Sec 80tta applicability
This query is : Resolved
08 July 2013
interest earned from savings accounts is exempt upto 10000
The section is applicable with effect from April 01, 2013 and will apply from AY 2013-14 and onwards.
but this is ambiguous
So is interest earned in F.Y 12-13(AY 13-14) exempt
The section is applicable with effect from April 01, 2013 and will apply from AY 2013-14 and onwards.
but this is ambiguous
So is interest earned in F.Y 12-13(AY 13-14) exempt
08 July 2013
yes int is exempt provided other condition of Sec 80TTA is fullfilled.
08 July 2013
For giving additional income tax deduction on Interest on Saving Bank Account new section 80TTA under Income Tax Act,1961 was introduced through Finance Act, 2012. This additional deduction u/s 80TTA is applicable only to individual and HUF on interest income from bank saving account .i.e this deduction is not applicable on interest received on time deposit/term deposit.
Eligible Assessee for section 80TTA: only Individual and HUF are elegible under this section, so a firm, an association of persons or a body of individuals will not get the benefit of this section.
Deduction Limit/ Maximum Deduction under Section 80TTA: Rs 10,000/- or actual interest receipt from saving bank account , which ever is lower. Example1. if person receive interest of Rs 15000/- from saving bank account then he has to pay tax on Rs 5000/- and Rs 10,000/- he can claim as deduction u/s 80TTA. Example2. if person receive interest of Rs 9000/- from saving bank account then he don’t have to pay tax on Rs 9000/- and Rs 9,000/- can be claimed as deduction u/s 80TTA.
Eligible Assessee for section 80TTA: only Individual and HUF are elegible under this section, so a firm, an association of persons or a body of individuals will not get the benefit of this section.
Deduction Limit/ Maximum Deduction under Section 80TTA: Rs 10,000/- or actual interest receipt from saving bank account , which ever is lower. Example1. if person receive interest of Rs 15000/- from saving bank account then he has to pay tax on Rs 5000/- and Rs 10,000/- he can claim as deduction u/s 80TTA. Example2. if person receive interest of Rs 9000/- from saving bank account then he don’t have to pay tax on Rs 9000/- and Rs 9,000/- can be claimed as deduction u/s 80TTA.
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
- Reporting Income under Section 44ADA
- Off Market debit and credit transaction
- Itr 1 processing
- Showing Gift from relative in ITR for this year
- Form 10E u/s 89(1). Need clarification because experts opinions differ !!!!
- ITR 1: Details for showing Exempt Income
- Share accounting-->fifo - capital gain - period as per fifo?
- ITR 2 Short Term gain & Long term gain
- ITR returnFY25-26
- Short Term Capital gain on shares bought and sold after 2018 onwards
- TDS 194R on GST effected
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- 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
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
