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Interest

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Querist : Anonymous

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Querist : Anonymous (Querist)
02 October 2018 Please inform me the following ---
Interest on Savings A/C ( Bank & Post office ) to be considered for calculation of Gross Total Income.

Defination of Rebate under section 87A
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KAVIRAJA ADDANGADI

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KAVIRAJA ADDANGADI (Expert)
02 October 2018 SB Interest income to be added income from other sources SB interest can be claimed deduction under 80 TTA Upto 10000/- for Senior citizen can claim FD and SB Interest upto Rs.50000/-For Ay 2019-20 under 80TTB
Individuals Net taxable income af chapter VIA deductions if it falls below Rs 3,50,000/per annum, is entitled to claim rebate under section 87A. Rebate under section 87A is allowed up to a maximum of Rs 2,500. It means the amount of rebate will be lower of either Rs 2,500 or 100% of the income-tax liability.
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