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Guidance

NITIN DAYALJI DAVDA (P.O.-1) (109 Points)

08 June 2018

For a y 2018-19, I earned interest of Rs 25000 from bank, my taxable income is 8 lac, can I claim deduction of Rs 10000 under sec 80TTA?

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Shreshth Mehta (CA FINAL ) (179 Points)
Replied 08 June 2018

One can claim deduction of interest received on SAVING BANK A/C only i.e interest on saving bank a/c balance and not on interest received for F.D or R.D.
so if 25000 is saving bank account interest then you can claim deduction of 10000 otherwise you cannot