If an employee earns 25000/- as saving bank interest then what will be the amt that will be taxed i.e whether 15000/- (after deducting 10000/- )or whole 25000/- along with salary?
Is this deduction applicable for A/Y 2012-13?
Priyanka (student) (132 Points)
24 January 2013If an employee earns 25000/- as saving bank interest then what will be the amt that will be taxed i.e whether 15000/- (after deducting 10000/- )or whole 25000/- along with salary?
Is this deduction applicable for A/Y 2012-13?
Ankit
(CA, CS)
(3064 Points)
Replied 24 January 2013
Priyanka,
In my opinion, the taxable amount will be 15000
the exemption applies from ay 2013-14
Sumit Grover
(Chartered Accountant )
(3652 Points)
Replied 24 January 2013
Agreed with the reply given by Ankit!
Parimel
(Administration)
(41 Points)
Replied 24 January 2013
madam, the deduction is available from A.y 2013-14 u/s 80TTA. The taxable amount will be Rs. 15,000/-.
Preksha
(AXIS BANK LTD.)
(30 Points)
Replied 24 January 2013
Saving account Interest over Rs.10,000/- will be taxable. So in your case Rs.15000/- will be taxable income & not whole interest of Rs 25000/-
Harish
(CA Student)
(568 Points)
Replied 24 January 2013
Upto Rs. 10000, Deductor should not deduct TDS on Bank Interest. TDS will be deducted only on the excees amount (more than Rs. 10000).
Parimel
(Administration)
(41 Points)
Replied 28 January 2013
mr. Harish, Ms. Priyanka is talking about deduction u/s 80TTA from the gross total income and not on the issue of TDS on the interest income.
CAclubindia
