SENIOR CITIZENS SAVINGS SCHEMES (AMENDMENT) RULES NOTIFICATION NO.GSR 402(E) [F.NO.4/2/2013-NS-II], DATED 25-6-2013

SENIOR CITIZENS SAVINGS SCHEMES (AMENDMENT) RULES, 2013 – AMENDMENT IN RULE 7

NOTIFICATION NO.GSR 402(E) [F.NO.4/2/2013-NS-II], DATED 25-6-2013

In exercise of the powers conferred by section 15 of the Government Savings Banks Act, 1873 (5 of 1873), the Central Government hereby makes the following rules further to amend the Senior Citizens Savings Scheme Rules, 2004, namely: –

1. (1) These rules may be called the Senior Citizens Savings Scheme (Amendment) Rules, 2013.

(2) They shall deemed to have come into force on the 1st day of April, 2013.@

2. In the Senior Citizens Savings Scheme Rules, 2004, in rule 7, in sub-rule (1), after the existing proviso, following proviso shall be inserted, namely:-

“Provided further that in the case of a deposit made under these rules on or after the 1st day of April, 2013, it shall bear interest at the rate of 9.2 per cent per annum from the date of deposit”.

@ It is certified that the interests of no deposit holder would be prejudicially affected by the retrospective effect given to the notification.

Reference: Section 15 of THE GOVERNMENT SAVINGS BANKS ACT, 1873

Download or Read Government Saving Banks Act, 1873

Reference: Section 15 of the income Tax Act, 1961

Salaries.

The following income shall be chargeable to income-tax under the head “Salaries”—

 (a) any salary due from an employer or a former employer to an assessee in the previous year, whether paid or not;

 (b) any salary paid or allowed to him in the previous year by or on behalf of an employer or a former employer though not due or before it became due to him;

 (c) any arrears of salary paid or allowed to him in the previous year by or on behalf of an employer or a former employer, if not charged to income-tax for any earlier previous year.

 [Explanation 1].—For the removal of doubts, it is hereby declared that where any salary paid in advance is included in the total income of any person for any previous year it shall not be included again in the total income of the person when the salary becomes due.

 [Explanation 2.—Any salary, bonus, commission or remuneration, by whatever name called, due to, or received by, a partner of a firm from the firm shall not be regarded as “salary” for the purposes of this section.]

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