Menu
Tax on interest on savings a/c
In recent budget, it was announced that interest on savings a/c will be exempt up to Rs. 10,000/- from FY 2012-13.
But I also heard that it is applicable even for FY 2011-12 i.e. If person has only salary & interest on savings a/c, then the same is applicable to him.
Is it true? Or there is no such exemption for FY 2011-12.
Replies (1)
Dear SURAJ!
You have rightly expressed that in recent budget, it was announced that interest on savings a/c will be exempt up to Rs. 10,000/- from FY 2012-13.
The Government has introduced a new Section 80TTA. The new section shall come in to force with effect from 1st day of April 2013. That means from the assessment year 2013-14.
It is also to be noted carefully that this interest exemption is not extended to ‘time deposits’ (fixed deposits).
Recent Topics :
- ITC availed on 5%-rate passenger transport (AC bus
- Extension of Due Date of AY 2026-27
- FAST DS 2026
- Does AIS GST Purchase aggregate GSTR-2B expenses?
- Form 26A - System has encountered some technical p
- Tool to convert GST invoice PDFs into Excel —
- Revised or rectification or leave it?
- Private limited tax audit
- LTCG - SEC54
- Foreign remittance from our client for Co Working
Related Topics :
CAclubindia
