| Type of Account | Who may open the account | Deposit required for opening of account | Number of accounts that can be opened | Type of deposits that can be made into the account | Minimum balance to be maintained in the account | Who may operate the account |
| (1) | (2) | (3) | (4) | (5) | (6) | (7) |
| Basic Savings Account |
(i) Registered adult member of any Government Welfare Scheme; (ii) Guardian of a minor whose name is registered for any Government Benefit |
Nil | One | Any Government benefit or any other deposit under the scheme | Nil |
(i) An individual adult whose name is registered for any Government Welfare Scheme; (ii) guardian of any minor whose name is registered under any Government Welfare Scheme |
(4) Any Basic Savings Account opened/under the Post Office Savings Account Rules,1981 shall remain operational.”;
(ii) in paragraph 4, in sub-paragraph (6), for the words “one hundred rupees”, the words and brackets “fifty rupees (inclusive of Goods and Services Tax)” shall be substituted.
[F.No.14/8/2019-NS (Pt.I)]
RAJAT KUMAR MISHRA, Addl.Secy.
Note: The principal Scheme was published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide number G. S. R. 921 (E), dated the 12th December, 2019.
ITAT quashed order u/s 263 enhancing disallowance observing in appellate proceedings, CIT(A) has power of enhancements of income assessed, if…
Section under which penalty should be initiated cannot be subject matter of revisionary jurisdiction under section 263 of Income Tax…
Related party transaction u/s 40A(2) shall be treated as bona fide, unless AO finds that one of them is trying…
The word ‘transfer of property’ does not include ‘acquiring’ of property or ‘purchasing’ of property and only can be confined…
AO is not justified in questioning the cash withdrawals from bank account on the ground that the assessee had sufficient…
Return/Balance sheet to be considered as being within time if filed within timeline condoned by Hon'ble Supreme Court due to…