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Revised Query 20211018 on Income Tax

Venkat (NA) (76 Points)

18 October 2021  

Hi , 

It seems there are different replies  to the below query. I would request to the person responding with a reply to do it with full  responsibility & knowledge

. Thank you 

  1. " Is tax exempted  on post office savings bank account interest  ( Single holder) upto  ₹ 3500/- in a financial year ( still available to tax payers or the same has been abolished)."
  2. If still available then Post office sb account interest upto ₹ 3500/- needs to be shown under exempted income in ITR & the same shouldn't be added to other iinterest income from banks.
  3. Moreover 80 TTA (₹ 10000 ) exemption can be availed over & above this exemption of ₹ 3500.
  4. Any amount of post office sb account interest above ₹ 3500 would be subjected to tax and need to be added (total income from all sb Interest.
  5. Please correct me if I'm wrong.

Thanks


 4 Replies

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (107752 Points)
Replied 19 October 2021

1. YES. Interest on savings bank account upto Rs. 3500/- is exempt under section 10(15)(i) of the income tax act, vide notification no. G.S.R. 607(E) dated 9 June 1989.

2. Correct.

3. Yes. 

4. U R Correct..

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (107752 Points)
Replied 19 October 2021

1. YES. Interest on savings bank account upto Rs. 3500/- is exempt under section 10(15)(i) of the income tax act, vide notification no. G.S.R. 607(E) dated 9 June 1989.

2. Correct.

3. Yes. 

4. Yes, under IFOS, subject to 80TTA deduction.

5. U R Correct..

 

Venkat (NA) (76 Points)
Replied 19 October 2021

Thank you Sir , You always reply to queries very professionally. I'm inspired by you. 

1 Like

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (107752 Points)
Replied 19 October 2021

My Pleasure .....              


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