As per new budget proposal, there will not be any income tax for interest income upto Rs 10000 in a saving account (under new section 80TTA). It seems that this will be applicable for interest income earned from saving account & not on interest earned over FDs ? May please clarify/confirm.
Menu
Income tax -new proposal
Replies (1)
Interest earned only on Savings Account is exempt to the extent of Rs. 10,000/- as per Section 80TTA.
Interest income earned on Fixed Deposit is taxable and one cannot claim the benefit available under Section 80TTA.
Recent Topic
- Post office KVP income.
- Free GST invoice tool I built for my practice R
- Clarification on Gratuity Exemption under Section
- GOODS AND SERVICE TAX - GSTR 1
- Correct ITR form
- Clarification required on Section 393 & Report
- Professional advance taxes
- Surrender pan process
- Tds on deceased's pan
- Exempt income declaration schedule EI in ITR2 (AY2
Related Topics
CAclubindia
