If you are having a savings account in Post Office then this news is directly related with you. Actually, Government has decided to take the amount earned as interest in Post office savings account under income tax.This will be effective from 2011-12 that is the running economical year itself.
Central Board of Direct Taxes, CBDT has also made a notice regarding the issue of the rule. According to this notice, personal accounts having an annual interest more than Rs. 3500, will have to pay income tax whereas in case of joint account the limit is Rs 7000.
Tell you that, there is an interest rate of 3.5 % per annum in Post Office Savings account whereas the rate of interest rate is 4% in bank savings accounts. But till now the interest from Post Office was tax free.
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