Post office saving a/c interest

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rohit

rohit (Querist)
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08 August 2013 WHETHER PO SB A/C INTEREST IS EXEMPT UPTO 3500

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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08 August 2013 Section 80TTA provides a deduction of Rs10,000 on your income from interest on saving bank accounts. PO SB A/c interest upto Rs 10000/- is also exempt u/s 80TTA.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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08 August 2013 The tax free benefit given in 10(15)(i) is limited to Rs.3,500 if deposit is in single name or Rs.7000/- in case deposit is in joint names.

Notification as such is not seen in website but a passing reference is seen in the link https://ipaspmhandgoa.blogspot.in/2011/09/removal-of-ceiling-of-maximum-balance.html

rohit

rohit (Querist)
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08 August 2013 WHETHER EXEMPTION OF 3500 ON PO SB A/C IS AVAILIABLE OR IT IS WITHDRAWN

IT IS DOUBLE BENEFIT,BECAUSE PO SB INTEREST IS EXEMPT UPTO 3500 AN D ANY AMOUNT ABOVE 3500 WILL GET DEDUCTION UNDER 80TTA

rohit

rohit (Querist)
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08 August 2013 WHETHER EXEMPTION OF 3500 ON PO SB A/C IS AVAILIABLE OR IT IS WITHDRAWN

IT IS DOUBLE BENEFIT,BECAUSE PO SB INTEREST IS EXEMPT UPTO 3500 AND ANY AMOUNT ABOVE 3500 WILL GET DEDUCTION UNDER 80TTA?

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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08 August 2013 Deduction upto Rs 10000/- only is available u/s 80TTA from FY 2012-13.

See below link--

https://www.indiapost.gov.in/posb.aspx

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