भारतीयडाकविभाग/ DEPARTMENT OF POSTS INDIA
मुख्यपोस्टमास्टरजनरलकार्यालय, तमिलनाडुपरिमंडल, चेन्नई 600002
Office of the Chief Postmaster General, Tamilnadu Circle, Chennai 600002.
सेवामें / To:
The DDG (FS),
Department of Posts, Dak Bhawan,
New Delhi-110 001.
NO.SB/Misc/2022 dated at Chennai-2 the 23.04.2024.
Sub: Deduction of TDS from the Quarterly interest credited for the SCSS accounts in April 2024 - regarding.
This is regarding deduction of TDS from the quarterly interest credited for the SCSS accounts for the Q.E 31.03.2024. More number of grievances are received in this connection from the senior citizen customers over phone and email stating that in spite of submission of their form 15 H / 15 G for the FY 2023-24, TDS is recovered from the quarterly interest.
As per the prevailing rules, the quarterly interest for SCSS accounts is to be credited on the 1st date of every quarter (i.e. 1st of April, 1st of July, 1st of October & 1st of January) for the preceding quarter.
It is submitted that last year, the maximum deposit in SCSS accounts has been enhanced from 15 lakhs to 30 lakhs vide SB Order 06 2023 dated 31.03.2023. If the annual interest payable to the depositor exceeds Rs. 50000, then the system will deduct 10% of TDS from the interest amount. On submission of Form 15 H by the depositor at Post office, the system will not recover any TDS. CEPT vide email dated 08.04.2024 intimated that the tax is deducted as per existing functionality, and this is not an issue (Copy enclosed)
Till last year, this issue was not encountered as the interest amount to be credited for 15 lakhs on 1st April did not exceed Rs. 50,000. But, the maximum limit of deposit is now enhanced and so the interest payable also exceeds Rs. 50,000. Hence, as per the existing functionality in Finacle software, the system will automatically deduct 10% of TDS from the interest amount without waiting for the customer to submit Form 15 H.
In view of the above and in the interest of welfare of senior citizen customers, the following 2 options are suggested.
1. A provision may be brought in Finacle software to refund the deducted TDS in April to the depositor, if Form 15H is submitted by the depositor.
2. As maximum limit of deposit in SCSS accounts is increased to 30 st lakhs, the ceiling on annual interest may also be increased from the existing Rs. 50,000.
It is also requested to issue guidance on the matter to avoid receipt of furthermore complaints in this regard.
This is issued with the approval of DPS(HQ)
Encl: As above.
a.
L/o Assistant Director [SB, FS & PG] सहायक निदेशक (एसबी, एफएस व पीजी)
कृतेमुख्यपोस्टमास्टरजनरल
O/o Chief Postmaster General,
/Chennai 600 002
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