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Tax on interest on savings a/c
In recent budget, it was announced that interest on savings a/c will be exempt up to Rs. 10,000/- from FY 2012-13.
But I also heard that it is applicable even for FY 2011-12 i.e. If person has only salary & interest on savings a/c, then the same is applicable to him.
Is it true? Or there is no such exemption for FY 2011-12.
Replies (1)
Dear SURAJ!
You have rightly expressed that in recent budget, it was announced that interest on savings a/c will be exempt up to Rs. 10,000/- from FY 2012-13.
The Government has introduced a new Section 80TTA. The new section shall come in to force with effect from 1st day of April 2013. That means from the assessment year 2013-14.
It is also to be noted carefully that this interest exemption is not extended to ‘time deposits’ (fixed deposits).
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