I just realised I have missed claiming an extra deduction which has been available since 2011 : ( Better late than never… so may be I can start using it from FY 2022-23 onwards in my ITR. Like me, many ppl could be unaware of the availability of this extra deduction.
In June 2011, the govt issued a notification as per which interest income up to Rs3,500 p.a earned from post office savings account is exempt from tax for single accounts and Rs7000 p.a for joint accounts. This exemption is over and above the deduction of Rs 10000 available under Section 80TTA and the Rs50000 deduction available under Section 80TTB for senior citizens.
Just wanted to reconfirm that this deduction is still available & also the process to claim it. It seems the process to claim it is different from that for Sec 80TTA/ Sec 80TTB.
Also while I intend to continue filing under old regime, there could be many who are moving on to the new regime… I hear that this extra deduction is available under new regime too. Can someone please re-confirm? This could be helpful for lots of people.
@Quicko please help.