Tax implications

Shweta (Student CS Professional)   (126 Points)

01 April 2014  

If I have interest income totalling to Rs2.5 lacs. I have annual PPF investment of Rs 1lac. So  Rs 1lac of PPF can be deducted from the interest income. So  do I have to pay tax @ 10% on bal Rs 1.5 lacs. Or only if the bal amount crosses Rs2lacs and more.