Savings Interest is an exemption or deduction for FY 2012-13

POSTED BY Vijay ON December 21, 2012 2:42 pm COMMENTS (3)

3 replies on this article “Savings Interest is an exemption or deduction for FY 2012-13”

  1. This comes under section 80 TTA. I think this will become clear only when then excel files for IT returns become available.
    If 80TTA is an entry then most likely you can enter upto 10,000 in there and the rest as income from other sources

  2. Vijay says:

    Thanks for the clarification. Additional question. Do we have to add the savings interest to our income and then take deduction (like NSC Interest) or it is a simple deduction?

  3. If you are referring to SB acc interest then upto 10,000 is allowed as deduction.

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