Section 80 tta - exemption on saving a/c interest

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Querist : Anonymous

Querist : Anonymous (Querist)

10 May 2016 is this exemption available upto certain Max. taxable income - upto 5 Lakhs or Rs 10 lakhs

KAVIRAJA ADDANGADI

KAVIRAJA ADDANGADI (Expert)

10 May 2016 Deduction u/s 80TTA is allowed Rs.10000/- irrespect of Income limit. Over and above 10000/- is considered as taxable income.

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Abhishek Ranjan Singh

Abhishek Ranjan Singh (Expert)

11 May 2016 Section 80TTA is introduced with effect from April 01, 2013 and will apply from AY 2013-14 and onwards. Section is introduced to provide deduction to an individual or a Hindu undivided family in respect of interest received on deposits (not being time deposits) in a savings account held with banks, cooperative banks and post office. The deduction is restricted to Rs 10,000 or actual interest whichever is lower.

There is no limit of maximum taxable income.

Abhishek Ranjan Singh
ARS Solutions
www.arssolutions.co.in
+919022838615

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Murtaza I Bhagat

Murtaza I Bhagat (Expert)

11 May 2016 80TTA is not belongs to any taxable slab of 10%,20% or 30%. It is about saving bank account interest from whole bank accounts. If it is more than 10,000 then you have take as income from other sources and take deduction of Rs.10,000 excess amount will be in your taxable income and if interest amount is less then 10K then you have to take that amount as income as well as take as deduction under 80TTA which means you will not be paid any tax on your savings accounts interest.