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Matter of rule

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Guest

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Guest (Querist)
02 April 2012 gud evening to all experts,
in previous financial year (2011-2012). if interest of fd more than 10000 than bank will deduct tds @ 10%.now plz tell me today i read in newspaper. that if interest of fd more than 10000 than u can take deduction on income tax return . plz clear this
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CA Siddhartha Bhardwaj

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CA Siddhartha Bhardwaj (Expert)
03 April 2012 Please read carefully. The amendment brought in by the Budget provides that deduction will be allowed for SAVINGS BANK INTEREST upto Rs. 10,000/-.

The amendment is applicable to INTEREST ON SAVING ACCOUNT and NOT interest on FD.
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