You can save tax up to Rs 17,000 on savings account interest: Here’s how- The Economic Times

  • Press Release|
  • < 1 minute
  • By Taxmann
  • |
  • Last Updated on 28 October, 2020

October 23, 2019

Naveen Wadhwa, Deputy General Manager at, said:

“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. Sections 80TTA and 80TTB provide deduction in respect of the interest on deposit in post office saving bank account. If exemption is claimed under Section 10(15) in respect of such income, no deduction shall be available for the same income. Any interest income in excess of this limit (i.e., in excess of Rs 3,500 or Rs 7,000 in case of single and joint accounts, respectively) may be considered for Sections 80TTA or 80TTB deductions.”

Read full article here: You can save tax onup to Rs 17,000

Disclaimer: The content/information published on the website is only for general information of the user and shall not be construed as legal advice. While the Taxmann has exercised reasonable efforts to ensure the veracity of information/content published, Taxmann shall be under no liability in any manner whatsoever for incorrect information, if any.

Comments are closed.

Everything on Tax and Corporate Laws of India

To subscribe to our weekly newsletter please log in/register on

Author: Taxmann

Taxmann Publications has a dedicated in-house Research & Editorial Team. This team consists of a team of Chartered Accountants, Company Secretaries, and Lawyers. This team works under the guidance and supervision of editor-in-chief Mr Rakesh Bhargava.

The Research and Editorial Team is responsible for developing reliable and accurate content for the readers. The team follows the six-sigma approach to achieve the benchmark of zero error in its publications and research platforms. The team ensures that the following publication guidelines are thoroughly followed while developing the content:

  • The statutory material is obtained only from the authorized and reliable sources
  • All the latest developments in the judicial and legislative fields are covered
  • Prepare the analytical write-ups on current, controversial, and important issues to help the readers to understand the concept and its implications
  • Every content published by Taxmann is complete, accurate and lucid
  • All evidence-based statements are supported with proper reference to Section, Circular No., Notification No. or citations
  • The golden rules of grammar, style and consistency are thoroughly followed
  • Font and size that's easy to read and remain consistent across all imprint and digital publications are applied