prash (audit assistant) (32 Points)
25 July 2014For example :An individual 'X' who is in 20% slab rate of income tax. HAs IFOS from Interest on saving bank A/c of Rs. 30,000/-. So the right way to compute his tax 1) 30,000 X 20/100 or 2) 30,000 X 20/120.
Any option you choose pls explain why?
thanks in advance guys
CA Saloni
(Manager-Accounts & GST Consultant)
(5124 Points)
Replied 25 July 2014
CA Saloni
(Manager-Accounts & GST Consultant)
(5124 Points)
Replied 25 July 2014
Dear Prash,
You should calculate tax according to slab rates.
Further, U/s 80TTA, deduction upto Rs 10000/- of interest from saving account can be claimed.
Mihir
(Wealth Manager)
(5293 Points)
Replied 25 July 2014
Rs. 30,000/- interest added in your total income and taxed according to your tax slab , and Rs. 10,000/- is deducted u/s 80TTA.
Tribhuvan Aditya Singh
(Student as well as Self-employed)
(3710 Points)
Replied 25 July 2014
CAclubindia
