Sec 10(15)

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This discussion clarifies the tax exemption for interest earned on Post Office Savings Bank accounts under Section 10(15) of the Income Tax Act. While there's an exemption limit of Rs. 3,500 as per Section 10(15)(i), it's important to note that this specific exemption may not apply to all Post Office Savings Bank interest. The conversation also addresses whether Section 80TTA deductions can be claimed on the remaining interest after applying any applicable Section 10(15) exemption, with a general limit of Rs. 10,000 for such deductions.

Subhrajit Chakraborty

Subhrajit Chakraborty (Querist)
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28 October 2022 What is the exemption limit as per Section 10(15) for Interest from Post Office Savings Bank Account?
And also can I claim a deduction of U/S 80TTA for that same if I still have some balance left after deducting the income using section 10(15)?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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28 October 2022 Post office savings bank interest exempt under section 80TTA only upto 10000.
Section 10(15) exemption not available for post office savings bank interest.

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Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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28 October 2022 As per sec 10(15)(i) of IT act., the exemption for individual of Rs. 3,500/- is still available.
Refer: 1. https://www.caclubindia.com/forum/section-10-15-i-of-the-income-tax-act-1961-exemptions-148592.asp
2. https://news.cleartax.in/save-income-tax-on-up-to-rs-17000-interest-earned-on-post-office-savings-account/7294/
3. https://incometaxmanagement.com/Pages/Tax-Ready-Reckoner/GTI/Tax-Deductions/Deduction-Under-Section-80TTA.html

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