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Life insurance exemption and saving bank interest

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(Querist)
11 June 2013 DEAR SIR,

I am going to file ITR for AY 2010-11, 2011-12, request please advise

1. Is interest earned in saving bank is taxable.

2. How much(%) exemption I can take on premium paid for life insurance.

thanks
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CMA Ramesh Krishnan

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CMA Ramesh Krishnan (Expert)
11 June 2013 Belated return u/s.139(4) can be filed only with in 1 year from the end of relevant assessment year. so both assessment year time is barred now. you cannot file now
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