You can save tax up to Rs 17,000 on savings account interest: Here’s how- The Economic Times

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  • Last Updated on 28 October, 2020

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October 23, 2019

Naveen Wadhwa, Deputy General Manager at Taxmann.com, said:

“Section 10(15)(i) of the Income-tax Act, 1961, provides exemption in respect of interest, premium on redemption or other payment on certain deposits notified by the central government in this behalf. The government through notification number SO 1296(E), dated 3-6-2011, has prescribed that interest on post office saving account is exempt to the extent of Rs 3,500 in case of an individual account and Rs 7,000 in case of a joint account. Sections 80TTA and 80TTB provide deduction in respect of the interest on deposit in post office saving bank account. If exemption is claimed under Section 10(15) in respect of such income, no deduction shall be available for the same income. Any interest income in excess of this limit (i.e., in excess of Rs 3,500 or Rs 7,000 in case of single and joint accounts, respectively) may be considered for Sections 80TTA or 80TTB deductions.”

Read full article here: You can save tax onup to Rs 17,000

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