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80TTA applicability

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Ritesh Bhat

Marketing

142 Points Posted on 20 June 2022

Hi,

If my savings A/C total interest is less than 10000 say just 4000 can I claim 80TTA deduction of 4000 or it is only applicable in ITR1 when the saving interest > 10000 but allowed only upto max 10000?

Thanks and regards.

Replies (3)

Quick Summary

This discussion clarifies the applicability of the Section 80TTA deduction for savings account interest. You can claim the full amount of interest earned as a deduction, up to a maximum limit of £10,000. If your total savings interest is less than £10,000, you can claim the entire interest amount. However, if your interest exceeds £10,000, the deduction is capped at £10,000.

Naveen Kumar

729 Points Posted on 20 June 2022

You can claim

Eswar Reddy S

CFO- at NHTF

58280 Points Posted on 20 June 2022

If your Savings interest is above 10,000 then you can claim only 10000/-

If the interest is less than 10,000/- then actual interest only can be claimed and more than that .

Say if your interest is 4000/- then 80TTA deduction can be claimed for 4000/-

If your interest is 12000/- then only 10000/- can be claimed.