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

View Answer

 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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Davneet Singh
Davneet Singh is a graduate from Indian Institute of Technology, Kanpur. He has been teaching from the past 8 years. He provides courses for Maths and Science at Teachoo. You can check his NCERT Solutions from Class 6 to 12.