Exemption u/s 10(15)

1135 views 5 replies
whether interest income from post office savings account is exempted u/s 10(15)? if yes, to what extent ?
Replies (5)

Deduct it u/s. 80TTA, with limit upto Rs.10,000.

Thanks please. One Tax advocate has taken the interest income of Rs.2677/- credited in post office savings account  as exempted u/s 10(15) in ITR 2. How far this is true?

 

Interest up to Rs 3500 in Post Office Savings (individual account) Exempted from Income Tax

Sir(s) , There are two different opinions on the issue.

1.Deduct it u/s. 80TTA, with limit upto Rs.10,000.
Read more at: /forum/details.asp?mod_id=368929&offset=1
2.Interest up to Rs 3500 in Post Office Savings (individual account) Exempted from Income Tax
 
In view of   different opinions expressed above, concluding opinion of an expert CA supporting Income tax Departmental Act/Rules is solicitated please.
Read more at: /forum/details.asp?mod_id=368927&offset=1

There are not two opinions, but only different views. With one opinion over saving of tax.

Under both the sections, when tax saving option available, we are at freedom to choose any.

On these platform of Forum, we learn and discuss the different sections under different catagories.

A practical view, we prefer to choose deduction option rather than exempt one, because of  its declaration possibility in the ITR; rather than keeping it clubbed in Exempted option.

Whether you take wheat atta as chapatti or paratha, depending upon your particular mood of that time, final aim is to beat hunger.


CCI Pro

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Related Threads
Loading