Income tax season: 5 post office schemes that don't give 80C tax benefit

Zee Biz web team

ZeeBiz Desk

Jul 11,2024

But, do you know that some post office schemes do not provide income tax benefits under Section 80C? Let's know about these schemes.

Income tax filing season is going on and there are lots of schemes that provide income tax return (ITR) benefits under Section 80 C.

Post Office Monthly Income Scheme  (Post Office MIS)

This is a monthly withdrawal scheme and you get a 7.4 per cent monthly interest rate on this scheme. However, interest in this scheme is taxable

Kisan Vikas Patra (KPV)

This is a guaranteed returns scheme that doubles your money in 115 months at an interest rate of 7.5 per cent per annum. But, this scheme also doesn't give you tax benefits.

Mahila Samman Savings Certificate  (MSSC)

This scheme provides attractive and secure investment options to all girls and women. The interest rate on this scheme is 7.5 per cent and tenure is two years. This scheme also doesn't provide income tax benefits under Section 80C.

Post Office RD

This is a five-year investment scheme on which you get 6.7 per cent interest per annum. There is no tax benefit of this scheme also.

Post Office FD

Also called term deposit (TD), this scheme has no tax benefits for 1-2-3 years tenure. However, you can get tax benefits if you invest for five years under Section 80C.