Deduction up to Rs. 10,000 Proposed for Savings Bank Interest

In another relief to the individual taxpayers, Finance Minister Shri Pranab Mukherjee proposed a deduction of upto Rs. 10,000 for interest from savings bank accounts. This would help a large number of small taxpayers with salary incomes uptoRs. 5 lakh and interest from savings bank accounts uptoRs. 10,000 as they would not be required to file income tax returns.

It has also been proposed to allow deduction of Rs. 5,000 for preventive health check up.

For senior citizens not having income from business, it has been proposed to exempt them from payment of advance tax.

Source : Equity Bulls

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