Sb interest
This query is : Resolved
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?
HOW MUCH AMOUNT IS TAXABLE? WHAT ARE THE DEDUCTIONS AVAILIABLE?
PLEASE CLEAR ME ON 3500 LIMIT ON INTEREST,THIS EXEMPTION IS FOR WHOM?
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.
.
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.
.
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.
2. Deduction of Rs. 10,000 is available u/s 80TTA.
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".
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
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 :
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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
.
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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