Hi,
For current FY 2012-13, does the interest income deduction of Rs. 10,000 apply for a salaried person with more than 15 lakhs as salary income?
For e.g., a person has salary of say 15 lakhs (TDS deducted by employer on this).
He also gets another 80,000 Rs. as interest income from savings and fixed deposit interest. Then should he pay additional income tax on 80,000 or should be pay tax only on 70,000 (deducting the 10,000 interest income introduced this year).
Asking this question as there are rumors that this 10K deduction is available only for salaried employees who are having totla 5 Lakh salary.
Thanks
CAclubindia
