Menu
Deduction for interest on fd having maturity period below 5 years
pls guide me as to whether interest on FD having maturity period below 5 years is allowed as deduction anywhere. also please answer as to interest on savings account deduction with section.
Replies (1)
Section 80TTA provides a deduction of Rs 10,000 on interest income. This deduction is available to an Individual and HUF.
This deduction is allowed on interest earned –
- From a savings account with a bank
- From a savings account with a co-operative society carrying on the business of banking
- From a savings account with a post office
No deduction is allowed from the Interest earned on Fixed Deposit and it is taxable as per the Income Tax Slab Rates of the recipient individual.
Recent Topics :
- Section 54F Exemption
- Would you use a free, open-source alternative to s
- Business & Finance
- Report in GSTR 1 ( Credit Note ) for Wrong GST Rat
- Reply of summons issued under section 70 of the cg
- How to Bulk GSTIN Number Verify and Validation
- OPC Annual Filing Defaults – Need Guidance t
- OPC Annual Filing Defaults – Need Guidance t
- FCGPR of a past period
- Discuss and Download CA Final Question Paper Nov 2
Related Topics :
CAclubindia
