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August 15, 2016

Indian Income Tax - Rebate on Savings Bank Interest

Are you aware that you can get deduction for the savings bank interest earned. Section - 80TTA of Income-tax Act, 1961-2014 deal with Deduction in respect of interest on deposits in savings account. You need to include this in Schedule VI A under 80TTA. Currently savings bank interest till Rs 10000 is deducted from your earnings.

BTW you have to include entire savings bank interest earned during the year in Schedule OS as interest income.

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