How to Get Extra Deduction of Rs. 7000 from Saving Bank Account Interest | 2019 | Taxpundit
Interest, premium on redemption, or other payment on notified securities, bonds, certificates, and deposits, etc. (subject to notified conditions and limits).
Most people are aware that they can claim a deduction of up to Rs 10,000 from income to reduce tax payable under section 80TTA on the interest received from bank and post office savings accounts. However, many are not aware that they can claim the interest received from a post office savings account as exempt from income tax along with claiming the tax benefit under section 80TTA separately for savings account interest. Interest from post office savings account can be claimed exempt from income tax under section 10(15)(i) of the Income Tax Act.
Section 10(15)(i) of the Income-tax Act, 1961, provides exemption in respect of interest, premium on redemption or other payment on certain deposits notified by the central government in this behalf. The government through notification number SO 1296(E), dated 3-6-2011, has prescribed that interest on post office saving account is exempt to the extent of Rs 3,500 in case of an individual account and Rs 7,000 in case of a joint account.
The interest earned from post office savings accounts can be claimed as exempt up to Rs 3,500 (in case of individual account) or Rs 7,000 (in case of a joint account) per annum under Section 10(15)(i) (read with the Gazette notification issued by the Central Government in 2011). The balance interest amount needs to be included in Gross total income. Then the taxpayer (other than senior citizen) can claim a deduction under Section 80TTA of interest earned from specified sources (inclusive of post office savings account) up to Rs 10,000 per annum in order to arrive at his taxable income. Senior citizens can claim deduction of interest earned from specified sources (inclusive post office savings account) up to Rs 50,000 per annum. under Section 80TTB. So both the above benefits (exemption and deduction) can be claimed simultaneously in a single financial year as the 2011 notification has not been amended after the introduction of the above deductions in FY 2012-13 and the law does not place any other restrictions.
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Пікірлер: 57
Pradip Mondal How do i can show section 10(15)(i) in ITR AY 2022-23 inITR
This section is not shown in itr ay 2022-23 section 10 drop down list how can we claim sir?????
Nobody tells how to claim this in itr. Muze 4000 int mila hai PO savings ac. se. to 3500 ko kaise dikhaye ITR me under which schedule
But income tax while filing online does not accept d exemption under 10(15)i and mention that it is only reporting purpose...i cannot understan d reporting purpose...they have not given d exemption unde section 10 and also exempt income section...so what can i do
@jagannathpal369
Жыл бұрын
Reduce it from gross interest income n show in exempt income
@rkverma1317
Жыл бұрын
Kindly specifically explain how to show. Reduction from income means mismatch with AIS which may lead to notice.
@IshanKhandelwal
Жыл бұрын
@@rkverma1317 ya having the same confusion. AIS shows all saving interest clubbed together. Should I deduct POSB interest and show under other exempt income or should I club with other bank SB interest
@rkverma1317
Жыл бұрын
@@IshanKhandelwal There are several videos on KZread on the same topic. but no one is clearly explaining how to claim it. As I could understand, we may remove it from OS and indicate this in EI schedule. I asked this from several experts but no one is telling with full confidence.
ITR-1 me kahan dekhana padega?
Sir , thank you very much . Very useful information.
Dear sir saving account se kitna interest earn karne per tds katega iski kya limt h ye bataiye please reply thanks
Useful video 👍
Deduction u/s 10(15)(I) for interest in savings account of post office is Rs. 3500 available per head. So, per head claim of deduction in IT return can be claimed for Rs. 3500 and not Rs. 7000 (despite you possess joint savings account). I hope you agree with me, if not please explain.
@bhupeshjoshi7370
4 жыл бұрын
Right
@anandballabhdurgapal
Жыл бұрын
Absolutely correct
Can, Rs7000 interest of post office saving bank joint a/c ,be claimed under section 10(15)(1) in new tax regime for senior citizen? As under new tax regime deduction under 80TTA& 80TTB is not available.
Where to show post office savings bank account interest exemption in in income tax return.
I have seen several videos on youtube in the same topic-PO Interest. However, no one is specifically explaining how ti get this exemption in ITR2. Can you do for us with an example.
I am a senior citizen .I have a post office joint S/B a/c with my son (35 yrs old) and there is sb intt of Rs 6000.Now who can claim and what amount. My name is first name.
