Monday, 11 March 2013

HOW MUCH INTEREST ON SAVING ACCOUNT IS EXEMPT FROM INCOME TAX FOR ASSESSMENT YEAR 2013-2014 ?


           Up to Rs.10,000/- is exempt from income tax.  This deduction is available from assessment year 2013-2014 and onwards under new inserted section 80TTA (w.e.f. Assessment Year 2013-2014) and the deduction is available to an individual or HUF.
Note:-
  1. The deduction is (Rs. 10,000.00) in aggregate to an assessee. 
  2. The deduction should be claimed in return.
  3. There is no limit of SB accounts having an assessee in previous year.
  4. This deduction is not available to those assessees who held a SB accounts on behalf of a firm, an AOP, a BOI etc.