Claim deduction of up to Rs 10,000 from savings bank account interest
Should I add up interest from post office savings account and all savings bank account for tax exemption of up to Rs 10,000 a year?
Interest income earned from savings bank account (whether from savings account in a bank or a post office) shall be included in your income. However, under section 80TTA, a corresponding deduction of such interest income up to Rs 10,000 shall be allowed and hence it shall not form part of the income to this extent. Hence, this deduction is also allowed for interest earned from post office savings bank account.
My father expired in March this year. Can I file his income tax returns and claim the refund?
The Income Tax Efiling website do provide the facility to file the income tax return of a deceased person by his/her legal heir which involves uploading some documents on the e-filing portal to prove the demise of the person and claim the capacity of legal heir. The steps to do so are explained below:
Login to income tax e-filing portal (https://incometaxindiaefiling.gov.in/) using own income tax credentials
Go to “My account”, then choose “service Request “from the drop down list.
Create a new request a to add legal Heir Request
Click on Submit.
Select the type of request—New Request and enter the details of the deceased.
Attach a Zip file with the following documents :
i) Copy of the death certificate
ii) Copy of PAN card of the deceased
iii) Self-attested PAN Card Copy
iv) Legal heir Certificate or affidavit in presence of the Notary Public.
The request is subject to approval by the e-filing administrator. The Administrator will verify and will approve/reject the request. E-filling administrator may approve it as a Temporary or Permanent Legal Heir, based on the documents uploaded.
Once, the above request is approved, the legal heir should put his/her PAN in the verification part of the ITR Form of the deceased but file the return using his/her own login. An email communication will be received for approval of return.
The writer is partner, Ashok Maheshwary & Associates