Section 80tta
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Section 80tta is introduced to provide deduction to an individual or a hindu undivided family in respect of interest received on deposits not being time deposits in a savings account held with banks cooperative banks and post office.
Section 80tta. The maximum amount of deduction available in inr 50 000. This deduction is allowed on interest earned from a savings account with a bank. Viewers are advised to ascertain the correct position prevailing law before relying upon any.
Quantum of deductions available. This article is about claiming deduction on interest under section 8otta. Exemption sought should be less than rs 10 000.
Section 80tta of income tax act an individual can claim for deduction on interest income of up to rs 10 000 per annum under this section. Information relates to the law prevailing in the year of publication as indicated. Section 80ttb is a provision whereby a taxpayer who is a resident senior citizen aged 60 years and above at any time during a financial year fy can claim a specified amount as a deduction from his gross total income for that fy.
Deduction under section 80tta. This section is applicable w e f 1 april 2018. It is available for both individuals as well as hindu.
According to section 80tta tax deduction for interest on deposits in a saving account with a bank or banking companies to which banking regulation act 1999 applies co operative society engaged in carrying on the business of banking post offices can be claimed up to a maximum limit of rs 10 000. Section 80ttb is the new amendment introduced in the budget 2018 for the senior citizen. Section 80ttb of the income tax act provides a deduction to a senior citizen in respect of interest income earned on deposits with a bank or a co operative society or a post office.
Section 80tta of the income tax act allows you to claiming deductions on savings accounts deposits that are held in a post office bank or cooperative society. Assessment year you are an individual huf yes no interest income from amount of interest. Senior citizens can avail the benefit of interest income u s 80ttb up to 50000 on all kinds of interest income.
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