Exemption u/s 10(15)
D. B. VAGHELA (Retired DGM(Finance)BSNL) (45 Points)
14 August 2016D. B. VAGHELA (Retired DGM(Finance)BSNL) (45 Points)
14 August 2016
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(195388 Points)
Replied 14 August 2016
Deduct it u/s. 80TTA, with limit upto Rs.10,000.
D. B. VAGHELA
(Retired DGM(Finance)BSNL)
(45 Points)
Replied 14 August 2016
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?
Venkatesh Dangeti
(CA Final)
(885 Points)
Replied 14 August 2016
Interest up to Rs 3500 in Post Office Savings (individual account) Exempted from Income Tax
D. B. VAGHELA
(Retired DGM(Finance)BSNL)
(45 Points)
Replied 14 August 2016
Sir(s) , There are two different opinions on the issue.
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(195388 Points)
Replied 15 August 2016
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.
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