income from other sources
Monith K (3 Points)
28 October 2017
interest on post office savings bank exempt upto what limit under what section
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(161842 Points)
Replied 28 October 2017
Interest earned on a savings account with post office is exempt to the extent of Rs 3,500 in the case of an individual account.
In case of a joint account, the exempted amount is Rs 7,000.
This exemption is in terms of Notification No. SO 1296(E) dated June 3, 2011. [vide sub-clause (i) of clause (15) of Section 10 of the Income Tax Act]
Pardeep Garg
(CA-Final Student)
(801 Points)
Replied 29 October 2017
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(161842 Points)
Replied 29 October 2017
Yes, provided any taxable interest income over and above that.....
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