25 April 2014
SIR I AM AN EMPLOYEE OF LIC OF INDIA , HOW TO USE SEC 80TTA , I HAVE EARNED 5700 INTEREST IN MY BANK ACCOUNT.IS IT ELIGIBLE FOR TAX DEDUCTION IN SAHAZ 1 ITR
While preparing return of income of you for income tax purpose offer such interest on Savings bank account under the head income from other sources and then claim deduction u/s 80TTA(Maximum deduction allowed u/s 80TTA is Rs.10000).
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