For AY 2007-08 what is the rule to calculate the tax on Bank Interests earned from savings/FD deposits. Is there a limit like 5000 over which the tax is charged on Interest or is it to be taken as part of income and will then be eligible for tax as per the slabs
Dear Mr. Arun,
Mr. Jain's reply and your understanding there to is correct. The old section 80L, providing deduction to Bank interest has been deleted from the statute book.
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