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Interest received from saving bank a/c

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This query is : Resolved

Sanjay (Querist)

19 May 2016 Sir,

Interest received on Saving bank a/c. exempted applicable for which financial year of Income Tax Return.

Murtaza I Bhagat

Murtaza I Bhagat (Expert)

19 May 2016 Interest on Saving Bank Accounts will exempted upto Max. 10,000/- for the same year where you received.

Abhishek Ranjan Singh

Abhishek Ranjan Singh (Expert)

19 May 2016 Section 80TTA is introduced with effect from April 01, 2013 and apply from AY 2013-14 and onwards. Section is introduced to provide deduction to an individual or a Hindu undivided family in respect of interest received on deposits (not being time deposits) in a savings account held with banks, cooperative banks and post office. The deduction is restricted to Rs 10,000 or actual interest whichever is lower.

Abhishek Ranjan Singh
ARS Solutions
www.arssolutions.co.in
+919022838615

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