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Interest rebate in income tax

interest rebate in income tax

Home money tax, fixed deposits, savings account, post office schemes earn interest which if above a certain limit should be reported in income tax return.
However, the interest on the bond is taxable.But the account holder should calculate and win trip to disney canada declare the interest from all saving bank accounts during the financial year under the head 'Income from other sources' claim deduction u/s 80TTA and pay the tax accordingly says, Sudhir Kaushik, Co-Founder CFO,.30,000/- Investment in Sukanya Samriddhi Scheme - Eligible for deduction u/s 80C and any payment from the scheme shall not be liable to tax.Deduction shall be allowed in computing the total income in respect of the initial assessment year* and seven assessment years immediately succeeding the initial assessment year or until the interest is paid by the assessee in full, whichever is earlier. .Though PPF remains tax free, interest on EPF attracts charges from 1st April 2016."In case the interest payable by the Bank during the financial year on time deposits is likely to exceed the maximum amount which is not chargeable to income tax, then the Form 15G submitted will be treated as invalid" says Kaushik.Therefore, this scheme is a boon for people who have sold their property but haven't been able to purchase the property within the stipulated period. .In case any employer contributes to the NPS scheme on behalf of the employee and the benefit of the same would be availed by the employee, the employee would also be allowed a deduction under Section 80CCD(2) for the amount of contribution made by the.Keeping minimum balance in savings accounts is suggested because the rate of interest is very low and it is also reduced by income tax payable:.8 per annum for person in 30 tax slab with 4 interest on saving account.Financial Year 2016-17) - Assessment Year 2017-18).If you want to buy a new property one or two years after transferring the original asset, you will have to either wait or look for alternative funds. .(However, the Asset Management Company is liable to deduct.44 distribution tax in case of non individuals / non HUF investors and.025 in case of individuals or HUF investors.) (d) Capital receipts from Life Insurance policies.e.This limit is only for self-occupied house.