. 1 Lakh 8% on the total cost of the vehicle Rs. 1 Lakh – Rs. 8 Lakhs 9% on the total cost of the vehicle Rs. 8 Lakhs – Rs. 15 Lakhs 10% on the total cost of the vehicle Above Rs. 15 Lakh 12% on the total cost of the vehicle For bigger commercial vehicles like vans, maxi cabs, etc., the road tax price is determined depending on the seating capacity: Seating Capacity of the Commercial Vehicle Ordinary Vehicle Semi-Deluxe Vehicle Deluxe Vehicle Luxury Vehicles 13 – 26 seats Rs. 550/seat Rs. 675/seat Rs. 785/seat Rs. 1300/seat 27 – 32 seats Rs. 600/seat Rs. 750/seat Rs. 860/seat Rs. 1300/seat 33 seats or more Rs. 700/seat Rs. 870/seat Rs. 1025/seat Rs. 1300/seat   Online Road Tax Payment in Bihar Visit the official Vihan Citizen Services website of Bihar. In the tab on the left, enter your vehicle registration number, and proceed to select the state and the RTO. Once the new window pops open, click on login. Now click on ‘Pay Your Tax.’ Fill in all the details required, along with the registration amount for the vehicle. Complete the payment through the desired payment option. Ensure to save the Bihar Vahan road tax receipt for future reference FAQs Who is eligible for a road tax exemption in Bihar? Women who own a three-wheeler or a four-wheeler as a commercial vehicle and have a valid driving license are free from paying road tax. Invalid carriages are likewise exempt from taxation.  What is the time limit to pay road tax in Bihar? If you don’t register your new vehicle within 30 days after buying it, you will have to pay a penalty. Law enforcement in the state is also likely to impose a penalty on vehicle owners who do not pay their one-time tax. 

RBL Bank has been recognised as one of the country’s fastest growing private sector banks. Since its establishment, the bank has expanded the scope of its operations to a wide range of financial products and services. One of the many services that the bank offers its customers is the current account. A current account is a type of bank account where there are very high limits on the withdrawals and deposits made to the account. The account provides account holders with high liquidity and, in several cases, an overdraft facility. Current accounts are usually used by individuals who run businesses and have high influx and outflow of cash. RBL Bank Current Account Products Traders Current Account Exceed Business Banking Business Account Self Employed Professional Current Account India Start-Up Club (ISC) Current Account Exceed Global Trade Current Account Traders Current Account This current can be opened by the traders who run small businesses with the need for specific requirements for the business. This current account for the traders serves the financial obligations of the fast-growing business. Free cash deposit up to Rs.15 lakhs per month. RTGS and NEFT inward fund transfers (within RBL Bank) are free with this account. Demand Draft at RBL Bank Branch locations are free (if beyond the free limit – Rs. 50) RBL Current Account           RBL Current Account Average Monthly Balance (AMB) Requirement Non – Maintenance of AMB Cash Deposit Requirement Cash Withdrawal Home Branch Non-Home Branch Home Branch Non-Home Branch Traders Current Account   Rs. 75,000 per month Rs. 1000 for AMB greater than Rs. 50,000/- Rs. 2/1000 Min Rs. 50 per transaction Rs. 2/1000 Min Rs. 50 per transaction Free (Unlimited) Rs. 1/1000 Min Rs. 25/Txn Exceed Business Banking This current can be opened by the business entities which provide the account holders with the banking support in terms of its business expertise. Free unlimited ATM transactions at any bank’s ATM RTGS and NEFT inward fund transfers (within RBL Bank) are free with this account. Demand Draft at RBL Bank Branch locations is free (if beyond the free limit – Rs. 50) RBL Current Account           RBL Current Account Average Monthly Balance (AMB) Requirement Non – Maintenance of AMB Cash Deposit Requirement Cash Withdrawal Home Branch Non-Home Branch Home Branch Non-Home Branch Exceed Business Banking   Rs. 50000 per month If AMB is lesser than or equal to 50% – Rs.600 If AMB is >= 50% – Rs.400 ` 2/1000 Min ` 50/Txn 2/1000 Min ` 50/Txn Free (Unlimited) Free (Unlimited) Business Account This account provides the account holders with many business opportunities using the bank’s financial services. Demand Draft at RBL Bank Branch locations is free (if beyond the free limit – Rs. 50) Visa International debit card is free of cost on opening this account. Free unlimited ATM transactions at any bank’s ATM RBL Current Account             