in which assessment year Standard deduction on salary withdral and interest on bank intt includ in taxable income
CA Tushar Lakhanpal
(CA)
(416 Points)
Replied 21 May 2012
don't know exactly.. u may ask in expert forum...
but it is abolished at least since Assessment year 2008-09
PRITAM JAIN, CA , CS
(Practising CA CS)
(398 Points)
Replied 21 May 2012
| Originally posted by : Rajesh | ||
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in which assessment year Standard deduction on salary withdral and interest on bank intt includ in taxable income |
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Standard deduction was abolished long ago. May be before A.Y. 2007-08, not sure
Interest on bank savings account is always taxable
Rakesh Gupta
(Vice President Finance)
(92 Points)
Replied 22 May 2012
Dear Rajesh,
Standard Decution U/s 16(1) of the IT Act was last available till AY 2005-06.
Deduction for Interest in respect of certain securities was last available till AY 2005-06.
Regards
Rakesh
CAclubindia
