Interest received from saving bank a/c

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Sanjay (Querist)
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19 May 2016 Sir,

Interest received on Saving bank a/c. exempted applicable for which financial year of Income Tax Return.

Murtaza I Bhagat

Murtaza I Bhagat (Expert)
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19 May 2016 Interest on Saving Bank Accounts will exempted upto Max. 10,000/- for the same year where you received.

Abhishek Ranjan Singh

Abhishek Ranjan Singh (Expert)
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19 May 2016 Section 80TTA is introduced with effect from April 01, 2013 and apply from AY 2013-14 and onwards. Section is introduced to provide deduction to an individual or a Hindu undivided family in respect of interest received on deposits (not being time deposits) in a savings account held with banks, cooperative banks and post office. The deduction is restricted to Rs 10,000 or actual interest whichever is lower.

Abhishek Ranjan Singh
ARS Solutions
www.arssolutions.co.in
+919022838615

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