New TDS rules for PPF, other small savings schemes: Check details here

Rules apply only for cash withdrawals of non-ITR filers

savings, schemes, funds, cash, insurance, tax, salary

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In the Union Budget 2021-22, Finance Minister Nirmala Sitharaman had said senior citizens above the age of 75, who only have pension and interest as source of income, will be exempted from filing ITR

Bindisha Sarang Mumbai

3 min read Last Updated : Apr 01 2021 | 6:10 AM IST

The Department of Posts (DoP) — trading as India Post — has issued new rules for tax deducted at source (TDS) if the aggregate withdrawal from all post office schemes is more than Rs 20 lakh.

Kapil Rana, founder and chairman, HostBooks, says, “DoP has brought the withdrawal from all post office schemes under the preview of Section 194N and will deduct tax in accordance with the provisions mentioned in this Section.”

Some of these schemes are Public Provident Fund, National Pension System, and Sukanya Samriddhi Yojana.

Possible implications

According to the new norms, if an investor has not filed his income-tax returns (ITR)

Topics : TDS small savings schemes PPF Investments

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