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Deduction from total income

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Querist : Anonymous

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Querist : Anonymous (Querist)
27 June 2014 Assessee is individual. His total income for AY 14-15 is above 30 lac. If he receives interest of Rs.24252/- on savings a/c, what will be deduction u/s. 80tta?
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CA Madhvi

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CA Madhvi (Expert)
27 June 2014 Upper limit of deduction u/s 80TAA is 10,000.
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Querist : Anonymous

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Querist : Anonymous (Querist)
27 June 2014 But if total income is more than 5 lac, then also we recd the deduction of 10000/-?



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CA Madhvi

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CA Madhvi (Expert)
27 June 2014 yes irrespective of income
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Rupesh Jain

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Rupesh Jain (Expert)
27 June 2014 if in interest on saving a/c then he can calim deduction /s 80TTA up to Rs. 10000/- there is no link with the total income.

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