Applicability of sec 80tta

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Kanika (Querist)
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30 January 2013 Interest income upto Rs 10000, from savings bank accounts will be exempt.Does that mean that banks will not deduct tax upto Rs 10000 of interest income earned by the account holder or the bank will continue to deduct tax & the taxpayer will have to claim the exemption in his/her return of income?

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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30 August 2013 Interest Income from savings account is eligible for deduction u/s,80TTA up to Rs. 10000 and bank deducting tds u/s.194A which having threshold limit Rs.10000/-

both are different

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