80tta
This query is : Resolved
20 November 2014
SIR I WANT TO KNOW THAT AN INDIVIDUAL (RESIDENT) HAVING INTEREST INCOME ON FOREIGN BANK ACCOUNT WILL ALLOWED AS DEDUCTION U/S 80TTA.
AS I STUDIED THERE IS NO MENTION ABOUT INTEREST SHOULD BE ONLY FROM INDIAN BANK.
Please give your valuable answers
AS I STUDIED THERE IS NO MENTION ABOUT INTEREST SHOULD BE ONLY FROM INDIAN BANK.
Please give your valuable answers
20 November 2014
Eligible savings account for claiming deduction
Saving accounts with any of following entities will qualify:
Bank or banking company;
If the above conditions are satisfied you can claim exemption.
Saving accounts with any of following entities will qualify:
Bank or banking company;
If the above conditions are satisfied you can claim exemption.
20 November 2014
Section 80TTA provides deduction in respect of interest income earned from a deposit account (not being a time deposit account) held with a bank to which the Banking Regulation Act applies.
Banking Regulation Act applies to a foreign bank which is operating in India.
So intee=rest earned on an account held with the Indian branch of a foreign bank will be eligible for deduction u/s 80TTA.
Banking Regulation Act applies to a foreign bank which is operating in India.
So intee=rest earned on an account held with the Indian branch of a foreign bank will be eligible for deduction u/s 80TTA.
Message likes :
1 times
20 November 2014
IT MEANS IF I HAVE AN ACCOUNT IN FOREIGN ( NOT BEING INDIAN BRANCH) WOULD NOT BE ELIGIBLE FOR 80TTA
20 November 2014
Banking Regulation Act is NOT applicable to a foreign bank not operating in India.
Accordingly deduction u/s 80TTA is not available for account held with such bank.
Accordingly deduction u/s 80TTA is not available for account held with such bank.
Message likes :
1 times
20 November 2014
so check whether the bank u talking is covered by banking regulations act or not, if yes then ur allowed deduction else not.
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- About TDS & Income Tax
- Section 194JA & JB Income which ITR Form to use
- Pass word to open justification report for Q1 for FY 2026-27
- PPF interest-As Exempt Income disclosure
- Under construction property in ITR
- Scrutiny and reopening of past returns
- Booth for sales promotion
- Upload Level ValidationITR3Category of Defect B/D
- Building tax payment deduction in rental Income
- F & O PROFIT REPORTING FOR AY 2026-27
- Difference in GSTR3B system generated which is correct and actual Payment it asks
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Taxation in the hands of Landowner under JDA
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
