SB Order No.6/2007 : Acting of SAS/MPKBY/PPF agents as an agent or messenger of the depositor for the purpose of withdrawal of money in various saving schemes

SB ORDER NO. 6/2007

No.110-13/2004-SB

Government of India

Ministry of Communications & IT

Department of Posts

Dak Bhawan, Sansad Marg,

New Delhi-110001.

Date: 1.6.2007

To

All Heads of Circles/Regions
Addl. Director General, APS, New Delhi.

Subject:- Acting of SAS/MPKBY/PPF agents as an agent or messenger of the depositor for the purpose of withdrawal of money in various saving schemes.

Sir / Madam,

This is in continuation of this office letter (SB Order No. 29/2006) of even number dated 22.12.2006. In pursuance of Min. of Finance (DEA) letter No. F.1/2/2007-NS-II dated 29.5.2007, the Note 1 below Rule 33 of POSBManual Vol-I is modified from the date of issue of this order and may be read as under:-

POSB Manual Vol-I Rule 33 Note 1:-

(i) Postmaster includes Sub-Postmaster, Branch Postmaster, Dy. Postmaster, A.P.M and SPMs in charge of SB Branch should not act as an agent or messenger of a depositor for the purpose of withdrawal from a saving bank account standing open in his office.

(ii) Any SAS/MPKBY/PPF agent cannot act as an agent or messenger of a depositor for the purpose of withdrawal from his/her saving bank account.

2. This rule is applicable for all type of account in all the small saving schemes.

3. It is requested that this may kindly be brought to the notice of all concerned for information, guidance and necessary action.

5. This issues with the approval of DDG(FS)

Yours faithfully,

(Kawal Jit Singh)

Assistant Superintendent Posts (SB&CC)

Copy to-

1. Director of Audit (P&T), Delhi.
2. All Directors/Dy. Directors of Accounts, Postal
3. Director, Postal Staff College, Ghaziabad.
4. All Directors, Postal Training Centres.
5. DDG(PG)/DDG(VIG)
6. ADG(BS)
7. AD PG/Inspection/PF/Vigilance/Postal Accounts Section
8. All Accounts Officers ICO(SB)
9. All recognized Staff Unions and Associations.
10. Min. of Finance (DEA) NS-II section, North Block, New Delhi.
11. PS to Member (D)

SB Order No. 5/2007 : Deduction of TDS and surcharge on TDS in case of withdrawals from NSS-1987 during 2007-2008

SB ORDER NO. 5 /2007

No.108-56/97-SB

Government of India

Ministry of Communications & IT

Department of Posts

Dak Bhawan, Sansad Marg,

New Delhi-110001.

Date:      25.5.2007

To

All Heads of Circles/Regions

Addl. Director General, APS, New Delhi. 

Subject:- Deduction of TDS and surcharge on TDS in case of withdrawals from NSS-1987 during 2007-2008. 

Sir / Madam, 

The undersigned is directed to say that the Government has amended rates of Income Tax through Finance Act 2007. 

2. Accordingly, the rate of TDS and surcharge on TDS in case of withdrawals from NSS-87 account (U/S 194-EE) for 2007-2008 will be as under:- 

TDS 

The rate of Tax to be deducted will be 20% of the amount of withdrawal during 2007-2008. 

Surcharge 

The amount so deductible shall be enhanced by surcharge calculated as per following rate:- 

a. 10% of TDS, if the income or aggregate of incomes paid or likely to be paid exceeds Rs. 10 lac during the financial year 2007-2008. 

Education Cess 

The amount of TDS+Surcharge shall be further enhanced by 3% of TDS+Surcharge on account of Education Cess. 

3. No tax will be deducted if the amount of total of aggregate withdrawals during the financial year is less than Rs. 2500/-(194-EE). 

4. Tax shall not be deducted at source on withdrawal from NSS-87 account payable to resident individual who furnishes a declaration in writing (in duplicate) in form 15-G up to the amount of withdrawal of Rs. 1,10,000/- (for men) and Rs. 1,45,000/- (for women). No tax will be deducted on withdrawal from NSS-87 account payable to senior citizen of 65 years of age or above who furnishes declaration in writing (in duplicate) in Form 15-H. 

5. It is requested that this may kindly be brought to the notice of all post offices including sub post offices for information, guidance and necessary action. 

Yours faithfully, 

(Kawal Jit Singh) 

Assistant Superintendent Posts (SB&CC)

Copy to-

1.           Director of Audit (P&T), Delhi.

2.           All Directors/Dy. Directors of Accounts, Postal

3.           Director, Postal Staff College, Ghaziabad.

4.           All Directors, Postal Training Centers.

5.           DDG(FS)/DDG(VIG)

6.           Director (FS)/VIG

7.           AD Inspection/PF/Vigilance/Postal Accounts Section

8.           All Accounts Officers ICO(SB)

9.           All recognized Staff Unions and Associations.

10.        Min. of Finance (DEA) NS-II section, North Block, New Delhi.

            11.        PS to Member (D)

SB Order No.4/2007 Deduction of TDS in case of Sr. Citizen Saving Scheme 2004 during 2007-2008 with effect from 1.6.2007

SB ORDER NO. 4 /2007

No.79-8/2004-FS (Vol-V)

Government of India

Ministry of Communications & IT

Department of Posts

Dak Bhawan, Sansad Marg,

New Delhi-110001.

Date:       25.5.2007

To

All Heads of Circles/Regions

Addl. Director General, APS, New Delhi.

Subject:- Deduction of TDS in case of Sr. Citizen Saving Scheme 2004 during 2007-2008 with effect from 1.6.2007. 

Sir / Madam, 

The undersigned is directed to say that the Government has amended Section 194-A of Income Tax Act through Finance Act 2007. 

2. Accordingly, from 1.6.2007, TDS on a Sr. Citizen Saving Scheme 2004 account is now to be deducted for if the interest paid or payable exceeds Rs. 10,000/- during the financial year. TDS Shall be made from the entire amount payable if it exceeds Rs. 10,000/-. 

3. The rate of TDS and surcharge will be as under:- 

In case of a person other than a company 

a. Person is resident of India-- 10% 

b. Others-- 20% 

Surcharge 

The amount so deductible shall be enhanced by surcharge calculated as per following rate:- 

a. In case of Individual, HUF, Association of Person and body of individuals— 10%, if the interest paid/payable exceeds Rs. 10 lac during the financial year. 

Education Cess 

The amount of TDS+Surcharge shall be further enhanced by 3% of TDS+Surcharge on account of education cess. 

4. Other instructions circulated vide SB Order No. 15/2006 dated 26.6.2006 regarding declaration in Form 15-G and Form 15-H will remain the same. 

5. It is requested that this may kindly be brought to the notice of all post offices including sub post offices for information, guidance and necessary action. 

Yours faithfully, 

(Kawal Jit Singh) 

Assistant Superintendent Posts (SB&CC)

Copy to-

1. Director of Audit (P&T), Delhi. 
2. All Directors/Dy. Directors of Accounts, Postal 
3. Director, Postal Staff College, Ghaziabad.
4. All Directors, Postal Training Centers.
5. DDG(FS)/DDG(VIG)
6. Director (FS)/VIG
7. AD Inspection/PF/Vigilance/Postal Accounts Section
8. All Accounts Officers ICO(SB)
9. All recognized Staff Unions and Associations.
10. Min. of Finance (DEA) NS-II section, North Block, New Delhi.
11. PS to Member (D)