1. Summary

This video explains the latest income tax rules for reporting interest income from various Post Office savings schemes in ITR Filing for AY 2026-27. Key takeaways include:

• Post Office Savings Account: Interest is exempt up to ₹3,500 for individual accounts and ₹7,000 for joint accounts under both Old and New Tax Regimes.

• Deductions: Under the Old Regime, deductions are available under Section 80TTA (up to ₹10,000 for non-seniors) and Section 80TTB (up to ₹50,000 for senior citizens). No such deductions are available in the New Tax Regime.

• Tax-Free Schemes: Interest from PPF and Sukanya Samriddhi Yojana (SSY) remains fully exempt and should be reported in the ‘Exempt Income’ schedule.

• Taxable Schemes: Interest from Post Office RD, FD (Time Deposit), Monthly Income Scheme (MIS), and Kisan Vikas Patra (KVP) is fully taxable under ‘Income from Other Sources.’ KVP interest must be reported annually on an accrual basis.

Related Post : Taxability of Post Office Saving Scheme Income in ITR filing AY 2026-27

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