Under the old tax regime of the Income-tax Act, 2025, the deduction for savings-bank interest of an…
The maximum savings-interest deduction is Rs. 10,000 for an individual who is not a senior citizen under section 153. Time-deposit interest is excluded from this deduction.
Choose your answer
Under the old tax regime of the Income-tax Act, 2025, the deduction for savings-bank interest of an individual who is not a senior citizen is limited to __________.
Answer and explanation
Correct answer B
The maximum savings-interest deduction is Rs. 10,000 for an individual who is not a senior citizen under section 153. Time-deposit interest is excluded from this deduction.
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Maharashtra and Goa SET (MH SET)