SB A/C INTEREST

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  1. R.RAJENDRAN

    R.RAJENDRAN New Member

    If I have Savings Bank accounts in four different banks, am I eligible for for tax concession of Rs.10000 in each bank?

    R.R.
     
  2. ZED

    ZED Well-Known Member

    No, the limit given is for aggregate amount.

    Relevant extract

    there shall, in accordance with and subject to the provisions of this section, be allowed, in computing the total income of the assessee a deduction as specified hereunder, namely:—

    (i) in a case where the amount of such income does not exceed in the aggregate ten thousand rupees, the whole of such amount; and

    (ii) in any other case, ten thousand rupees.
     
  3. Sai Karthik Baisani

    Sai Karthik Baisani New Member

    As per Sec.80TTA of income tax Act, 1961, Deduction of Savings bank account interest is allowed upto Rs.10,000. This is limit is per assesse not per account.
     
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