Section 80tta

This query is : Resolved

veena (Querist)
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14 July 2013 Under above section deduction for interest on saving account is given. Whether that is over and above total Rs. 100000/- or it is included in that?

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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14 July 2013 Upto 10,000 int from saving bank in a fy then an individual can claim deduction u/s 80TTA.

Ganeshbabu K

Ganeshbabu K (Expert)
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14 July 2013 Assesse can claim deduction under section 80TTA irrespective of what Amount he claimed in 80C.

Suppose you may claim 80C ..Rs.100000

And you can also claim 80TTA upto Rs.10,000

Suppose you have interest on saving bank for Rs.15000 you need to show Rs.15000 in income from other sources out of which Rs.10000 can be claimed under section.80TTA

Thanks & regards
Ganesh babu k

CA Kumar Mukesh

CA Kumar Mukesh (Expert)
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14 July 2013
The Deduction amt is shall be

1 Interest credited in saving bank a/c
or
2.10,000

whichever is less

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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14 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.

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