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Friday 10 May 2013

Exemption and Deduction for Interest

Saving Bank Interest: Deduciton  up to Rs.10000 u/s 80TTA
Post officeSaving Bank Interest
Rs3500 exempt u/s 10(15)(i) vide Notificaiton No.SO 1296(E) dtd 3-6-11
Rs. 10000 deduction u/s 8OTTA

Post Office Cumulative Time Deposits Rules 1981
For Investment in five year time deposits there is deduction u/s 80C
Interest is exempt u/s 10(15)(i) vide Notification No. SO 607(E) dated 9-6-1989