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National Savings Scheme
Indian Postoffice Savings
National Savings Scheme (NSS) offers an assured return and tax rebates under Income Tax Act. The rate of interest is 9 per cent per annum, compounded annually.
NSS is available at post offices across India. You can open only one account in a year. There is no prescribed upper limit to the amount you might want to invest in the scheme.
NSS is mostly viewed upon as a tax-saving instrument. It combines growth in money (capital appreciation) with cuts in tax outgo.
Since the NSS has a fixed rate of return, it cannot provide adequate safeguards against high inflation rates, but it helps as an instrument to reduce income tax liability.
rakesh [ 30Jun08]
tax calculator year wise for n.s.c.
to find out year wise acccrued interest
R.Jayaraman [ 08Nov08]
Dear Sir,
On 31/03/1990, I opened an NSS account with Post Office.The present balance is Rs 260000/- I did not withdraw any amount till 2006. From 2006, I have been withdrwaing Rs 50,000/- annually.I am 71 years of age and not in very good health.I would kike to close the account and withdraw the entire amount without deduction of tax at source, as dealing with the Income Tax Department is not a pleasant exercise.The department owes refunds for over 10 years. Inspite of writing to Grievance Cell and the Income Tax Ombudsman there is no reply.Hence my desire to withdraw without deduction of tax at source.Obtaining a refund after deduction of tax will not be possible in my lifetime Hence the desire to close the account without deduction of Tax.
Shall be thankful for your views in the matter.
Regards
R.Jayaraman.
email rjraman37@yahoo.co.in
Chetan Shah [ 12Nov08]
Dear Sir
I M looking for a good handy, easy to operate software for managing my post offcie client database for small savings like PO Recurring Deposite MIS NSC KVP TD data entry and report printing. Please suggest some good software package.