« Top Headlines » Open DEMAT Account in 24 hrs  Delhi HC Rules GST Registration Cannot Be Cancelled Retrospectively Without a Clear Show Cause Notice (SCN)  Belated income tax return AY 2026-27: How to file, late filing charges and what you may lose  Major Financial Changes from August 1, 2026: ITR Deadline, RBI MPC Meeting, Tatkal Ticket Rules & More  Government proposes to ease tax relief conditions for offshore funds  TallyPrime Connected Banking: Automating Banking and Accounting  ITR Filing Deadline 2026: Is July 31 the Last Date to File Your Income Tax Return? Latest Official Update  ITR filing deadline nears: How to file income tax return online on e-filing portal - quick 15-step guide  Will the ITR Filing Deadline Be Extended Beyond July 31 for FY 2025-26? Here's the Latest Update for Taxpayers  Income Tax Refund Delayed for AY 2026-27? 5 Common Reasons Your Refund May Be Stuck and How to Fix It  ITR Filing 2026: FM Nirmala Sitharaman Asks Tax Officials to Let Honest Taxpayers Correct Genuine Mistakes  Will Your FCNR Deposit Stay Tax-Free After Returning to India? Tax Rules Explained for NRIs «  MNCs on alert on Rolls I-T ruling... Tax collections record unprecedented growth: Chidambaram... » Govt offers bonus, tax relief on PO savings December, 08th 2007 The government today announced a 5% bonus on new monthly post office deposits. The bonus will be applicable for Post Office Monthly Income Accounts opened on or after December 8, the finance ministry said in a statement. The government will also offer tax relief on deposits with a maturity of five years and senior citizen savings scheme, the statement said. The measures are aimed at promoting post office small savings, which has been witnessing a sharp decline due to lower return and lack of tax benefit for most of the schemes. There has been a demand from different sections for restoring the element of bonus on monthly post office savings. There has also been a demand that the Five Year Post Office Time Deposit Account and the Senior Citizens Savings Scheme should enjoy the same tax treatment as is applicable to five year bank deposits.