We know that

Interest Income on Savings Bank Account is treated as Income from Other Sources (IOS)

However, deduction for the same is allowed upto Maximum of 10000 under Section 80TTA

 

Example 1

Suppose a person has Savngs Bank Interest of Rs 14000

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 Example 2

Suppose a person has Savngs Bank Interest of Rs 4000

View Answer
  1. Income Tax
  2. Deductions Under Chapter VIA
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CA Maninder Singh
CA Maninder Singh is a Chartered Accountant for the past 8 years. He provides GST Training in Delhi. Register now.