Interest on mod

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

22 July 2013
Interest accrued on Multi Option Deposit (MOD) linked with Saving Plus account is eligible for exemption u/s 80TTA. If not is there any TDS applicability? If so up to what extent it is exempted. Please give reply.

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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22 July 2013 only int on simple savings a/c in bank you can avail deduction under sec 80TTA,

TDS is applicable if Int exceeds Rs10,000 on savings a/c.

in your case you havent said whether your a/c is saving a/c or not.

Querist : Anonymous

Querist : Anonymous (Querist)

22 July 2013 Sir,
Saving Plus account ie saving account with MOD facility

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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22 July 2013 then int from savings a/c only is eligible for deduction under sec 80TTA.

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