Exemption Tax on Interest Received From Post Office/Savings Bank Account U/s 80TTA with Automated Income Tax Software All in One for the Govt & Non-Govt Employees for F.Y.2020-21 as per U/s 115BAC

In today’s situation, where we watched different cheats identified with banks, in such a circumstance numerous individuals and mainly senior residents are moving towards the post office to make sure about their no-nonsense cash. Despite the fact that the pace of interest is now and again somewhat less the security and trust with the post office is high in the market.

Income Tax Deduction U/s 80CCD
Income Tax Deduction U/s 80CCD

Simultaneously, numerous individuals are under an inappropriate impression that the interest earned from post office saving financial balance is completely absolved in the hands of the beneficiary. This is false by any stretch of the imagination. Subsequently today I am writing this short and straightforward article just to illuminate all the peruses who are under this off-base impression regarding interest earned on post office saving ledger.

Income Tax Section 80D
Income Tax Section 80D

The centre explanation of this disarray in the minds of individuals is because of different corrections concerning tax collection from the interest of post office saving financial balance. Prior it is completely excluded U/s 10(15)(i) vide notice no. G.S.R. 607(E) dated 9 June 1989. Then the said notice is revised in 2011 to give halfway exception for example up to Rs 3,500.

Income Tax Exemption from NPS
Income Tax Exemption from NPS

At present, the interest from the post office and saving financial balance is first available under income from other sources and then qualified for deduction u/s 80TTA up-to Rs 10,000 alongside other saving ledger interest. And whatever will be the measure of interest well beyond that deduction will be available in the hand of the beneficiary.

Home Loan Exemption U/s 24

Expectation the above explanation will assist you with understanding the duty viewpoint concerning interest earned on Post office and saving Bank balance.

Download Automated Income Tax Preparation Excel Based Software All in One for the Government and Non-Government (Private) Employees for the Financial Year 2020-21 and Assessment Year 2021-22 U/s 115BAC

Feature of this Excel Utility:-

1) This Excel Utility Prepare Your Income Tax as per your option U/s 115BAC perfectly.

2) This Excel Utility has the all amended Income Tax Section as per Budget 2020

3) Automated Income Tax Arrears Relief Calculator U/s 89(1) with Form 10E from the F.Y.2000-01 to F.Y.2020-21 (Updated Version)

4) Automated Calculation Income Tax House Rent Exemption U/s 10(13A)

5) Individual Salary Structure as per the Govt and Private Concern’s Salary Pattern

6) Individual Salary Sheet

7) Individual Tax Computed Sheet

8) Automated Income Tax Revised Form 16 Part A&B for the F.Y.2020-21

9) Automated Income Tax Revised Form 16 Part B for the F.Y.2020-21

10) Automatic Convert the amount into the in-words without any Excel Formula

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