Savings bank interest

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

23 July 2013 I am a school teacher

I understand that there is a rebate on savings bank interest in AY2013-14 by Rs.10,000. Does it mean that if I have total S/B interst of Rs. 20,000 I can actually declare as Rs. 10,000. OR in which schedule of e-filing can I show this rebate.
Is post office savings bank interest rebate separately available than this rebate.

thanking you

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
Follow

23 July 2013 As per section 80TTA int from saving bank and post office upto Rs 10,000 in aggregate for FY12-13 onwards deduction is available and not seprately as u mentioned.

u should file itr1 as you recieving income from salary and income from other sources.

Ganeshbabu K

Ganeshbabu K (Expert)
Follow

23 July 2013 1)provided total interest earned in SB bank account and post office account in income tax return under the head income from other sources

2)claim Rs 80 TTA for Rs.10000

3)balance if any would be taxable

4)80TTA is not available for seperately...for both SB INT. AND POSTAL INTEREST

Thanks & regards
Ganesh babu k

Upgrade to CAclubindia Pro. Subscribe Now!