RBL Current Account Average Monthly Balance (AMB) Requirement   Non – Maintenance of AMB   Cash Deposit Requirement   Cash Withdrawal   Metro Urban Rural/ Semi-Urban Metro Urban Rural/ Semi-Urban Home Branch Non-Home Branch Home Branch Non-Home Branch Business Account   Rs. 5,000 Rs. 3,000 Rs. 1,000 If AMB is <=50% – Rs. 150 If AMB is <= 50% -Rs 300 AMB is >50% – Rs. 100 If AMB is >= 50% -Rs 200 AMB is <= 50%-Rs. 75 Rs. 2.5/1000 Min Rs. 50/Txn Rs. 2.5/1000 Min Rs. 50/Txn Free (Unlimited) Free Rs. 1 Lac per day Self Employed Professional Current Account This account aims at providing a specialised educational training and legal qualification for the people who opt for the training to become a part of a professional body.  Free cash deposits up to Rs.5 lakhs per month at all RBL Bank branches. Free unlimited ATM transactions at any bank’s ATM This account offers a free Platinum debit card to the customers on opening this account. India Start-Up Club (ISC) Current Account This current account is a designed for the start-ups that will enable them to run their business by offering convenient services. Free unlimited ATM transactions at any bank’s ATM. Account holders can avail the comprehensive trade finance and foreign exchange (FOREX) services. It also offers with the bank’s partner services that include company registration, taxation services, CRM solutions, office space, and social media marketing. RBL Current Account             RBL Current Account Average Monthly Balance (AMB) Requirement   Non – Maintenance of AMB   Cash Deposit Requirement   Cash Withdrawal   Metro Urban Rural/ Semi-Urban Home Branch Non-Home Branch Home Branch Non-Home Branch India Start-Up Club (ISC) Current Account   Rs. 20,000 per month If AMB is <=50% – Rs. 150 If AMB is <= 50% -Rs 300 AMB is >50% – Rs. 100 If AMB is >= 50% -Rs 200 AMB is <= 50%-Rs. 75 Rs. 2.5/1000 Min Rs. 50/Txn Rs. 2.5/1000 Min Rs. 50/Txn Free (Unlimited) Free Rs. 2 Lacs per day Exceed Global Trade Current Account This current account is a designed for the individuals to cater their financial needs of those who carry-out cross border business transactions in addition with domestic transactions. This account comes up with two variants that are explained below: • Exceed Extra Current Account• Exceed Express Current Account• Exceed Elite Current Account S.No. RBL Current Account RBL Current Account Average Monthly Balance (AMB) Requirement Non – Maintenance of AMB Cash Deposit Requirement Cash Withdrawal 1. Exceed Extra Current Account Rs. 50000 If AMB is <= 50% – Rs.600 If AMB is >= 50% – Rs.400 Rs. 2/1000 Min Rs. 50/Txn Free ( Unlimited) 2. Exceed Express Current Account Rs. 100000 If AMB is <=50% – Rs.750 If AMB is >=50% – Rs.500 Free 10 Times previous month’s MAB Free ( Unlimited) 3. Exceed Elite Current Account Rs. 200000 Rs. 300 for MAB > 1.5 lakhs Free 15 Times previous month’s MAB Free ( Unlimited) Features and Benefits – RBL Bank Current Account A current account is designed to enable businesspeople and self-employed professionals to conduct their business transactions efficiently. Current accounts do not provide any interest on

Post office is one of the oldest organizations in India which started way back during the British era in Oct 1854, initially focusing only on delivering mail (post) and later started providing an array of other financial services i.e., Banking, Insurance & Investments. The biggest advantage of these schemes is their sovereign guarantee i.e., it is backed by the government. Some of the post office savings schemes also offer tax-savings benefits U/S 80C of the Income Tax Act. Below is a list of such schemes with their applicable Interest rates: – Scheme Interest Rate (Updated) Minimum Investment (Rs) Maximum Investment Eligibility Tax Implications Post Office Savings Account 4% 500 No limit Individuals including Minors Exempted Interest up to ₹10,000 National Savings Recurring Deposit Account 6.7% 100 per month in multiples of 10 No limit Individuals including Minors – National Savings Time Deposit Account 6.9% – 7.5% 1,000 and multiples of 100  No limit Individuals including minors Section 80C deduction on deposits for 5 Years National Savings Monthly Income Account 7.4% p.a. payable monthly 1,000 Max Rs 4.5 lakh for single A/C and Rs 9 lakh for Joint A/C Individual including minors The interest you earn is taxable and there are no deductions on the deposits, as per Sec 80 C Senior Citizen Savings Scheme Account 8.2% p.a. (Compounded Annually) 1,000 Max Rs 30 lakh Persons more than 60 years of age and above 50 years of age who have