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80TTA Deductions

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CuriousMind

160 Points Posted on 08 July 2023

Dear CAs/Tax Experts ,

Good evening ! Can someone pls help understand , why 80TTA is throwing error ( attached ) and not considering any exemption while filing ITR1 , when I'm putting 10K for the tax rebate

Any help here will be appreciated sincerely .

Best Regards

Attached File : 3692254 20230708211337 80tta error.jpg downloaded: 65 times

Replies (2)

Quick Summary

This discussion clarifies an issue with claiming 80TTA deductions in ITR1. The key takeaway is that the deduction for savings account interest is only considered if the interest income is declared under the 'income sources' section of your tax return. It's also important to note that this deduction is applicable under the old tax regime, not the new one.

Raj Rajesh yadav

31 Points Posted on 08 July 2023

Dear tax payer,
deduction u/s 80TTA will be allowed only if you have interest income from savings account. it will be allowed only under old regime but not under new regime

CuriousMind

160 Points Posted on 11 July 2023

Thanks for your response Raj !

Yes, you are right , if we don't mention the SBA interest income under income sources , then this 80TTA section will not consider this 10K deduction . All set now .