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A K Jain (Service)     20 March 2012

Income tax -new proposal

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.

 1 Replies

CA Kiran Sutrave

CA Kiran Sutrave (CA)     20 March 2012

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.

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