Hey there,
You must be aware that a Senior Citizens' Savings Scheme (SCSS) account is a retirement-benefits account that is supported by the Indian government.
Provident fund contributions, retirement or superannuation gratuity, commuted value of pension, leave encashment, savings component of Group Savings Linked Insurance Scheme payable by the company on retirement, retirement-cum-withdrawal benefit underneath the Employees' Family Pension Scheme, and ex-gratia payments under a voluntary or special voluntary retirement scheme are all included in this category.
The deposit's interest will be reimbursed once every three months.
To answer your query precisely, under section 80C of the Income Tax Act of 1961, the principal amount contributed to SCSS is entitled to a tax deduction of a maximum of Rs. 1.5 lakh annually. The tax rate that applies to the individual applies to interest on SCSS.
I hope I was able to help you.
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Authors Of The Question
Scss taxation--it may please be clarified that total amount including including capital will be taxed on maturity
Arvind Pal Singh
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1 Answers
2 Year
2022-10-31T11:05:38+00:00 2022-10-31T11:05:40+00:00Comment
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