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interest is taxable?

srikumar (audit staff) (1203 Points)

22 March 2019

sir, my client is college professor received salary thru salary account. my question was interest received from salary account is exempt 80tta or taxable

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6 Replies

Sakshi Mehta (-) (252 Points)
Replied 22 March 2019

TDS to be seen

Giridhar S Karandikar (Team Lead) (7543 Points)
Replied 22 March 2019

Salary account opened in any bank us basically a savings account. just because salary is rec'd in that account it is called as salary account .
so he's eligible to claim deduction on interest earned on savings account

RAJA P M ("Do the Right Thing...!!!") (127058 Points)
Replied 22 March 2019

Yes... The salary account also a SB account.

He can claim interest deduction on SB Interest.

srikumar (audit staff) (1203 Points)
Replied 22 March 2019

ok, but tds deducted on University paper valuation fees, such income is other sources ? or salary

Giridhar S Karandikar (Team Lead) (7543 Points)
Replied 22 March 2019

does the college pays the fees to the client or University pays. if college pays it will be taxed as salary income since employer employee relations exists.if paid by University then taxable as ifos