Senior Citizen Savings Scheme (SCSS) can help you get a regular interest income post-retirement. Read on to know whether this income is taxable or not.
Senior Citizen Savings Scheme (SCSS) can help you get a regular interest income post-retirement. Read on to know whether this income is taxable or not.
Interest income from SCSS deposits is taxable as per the depositor’s tax slab.
Interest income from SCSS deposits is taxable as per the depositor’s tax slab.
However, by depositing in SCSS account, you can earn up to Rs 50,000 as tax-free interest income.
However, by depositing in SCSS account, you can earn up to Rs 50,000 as tax-free interest income.
If you earn more than Rs 50,000 as interest income from SCSS then TDS will deducted on the amount exceeding this limit.
If you earn more than Rs 50,000 as interest income from SCSS then TDS will deducted on the amount exceeding this limit.
Deposits up to Rs 1.5 lakh in SCSS account can be claimed as deduction under Section 80C of the Income Tax Act 1961.
Deposits up to Rs 1.5 lakh in SCSS account can be claimed as deduction under Section 80C of the Income Tax Act 1961.
Currently, investors are allowed to deposit up to Rs 30 lakh in their SCSS accounts.
Currently, investors are allowed to deposit up to Rs 30 lakh in their SCSS accounts.
An individual can have multiple accounts but the sum of deposits in all such accounts should not be more than Rs 30 lakh.
An individual can have multiple accounts but the sum of deposits in all such accounts should not be more than Rs 30 lakh.