Deduction u/s 80tta
This query is : Resolved
19 July 2013
Dear sirs,madam
i have a query related to section 80tta that i received rs 15000 interest on saving a/c on which tds is deducted.i want to know whether i can avail both the deduction u/s 80tta and tds ????
i have a query related to section 80tta that i received rs 15000 interest on saving a/c on which tds is deducted.i want to know whether i can avail both the deduction u/s 80tta and tds ????
19 July 2013
Yes as per sec 80TTA u can get deduction upto Rs.10,000 for ay13-14.
tds can be claimed if finally you got to have refundable income and no tax liability is to be paid for ay 13-14.
tds can be claimed if finally you got to have refundable income and no tax liability is to be paid for ay 13-14.
19 July 2013
what about the tds that have been deducted whether we can claim or not??
19 July 2013
i said that if you dont have any final tax liability while filling return of income then u can cliam refund else u need to adjust tds.
eg. if your final tax liability is rs 1000 suppose and tds deduced is rs 500 then in this case u need to pay tax of rs 500(Rs1000-500)
eg. if your final tax liability is rs 1000 suppose and tds deduced is rs 500 then in this case u need to pay tax of rs 500(Rs1000-500)
19 July 2013
Income tax need not be deducted from savings bank account interest vide section 194A(vii) of the Income tax Act,1961.
Therefore, make sure that the 'nature of the account' is savings bank a/c before claiming deduction u/s 80TTA
Therefore, make sure that the 'nature of the account' is savings bank a/c before claiming deduction u/s 80TTA
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
- Supply through E-commerce Operators
- Relief u/s Section 89
- Rent lease agreement
- Merchant Export Accounting
- Is E Way Bill Valid If Transport ID Not Mentioned in PART A But Vehicle details mentioned in PART B
- STCG on ETF gold & silver
- If there is Long term capital gain exists how much total income to be considered
- GST ON DAMAGED GOODS
- REGARDING SECTION 44AE
- Taxation on LTCG for property sold after 24JUL2024
- Sales return eway bill
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
