hi there,
my question is ,if i create a FDR for of period of 6 month from my saving bank account and got interest thereon, can i claim the deduction of 80TTA on the interest recieved from such FDR?
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80tta
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deduction u/s 80tta can be availed only in case of saving bank interest and not on fd int.
No FD interest is not covered under 80TTA
Only saving bank account interest can claimed as deduction upto Rs. 10, 000/- u/s 80TTA.
Interest on FD is taxable Income.
Section 80TTA has been inserted with effect from the assessment year 2013/14.
It provides a deduction upto Rs 10,000 in aggregate to an assessee (being an individual or HUF) in respect of any income by way of interest on deposits (not being time deposits) in a savings account with:
a) Banking company
b) A co-operative society engaged in carrying on the business of banking (including a co-operative land or a mortgage bank or a co-operative land development bank)
c) Post office
For further details log onto Income Tax Return Online in India: Quicko.com
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