U/s 80tta
This query is : Resolved
20 June 2017
Dear Expert,
If any individual person get Interest on saving bank account Rs.35000/-, then whole amt will be taxable or 25000 will be taxable.
i have shown Rs.35000/- in income from other source and given deduction Rs.10000/- u/s 80TTA, kindly guide this is correct process or is there any other process.
Thanks
If any individual person get Interest on saving bank account Rs.35000/-, then whole amt will be taxable or 25000 will be taxable.
i have shown Rs.35000/- in income from other source and given deduction Rs.10000/- u/s 80TTA, kindly guide this is correct process or is there any other process.
Thanks
CA Rashmi Gandhi
(Expert)
20 June 2017
You have do it correctly. Show 35000/- in other sources & take deduction of Rs.10000/- u/s 80TTA.
Amol S Joglekar
(Expert)
20 June 2017
10,000 deduction is available for interest on savings bank
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