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Saving account interest declaration/exemption

ITR Filing 663 views 1 replies

kapil sangwan

28 Points Posted on 22 July 2014

I am filling Revised ITR for Assesment Year 2015. Earlier I forgot to declare saving account interest in IOS.

Now I mentioned the interest amount which I found in Form 26 A, in of IOS section. Do I need to mention anything in 80TTA or not ?

For Ex: I earned interest of 12k as mentioned in Form 26A. Tax on this amount will be 10% i.e. 1200. Seeking this info I mentioned 12000 in IOS. Do I have to mention any deduction/exemptions anywhere else as well ? In which section is that 10,000 interest exemption will be mentioned.

Please help, this is my Revised ITR, dont want to make mistake again :( PFA screen shots as well.

Thanks & Regards

Attached File : 1318467 1341699 itr.zip downloaded: 117 times

Replies (1)

CA J.Alamelu lakshmi

Chartered Accountant

857 Points Posted on 24 July 2014

@ Mr. Kapil

Firstly there is no TDS deduction for Savings Account Interest. Hence the amount of Rs. 12000.00 has to be an Interest from FD or such other thing but definitely NOT SB Interest.

Only Interest from SB A/c has an Exemption limite upto Rs.10,000.00 u/s 80TTA.

Since in your case, it is Interest from some other source, the entire Rs.12,000.00 is taxable.