Section 10(15)(i) of the Income-tax Act, 1961 – Exemptions – Income by way of interest, etc. , on bonds, securities – Specification of bonds, securities , etc., issued by Central Government – Amendment in Notification No.G.S.R. 607(E), dated 9-6-1989
Interest up to Rs 3500 in Post Office Savings Exempted from Income Tax – As per sub-clause (i) of clause (15) of Section 10 of the Income Tax Act, income by way of interest (among certain other incomes) will not form part of taxable income, if notified by the Government and subject to conditions in the notification.Government had notified vide number G.S.R. 607(E), dated the 9th June, 1989, certain securities, bonds etc, for this purpose. As per Sl. No. 9 of the table to this notification, interest from Post Office Savings Bank Account was not to be computed as income. Now, this is amended to restrict the exemption to interest up to Rs. 3500/- for individual account and Rs. 7000 in the case of joint account.
Section 10(15)(i) Of The Income-Tax Act, 1961 – Exemptions – Income By Way Of Interest, Etc. , On Bonds, Securities – Specification Of Bonds, Securities , Etc., Issued By Central Government – Amendment In Notification No. G.S.R. 607(E), Dated 9-6-1989
Notification No. 32/2011[F.No.173/13/2011-Ita.I] /S.O.1296(E), Dated 3-6-2011
In exercise of the powers conferred by sub-clause (i) of clause (15) of section 10 of the Income-tax Act, 1961 (43 of 1961) the Central Government hereby makes the following amendment to the notification of the Government of India in the Ministry of Finance, Department of Revenue, Central Board of Direct Taxes, published in the Gazette of India, Extraordinary, Part II, section 3, sub-section (i), vide number G.S.R. 607(E), dated the 9th June, 1989, namely :—
In the said notification, in the Table, for serial number 9 and the entries relating thereto, the following serial number and entries shall be substituted, namely :—
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1 2
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3
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“9. Post Office Savings Bank Account
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To an extent of the interest of Rs. 3,500 in the case of an individual account and Rs. 7,000 in the case of joint account”
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2. This notification shall come into force from the date of its publication in the Official Gazette.
is exemption u/s 10(15) interest from post office savings bank account available under New tax regime 3500/7000
How do i show section10(15)(i) in itr return. kindly convey the same.
i have filed return for a y. 22-23 where in i forget to claim deduction of rs. 3500.+7000 now what can I do.
ow do i show section10(15)(i) in itr return. kindly convey the same. Reply July 15, 2022 at 6:45 pm
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I am a senior citizen, can I get exemption In come Tax post office saving interest of Rs.7000/- in joint Account under section 10(15)(i) Of The Income-Tax Act, 1961 plus Rs.50,000/- under Section 80TTA
The deduction u/s 80TTA is only Rs.10000/-/ and not Rs.50000/- as mentioned in your query.
Thanks & Regards
Jawahar
Senior citizen suppose to use 80TTB and not 80TTA, For 80TTB exemption on Saving Plus Fixed Deposit is allowed and as usual under 10(15)i exemption on postal in come is 3500 for single individual and 7000 for Joined individual is allowed.
Will exemption under Section 10(15)(1) be in addition to exemption under Section 80 TTB. Needs to be clarified.
Thanks
Can i get this benefit 50000 +3500
You will get deduction of Rs.50,000/- u/s 80TTB of the Income tax act,1961. Where as Rs.3500 is exempted and will not form part of Income u/s 10(15)(i). In Income tax. deduction is different from exemption and both can be claimed under different sections of the Income tax act,1961 as amended from time to time.
Sir in case of joint account in post office … Then exemption of 7000 rs for per person or persons joint account
please clarify whether ltc availed on pension is taxable or not.
nobody told the 3500 exemption is for monthly or yearly. nobody even in postoffices they are not clearly given in its pages. it is the loop hole to argue in court. or you fool the public.
post mis a/c is open in minor daughter age 14 years whether income received on it is clubed in guardian income?
No
Dear Sir,
please tell me that which types of income from post office is exempt from income tax
and also those sections
Dear Sir,
good evening!!!
Please clarify .. deduction in post office saving account is exempted up to 3500 and also their is one more deduction u/s 80 TTA of saving account interest of Rs 10000, Which one to take??
Is sumone have joint account with sum person along with having individual account too then,the amount of exemption of intrest on postal saving will be?
Please clear my doubt!!
thanq
Please let me know the tax benefits availble for the Post office saving deposits.
Hellow Sir,
This 3500/- excemption applies to Savings Bank Account(SB Accounts in Banks) as well?
Are interest gained from SB accounts in Bank are also taxable?
Thanks,
Anand
whether rhis exemmption is both for RD as well as MIS
Thanks Sir, for notification regarding interest upto Rs.7000.00 p.a. in Post office savings exempted from I.Tax.(in case of jointed a/c). Sir, pl clarify whether this exemption will also apply to MIS.
Thanks& Regards,
Isher Kumar Arora