Bank interest eligibility

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brinda

brinda (Querist)
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08 July 2014 Do non personal customers are eligible to get savings bank account interest?

CA Yugal Purohit

CA Yugal Purohit (Expert)
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08 July 2014 Individuals and HUFs who earn
interest on their deposit in a savings
account can claim tax exemption on
such interest. Savings account can be
with a bank, post office or co-
operative society doing banking
business. This deduction is not valid
for time deposits like FD and RD.
If the savings account is held on
behalf of a firm, association of persons
or body of individuals this deduction is
not applicable.

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