Allowing of tax rebate on earning of bank interest
This query is : Open
20 July 2017
I have a saving bank account and receiving salary through bank I have opted mode balance in my account where if balance of my account exceeds ₹ 5000 than entire amount goes into STDR through mode balance and during the year 2017-18 I have received ₹ 159970 as bank interest and bank has deducted ₹16026 as income tax which is shown in 26AS also can I claimed interest rebate ₹ 10000 by filing of ITR
22 July 2017
Good question.
Benefit of Rs.10,000 under Sec 80TTA is allowed only for savings accounts interest.
The amount that we earn as interest from short term deposits (Sweep out deposits) is treated as income from fixed deposits and not as income from savings account.
Therefore, no benefit can be claimed under 80TTA for the income you earned as interest from such STDR deposits
Benefit of Rs.10,000 under Sec 80TTA is allowed only for savings accounts interest.
The amount that we earn as interest from short term deposits (Sweep out deposits) is treated as income from fixed deposits and not as income from savings account.
Therefore, no benefit can be claimed under 80TTA for the income you earned as interest from such STDR deposits
22 July 2017
Thank you for the valuable Reply Mr. K Srinivas Sir....
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Inventory of finished goods
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- Tds on building rent monthly
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- Clarification on Documentation of Paid-Up Capital Contribution by Directors
- Sale of property furniture sale
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- Confusion around Form 26QB fields
- RCM INVOICING FROM NOV-2024
- GST Regis.
- Applicability of Ind As to associate of associate
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding einvoice taken on nil rated sales
Trending Online Classes
CAclubindia
