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Income from other sources
interest from saving A/C deposit taxable under IFOS Or not????
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Interest from saving account deposit taxable
SEC 80TTA ,80TTB
SEC 80TTA ,80TTB
Akshay, interest from savings Account deposit is taxable under IFOS.
(You can avail Deduction under 80TTA OR 80TTB (for senior citizens)
(You can avail Deduction under 80TTA OR 80TTB (for senior citizens)
1. Interest on savings account deposit will be taxable under the Income from Other Sources.
2. However, deduction to the extent of Rs. 10,000 is available u/s 80TTA if he an individual (below 60 years of age ) or HUF.
3. If he is an individual above 60 years of age then deductions to the extent of Rs. 50,000 will be available for all kinds of deposits (savings and time).
Please correct me if the above solution has an alternative view.
80TTB Deduction of 50000/- to senior citizens includes all kind of bank deposits (savings and term) and also-------- Post office time deposits
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