28 October 2022
What is the exemption limit as per Section 10(15) for Interest from Post Office Savings Bank Account? And also can I claim a deduction of U/S 80TTA for that same if I still have some balance left after deducting the income using section 10(15)?
28 October 2022
Post office savings bank interest exempt under section 80TTA only upto 10000. Section 10(15) exemption not available for post office savings bank interest.
28 October 2022
As per sec 10(15)(i) of IT act., the exemption for individual of Rs. 3,500/- is still available. Refer: 1. https://www.caclubindia.com/forum/section-10-15-i-of-the-income-tax-act-1961-exemptions-148592.asp 2. https://news.cleartax.in/save-income-tax-on-up-to-rs-17000-interest-earned-on-post-office-savings-account/7294/ 3. https://incometaxmanagement.com/Pages/Tax-Ready-Reckoner/GTI/Tax-Deductions/Deduction-Under-Section-80TTA.html
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