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Deduction under chapter via for bank interest

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Querist : Anonymous

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Querist : Anonymous (Querist)
19 February 2013 Dear Sir

Please let us know about deduction of chapter VIA for receiving of SAVING BANK INTEREST

Thanks & Regards
Punit kumar bhansali
ERO0121376
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CMA. CS. Sanjay Gupta

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CMA. CS. Sanjay Gupta (Expert)
19 February 2013 Section 80 TTA: Deduction from gross total income in respect of any Income by way of Interest on Savings account


Deduction from gross total income of an individual or HUF, upto a maximum of Rs. 10,000/-, in respect of interest on deposits in savings account ( not time deposits ) with a bank, co-operative society or post office, is allowable w.e.f. 01.04.2012 (Assessment Year 2013-14).
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