Dedn u/s 89TTA

Sirs,

hv recd bank int of 39k (17k on savings a/c) on which bank has not deducted tds.....

1. now i shd declare it under other sources and pay tax...

2. out of 17k, i can claim 10k u/s 80TTA...

so now, i hv to pay tax for 29k...am i right..???

pls clarify.

Replies (4)
Quick Summary
This discussion clarifies how to handle bank interest income for tax purposes. You should declare all bank interest received under 'Income from Other Sources'. While interest from savings accounts is eligible for a deduction of up to £10,000 under Section 80TTA, the remaining interest is taxable at your slab rate. The example shows that out of £39,000 interest received, after claiming the £10,000 deduction, the taxable amount is £29,000.

1. Correct, under old tax regime.

2. Yes, taxable income from bank interest will be Rs. 29K.... which will be added to other incomes, and taxed at slab rate.

  1. If you have received interest income of 39k, it is advisable to declare it under the head "Income from Other Sources" while filing your tax return. You will be liable to pay tax on this income based on the applicable tax slab rates.

  2. Under Section 80TTA of the Income Tax Act, you can claim a deduction of up to 10,000 rupees on interest earned from savings accounts. So, out of the 17k interest earned on your savings account, you can claim a deduction of 10k under Section 80TTA.

Therefore, the taxable interest income would be 29k (39k - 10k) and you may need to pay tax on this amount.
To learn more about Income Tax Deductions  click here
For more detailed information, visit Swipe Blogs.

understood & noted. thanq Sirs ...💐

You are welcome.         

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
Featured 12 September 2026
Assistant Manager - Finance & Compliance

Naveen Fintech Pvt Ltd

Kolkata

CA Inter

View Details
Company
ARTICLESHIP 01 September 2026
Articles

Saini Pati Shah & Co LLP, Chartered Accountants

Mumbai

CA Foundation

View Details
Company
19 September 2026
CA/Semi-CA/BCom

Pravin Sarvaiya

Mumbai

CA Inter

View Details
Company
29 September 2026
Work at home

Lottery.sambad.tv

Bhopal

Others

View Details
Company
16 September 2026
Internal Audit - Team Lead

Consulting & Beyond

Chennai

CA

View Details
Company
15 September 2026
Client-site CA associate

Aditya Muley and Co

Mumbai

CA

View Details
Company
08 September 2026
Semi-Qualified Assitant

Subrahmanyam & Sivudu CA Firm

Hyderabad

CA Inter

View Details
Company
ARTICLESHIP 28 September 2026
Junior Accountant

J S P M & Associates LLP

Pune

B.Com

View Details