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Bank interest calculation

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1 Points Posted on 12 September 2020
how much bank interest is income tax free for fy 2020-2021
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On 12 September 2020 at 15:09 Report
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3924 Points Posted on 12 September 2020
As per section 80 TTA of the Income Tax act up to Rs 10'000/- savings account interest is tax free .
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On 12 September 2020 at 15:28
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Tax and Business Consultant
11616 Points Posted on 12 September 2020
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.
66 Reply
On 12 September 2020 at 16:16
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Chartered Accountant
412 Points Posted on 12 September 2020

Generally, Rs. 10,000 is tax free 

 

For senior citizens this limit is Rs. 50,000

2 Reply
On 12 September 2020 at 22:31
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209 Points Posted on 12 September 2020
As per 80TTA 10000 which does not include time deposits
For senior citizens sec 80TTB 50000 includes time deposits int too
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On 12 September 2020 at 23:14


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