taken VRS or superannuation. There are tax benefits on scheme deposits as per Sec 80 C TDS is deducted if the interest earned is more than Rs 50,000 Interest taxable if more than Rs 50,000 Public Provident Fund Account (PPF) 7.1% p.a. (Compounded Annually) 500 Max 1.5 lakh per financial year Individual and minors Tax  relief available under section 80C for deposits Interest earned is tax-free National Savings Certificates (NSC) 7.7% p.a. (Compounded Annually) but payable at maturity 1,000 No Limit Individual and minors Deposits qualify for tax exemption under 80C Kisan Vikas Patra Account 7.5% p.a. (Compounded Annually) 1,000 No limit Individual and minors The interest is taxed, but the amount received upon maturity is tax-free Sukanya Samriddhi Account 8.2% p.a. (Compounded Annually) 250 Max 1.5 lakh per financial year Girl child below the age of 10 is eligible. To be opened in the name of the girl child by the guardian – Post Office Schemes in Brief Post Office Savings Account – It acts as a normal savings account of any bank, and the account is transferable from one post office to another. National Savings Recurring Deposit Account – The Scheme helps small/poor investors to form a corpus to meet their future needs. An account is either opened by an adult or by two adults jointly.  National Savings Time Deposit Account – There is a tax benefit for the investment made in the 5-year post office time deposit. The investment qualifies for the deduction under Section 80C of The Income Tax Act, 1961. National Savings Monthly Income Account – This is a scheme in which investors contribute a certain amount and earn a fixed interest every month. Senior Citizen Savings Scheme Account – The Scheme is a savings instrument offered to Indian residents aged over 60 years. The deposit matures after 5 years from the date of account opening but can be extended once by an additional 3 years by the investor. Public Provident Fund Account – Public Provident Fund is a long-term investment scheme declared by the Government of India. It is a safe post office deposit scheme that offers tax exemptions and attractive interest rates as decided each financial year. National Savings Certificate (NSC) – The Scheme is a fixed income investment scheme that one can open with a post office. As part of an initiative from the Government of India, it is a savings bond that encourages subscribers, primarily small or mid-income investors, to invest while saving on income tax. Kisan Vikas Patra Account – Kisan Vikas Patra is a certificate scheme from the post office. It may actually double as a one-time investment in a period of approximately 9 years & 10 months.  Sukanya Samriddhi Account – SSY is a savings scheme launched by the Government of India for the financial betterment of the girl child. The scheme enables parents to build capital for the future education and marriage expenses of their female child and provides an attractive interest rate on the investment. Interest Rate and Taxability on Different Savings Schemes List of Schemes  Interest Rate and Return Taxability Public Provident Fund  7.1% p.a. compounded annually Maximum deposit of Rs. 1,50,000 in a financial year is exempted under section 80C Post Office Savings Account 4.00% p.a. on individual/joint accounts Interest earned is Tax Free up to Rs. 10,000 p.a. from financial year 2012-13 Post Office Recurring Deposit Account 6.7% p.a. on individual/joint accounts _ Post Office Time Deposit Account 6.9% (1 year), 7% (2 year), 7.1% (3 year) and 7.5% ( 5 year) The investment under 5 Years TD is qualified for the benefit of Section 80C of the Income Tax Act, 1961 from 1st April 2007 Post Office Monthly Income Savings Account (MIS) 7.4% per annum payable monthly The maximum investment limit is Rs. 9 lakh in single account and Rs. 15 lakh in joint account Senior Citizen Savings Scheme 8.2 ​% per annum* The maximum limit not exceeding Rs. 30 lakh and the investment under this scheme is qualified for the benefit of Section 80C of the Income Tax Act, 1961 from 1st April 2007 Kisan Vikas Patra 7.5% compounded annually                     – National Savings Certificate 7.7 % compounded annually but payable at maturity The deposits are qualified for   for tax rebate under section 80C of Income Tax Act and the interest accruing annually but deemed to be reinvested under Section 80C of IT Act Sukanya Samriddhi Accounts 8.2% p.a. calculated on the annual basis Maximum deposit of Rs. 1,50,000 in a financial year Documents for Post Office Saving Schemes Form (relevant) KYC Form PAN Card Aadhaar Card