07 August 2013
A PERSON HAS SB INTEREST INCOME FROM BANK 12000 AND POST OFFICE SB INTERST INCOME OF 5000?, HOW MUCH AMOUNT IS TAXABLE? WHAT ARE THE DEDUCTIONS AVAILIABLE?
PLEASE CLEAR ME ON 3500 LIMIT ON INTEREST,THIS EXEMPTION IS FOR WHOM?
07 August 2013
1. Earlier Interest on PO SB A/c of Rs 3500/ (7000 in case of Joint SB A/cs)was exempt. U/s 10(15(i). .
2. On Savings Bank A/c including Post Office Savings Account Interest of Rs 10000/ is deductible from AY 2013-14. . I could not get any notification for the withdrawal of the exemption for post office SB A/c Interest but presume that from AY 2013-14, PO SB interest can be claimed U/s 80TTA only. .
07 August 2013
Deduction is available only on SB A/c Interest and not on other interest even FDR Interest which is covered under the head "Income From Other Sources".
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