Is the deduction u/s 80TTA allowed in addition to the exemption u/s 10(15)?
Eg. Interest received from Post office savings a/c(single) =20,000
What will be the taxable amt. ?
EXEMPTION OF 5,000 /- ONLY
4 Replies
MOHAMMED IMRAN
(1020 Points)
Replied 21 January 2019
EXEMPTION
section 10(15)(i)
interest on POST OFFICE SAVINGS bank account is exempted - actual OR
1. RS 3,500 in case of an individual account
2. RS 7,000 in case of a joint account
which ever is lower
IN ADDITION TO THE ABOVE
DEDUCTION
section 80TTA deduction in respect of interest on deposits in SAVINGS ACCOUNTS (not being time deposit)
RS 10,000 or actual interest, which ever is lower is allowed as deduction
in your eg.
in case of individual account
taxable interest is 20,000 - 3,500 -10,000 =6,500
joint account
taxable interest is 20,000-7,000- 10,000 = 3,000
section 10(15)(i)
interest on POST OFFICE SAVINGS bank account is exempted - actual OR
1. RS 3,500 in case of an individual account
2. RS 7,000 in case of a joint account
which ever is lower
IN ADDITION TO THE ABOVE
DEDUCTION
section 80TTA deduction in respect of interest on deposits in SAVINGS ACCOUNTS (not being time deposit)
RS 10,000 or actual interest, which ever is lower is allowed as deduction
in your eg.
in case of individual account
taxable interest is 20,000 - 3,500 -10,000 =6,500
joint account
taxable interest is 20,000-7,000- 10,000 = 3,000
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