In itr 1 i unable to find 10(15)i . How to claim
नमस्ते सर यदि बैंक का interest 15000 है और पोस्ट ऑफिस से मिलने वाला interest 2000 है तो क्या बैंक का 5000 interest 10(15)1में क्लेम किया जा सकता है? बताये प्लीज
please show how to show this interest income in itr2
all explained nicely but please show how to claim in itr2
We have jt ac po ist name s 176 wife 37000 in itr how to show
Is interest on FD in post office also eligible for Rs. 7000/-rebate ?
@TaxPundit
4 жыл бұрын
It is only on Post Office Savings Bank Interest.
मेरे ऊपर लिखे अनुसार क्या सेक्शन80TTA और सेक्शन80 TTB और से क्शन10(15)(1) में साथ साथ छूट ली जा सकती है ।
@TaxPundit
4 жыл бұрын
सेक्शन 80TTA 60 वर्ष से कम लोगो के लिए है जबकि सेक्शन 80TTB 60 वर्ष से अधिक के लोगो के लिए है। अतः दोनों सेक्शन का फायदा साथ मे नही लिया जा सकता है।
@dharmichandgangwal7474
4 жыл бұрын
Thanks,Sir
@TaxPundit
4 жыл бұрын
स्वागत है।
Is this exemption is in force for A.Y. 22-23? Pl. give valued opinion.
@anandballabhdurgapal
Жыл бұрын
Yes
How do i can show section 10(15)(i) in ITR AY 2022-23
@anandballabhdurgapal
Жыл бұрын
In u/s 80ttb 50000+3500= 53500
@jagannathpal369
Жыл бұрын
No sir, computer won't allow above 50000
Specific video for sr.& Super sr.citizens please ?
क्या बैंक सेविंग अकाउंट से मिलने वाले इंटरेस्ट को ग्रॉस सैलरी में दिखाना होगा और फिर 80TTA डेडक्शन क्लेम करना होगा, कृपया बताएं🙏
@vikasverma4867
Жыл бұрын
बिलकुल
Sir, I am a regular follower of your You Tube Videos. Sir, I just retired from Govt. service at 60, My e-nps corpus was Rs. 1,80,000/-, I withdrew the full amount. Please confirm me whether there is any Income Tax to be paid on this, if Yes how much.
@TaxPundit
4 жыл бұрын
This video should help : kzread.info/dash/bejne/gGlnmceJY9Cweps.html
वीडियो में अच्छी जानकारी दी है ।कृपया बताएं कि सीनियर सिटीजन के लिए पोस्ट आफिस बचत खाता (जाइंट) में 10000/रूपये ब्याज को सेक्शन 10(15)(1) में रूपये 7000/ तथा रूपये 3000/ को सेक्शन 80TTB में छूट लेने पर क्या यह छूट 50000/ के over and above,यानि कुल 7000/सेक्शन 10(15)(1) तथा कुल 53000/सेक्शन 80TTB हो सकती है ।
@TaxPundit
4 жыл бұрын
जी नही। आपकी अधिकतम छूट इस प्रकार होगी - U/s 10(15)(i) = 7000 U/s 80TTB = 50000 यानी कुल छूट होगी = 57000
@anandballabhdurgapal
Жыл бұрын
53500
Sir, itr 1 form mai wo section kahan milta hai?
@TaxPundit
4 жыл бұрын
Under Exempt Income (EI)
@jagannathpal369
Жыл бұрын
Exempt income is for reporting purpose only
Sir i got some amount of voluntary retirement scheme due to company closed. is this taxable?
@TaxPundit
4 жыл бұрын
Depends upon nature of payment.
@aarvikaushikkalaskar416
4 жыл бұрын
@@TaxPundit please any vidio or information for details
@TaxPundit
4 жыл бұрын
This may help : kzread.info/dash/bejne/f5-TvLeig9DNg84.html
मैं Sr. Citizen हूं मैंने 50000/- की जगह 57000/- भरा लेकिन ITR filing system ने उसको 50000/- restrict कर दिया। P.O मेरा joint account है। कृपया बताएं कि 7000/- की entry कहां show करें कि जिस से हमें extra benefit मिल सके। धन्यवाद।
@anandballabhdurgapal
Жыл бұрын
Same with me
@hariprasadbadola8236
Жыл бұрын
@@anandballabhdurgapal Deduct Rs 7000/- from total income first. Then show this under exempt income as a option "Others" and fill section 10(15)(I) amount Rs 7000/-
Where is section 10(15)(I )
@karamsingh-bq2fk
Жыл бұрын
section 10(15)(i ) is visible in ITR 1 form please clarify it
@karamsingh-bq2fk
Жыл бұрын
is not visible in ITR 1 form please clarify it. Karam Singh
Online file karke dikhavo