Abhishek Verma (Er) (25 Points)
21 July 2019Is the post office interest income exempt upto Rs 3500 ? Also is it applicable with 80TTB 50,000 deduction?
I have one more doubt, in the Financial Year 2018-2019 there are two entries of Consolidated Interest Payment one on 1st April 2018 and other on 31st March 2019. It's same in both PPF and savings bank passbook. Earlier it was coming on 1st April of each year. So should I consider both in my ITR AY 2019-20 Return?
Kumar Sushank
(General Manager - Finance)
(1040 Points)
Replied 24 July 2019
Upto 10,000/- interest earned is under tax exemption through 80TTA (Which includes Interest through Saving Bank, Post Office & Co-Operative Society)
80TTB is applicable for senior citizen with limit upto 50,000/- (Which includes Interest on all kind of deposit)
Abhishek Verma
(Er)
(25 Points)
Replied 24 July 2019
CAclubindia
