Revised Query 20211018 on Income Tax

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

Replies (4)
Quick Summary
This discussion clarifies the tax exemption on interest earned from post office savings accounts for single holders. Interest up to £3,500 per financial year is exempt under Section 10(15)(i) of the Income Tax Act and should be declared as exempted income in your ITR. This exemption is separate from, and in addition to, the £10,000 deduction available under Section 80TTA for savings account interest. Any interest exceeding £3,500 is taxable.

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..

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..

 

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

My Pleasure .....              

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