SB ORDER 07 / 2024
1. The order is in continuation of SB Order 05 /2024 , where in it was clearly mentioned that the NSS87 and NSS92 accounts will not earn interest from 01.10.2024.
2. The relevant Gazette notification issued by the Department for the said amendment is mentioned in this order.
3. As per the GSR537E National Savings Amendment rules 2024, for the existing NSS 92 accounts the rate of interest will be calculated for the period from 01.03.2003 to 30.09.2024 @ 7.5 % per annum.
4. For calculating the interest the IBB will be calculated for a calendar month on the lowest balance between the 10th and the end of the month.
SB ORDER 09 / 2024
01. We all know that the TDS @ 5 % is deducted from the SAS / MPKBY agents from the commission earned by them.
02. But as per the provision available in the Finance Bill 2024 issued by the MoF, the existing TDS rate has been reduced from 5 % to 2%.
03. The revised TDS @ 2 % will be effective from 01.10.2024.
04. The same rate of 2% is applicable for the commission earned by the agents in PLI and RPLI schemes as well.
1. The order is in continuation of SB Order 05 /2024 , where in it was clearly mentioned that the NSS87 and NSS92 accounts will not earn interest from 01.10.2024.
2. The relevant Gazette notification issued by the Department for the said amendment is mentioned in this order.
3. As per the GSR537E National Savings Amendment rules 2024, for the existing NSS 92 accounts the rate of interest will be calculated for the period from 01.03.2003 to 30.09.2024 @ 7.5 % per annum.
4. For calculating the interest the IBB will be calculated for a calendar month on the lowest balance between the 10th and the end of the month.
SB ORDER 09 / 2024
01. We all know that the TDS @ 5 % is deducted from the SAS / MPKBY agents from the commission earned by them.
02. But as per the provision available in the Finance Bill 2024 issued by the MoF, the existing TDS rate has been reduced from 5 % to 2%.
03. The revised TDS @ 2 % will be effective from 01.10.2024.
04. The same rate of 2% is applicable for the commission earned by the agents in PLI and RPLI schemes as well.
A.KESAVAN ASST GENERAL SECRETARY
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