Is interest from bank deposits taxable?

Page no : 2

Dinesh Kumar (Others) (21 Points)
Replied 26 July 2015

Someone is saying that the interest on fixed depost is taxable and some one is saying that interest upto Rs 10,000/- is exempted but nobody is clear that either interest received from saving bank account and interest received on fixed deposit has to be clubbed and the interest upto Rs 10,000/- will be exempted under section 80TTA. It may be claried as follows:-

(a) Interest on fixed deposit either exempted u/s 80TTA or not.

(b) It is clear interest received on saving account is exempted upto Rs 10,000/-

SHASHANK KUMAR (w) (70 Points)
Replied 28 July 2015

Can any one guide me relief u/s 89. Whther the relief is combined of Annexure I (Salary in arrear) & II (Gratuity) or any one is taken while claiming.? Please help me out.

SHASHANK KUMAR (w) (70 Points)
Replied 28 July 2015

Hey Dinesh, as per sec 80TTA, Interest upto Rs. 10000/- is only exempted on SAVING ACCOUNT INTEREST.

Hope this will help you.

Nirmal (Student) (32 Points)
Replied 28 May 2016

Hello,

Was savings bank interest taxed before 80TTA was introduced. If yes, what was the limitation or slab for the years prior to the introduction of 80TTA.

Please reply me on this.

Thanks