u/s 80TTA, interest on savings A/c is deducted a maximum amount i.e. restricted to 10000/-
my query is interest is deductible 1) on total interest received on savings account
2) total interest-Bank charges= net amount is deducted u/s 80TTA
rply
4 Replies
CA. Kunal Lakhotia
(ACA)
(1006 Points)
Replied 11 July 2013
no its only the Interest earned is deductible. Nothing to do with bank charges.
Akshata
(CA Final )
(324 Points)
Replied 11 July 2013
interest recd without giving effect to bank charges shall be allowed as deduction.
Any amount earned over and above Rs. 10k shall be taxable.
CA CS Roshan Begrajka
(Chartered Accountants)
(267 Points)
Replied 11 July 2013
1)Bank charges is allowed as deduction u/s 57 or not in case of Individual & HUF.
2) which ITR form is required for sole beneficiary trust.
CA. Kunal Lakhotia
(ACA)
(1006 Points)
Replied 11 July 2013
roshan, in simple words, no deduction allowed. SB interest in excess of 10000/- is taxable
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