Sb interest

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rohit (Querist)

07 August 2013 A PERSON HAS SB INTEREST INCOME FROM BANK 12000 AND POST OFFICE SB INTERST INCOME OF 5000?,
HOW MUCH AMOUNT IS TAXABLE? WHAT ARE THE DEDUCTIONS AVAILIABLE?

PLEASE CLEAR ME ON 3500 LIMIT ON INTEREST,THIS EXEMPTION IS FOR WHOM?

CA PARAS BAFNA

CA PARAS BAFNA (Expert)

07 August 2013
1. Earlier Interest on PO SB A/c of Rs 3500/ (7000 in case of Joint SB A/cs)was exempt.
U/s 10(15(i).
.

2. On Savings Bank A/c including Post Office Savings Account Interest of Rs 10000/ is deductible from AY 2013-14.
.
I could not get any notification for the withdrawal of the exemption for post office
SB A/c Interest but presume that from AY 2013-14, PO SB interest can be claimed U/s
80TTA only.
.

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)

07 August 2013 1. Total amount of Rs. 15,000 is taxable under the head Income from Other Sources.

2. Deduction of Rs. 10,000 is available u/s 80TTA.

CA PARAS BAFNA

CA PARAS BAFNA (Expert)

07 August 2013 Deduction is available only on SB A/c Interest and not on other interest even FDR Interest which is covered under the head "Income From Other Sources".

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)

07 August 2013 Bafna Ji

A passing reference of the notification is given in the link https://ipaspmhandgoa.blogspot.in/2011/09/removal-of-ceiling-of-maximum-balance.html

Message likes : 1 times

CA PARAS BAFNA

CA PARAS BAFNA (Expert)

07 August 2013 Thanks , Warrier Sir, I have gone through the link.
.

One more worth discussion can be read at-

https://finance.groups.yahoo.com/group/ICAI_CIRC_MEERUT_CA/message/107471

Message likes : 1 times

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