80tta

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Anurag Gupta

STUDENT

103 Points Joined February 2010

1. how to deal with section 80tta in itr form ? whether it should be first disclose u/h income from other source then give deduction.

2. whether original and revised return sent to cpc in one envelope .

Replies (2)

Yes sir Deduction under Chapter Vi of the income tax act are available from the Gross Total Income only. Therefore first the Interest on Savings BAnk A/c will be shown in other source head and then deduction u/s 80TTA will be claimed. Suppose you have Interest Income of Rs. 11000 then first disclose the whole amout under other source head then claim deduction u/s 80TTA of Rs.10000(max deduction available) so that on net basis 1000 will form part of taxable income.

S.R.Associates

Tax & Investment Consultants

115 Points Joined August 2013

Originally posted by : CA Anil Agarwal
	Yes sir Deduction under Chapter Vi of the income tax act are available from the Gross Total Income only. Therefore first the Interest on Savings BAnk A/c will be shown in other source head and then deduction u/s 80TTA will be claimed. Suppose you have Interest Income of Rs. 11000 then first disclose the whole amout under other source head then claim deduction u/s 80TTA of Rs.10000(max deduction available) so that on net basis 1000 will form part of taxable income.