As per section 80TTA of Income Tax Act, 1961 interest income upto 10,000 on saving bank accounts is exempted. I am clear on this that tax rebate is available for interest accrued on saving bank accounts upto 10,000.
Whether interest accrued on salary account is also exempted upto 10,000Rs?
Posted 2 years, 4 months ago by Rahul Rai
Salary Accounts are nothing but savings bank account. I guess, Sec 80TTA is equally applicable to salary accounts as well.
Posted 2 years, 4 months ago by Rakesh Bharadwaj
YES, Interest earned on Salary Account which is in nature of SB is Exempted u/s 80TTA of Income Tax Act upto Rs. 10000
Posted 2 years, 4 months ago by SANJAY KUMAR GANNA
Yes, Salary account is in the nature of ordinary saving account, so deduction u/s 80TTA is available upto Rs. 10000.
Posted 2 years, 4 months ago by CA AJAY MAURYA
You need to be logged in to reply.