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Interest on saving account is exempted or not

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(Querist)
19 September 2014 Respected Sir

Whether interest on saving account is exempted like FY 2013-14 or not?
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Sumit Grover

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Sumit Grover (Expert)
19 September 2014 Yes(deduction upto INR 10,000)...Since, the same has been allowed as deduction vide section 80TTA, rather than a specific exemption notification
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CMA. CS. Sanjay Gupta

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CMA. CS. Sanjay Gupta (Expert)
19 September 2014 Saving Bank interest is exempted u/s 80TTA subject to a maximum amount of Rs 10000/-.




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