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Bank interest calculation
how much bank interest is income tax free for fy 2020-2021
Replies (4)
Quick Summary
As per section 80 TTA of the Income Tax act up to Rs 10'000/- savings account interest is tax free .
As per Section 80TTA of the Income Tax Act, 1961 up to Rs 10'000/- savings account interest is tax free.
And as Per Section. 80TTB of the Income Tax Act, 1961 up to Rs 50'000/- interest from bank /deposit with bank is tax free for senior citizens.
And as Per Section. 80TTB of the Income Tax Act, 1961 up to Rs 50'000/- interest from bank /deposit with bank is tax free for senior citizens.
Generally, Rs. 10,000 is tax free
For senior citizens this limit is Rs. 50,000
As per 80TTA 10000 which does not include time deposits
For senior citizens sec 80TTB 50000 includes time deposits int too
For senior citizens sec 80TTB 50000 includes time deposits int too
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