80TTA rebate deduction on salary bank accounts
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?
Salary Accounts are nothing but savings bank account. I guess, Sec 80TTA is equally applicable to salary accounts as well.
YES, Interest earned on Salary Account which is in nature of SB is Exempted u/s 80TTA of Income Tax Act upto Rs. 10000
Yes, Salary account is in the nature of ordinary saving account, so deduction u/s 80TTA is available upto Rs. 10000.