Recently it is declared that the interest on postal savings account is tax free upto Rs. 3500 pa, does this over and above the tax exemption on bank int. of Rs
10000. Please clarify... 🙏
5 Replies
CMA Poornima Madhava
(CMA)
(13112 Points)
Replied 10 July 2021
It is not new. As I understand, 3.5k is over and above the limit u/s 80TTA. Just ensure not to avail double benefit on the same income.
Vasudevan C P
(403 Points)
Replied 10 July 2021
Rs 3500 pa is exempted income u/s 10(15)(i). In addition you can claim deduction of Rs 10000 under 80TTA
veerendar singh
(tax consultant)
(3301 Points)
Replied 10 July 2021
It is quite clear in the law that one take total benefit of 13500.
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