Don't miss the income tax deduction u/s 80TTA for savings bank interest: According to section 80TTA, you can claim a deduction of up to Rs. 10,000 on interest received from a savings bank.
Interest earned from savings accounts, fixed deposits, recurring deposits, RBI taxable bonds etc. is fully taxable in the hands of an individual. However, you can claim a deduction for interest income earned from the following:
From a savings account with a bank
From a savings account with a cooperative society carrying on the business of banking
From a savings account Read More
The posts listed here are from various news sources and express only early views about Seventh Pay Commission. The SPC report will be published only in April. So dont take these posts for authenticated info.