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Deduction under 80TTA in Income Tax

sandeep (Manager) (32 Points)

01 January 2022

During Financial year, if I earned interest on savings accounts more than 10k (which is exempt from tax) i.e 18k, then do I have to pay tax on whole 18k or on 8k (after deduction of tax exempted amount).

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5 Replies

Chand Basha (124 Points)
Replied 01 January 2022

After 10K. that is for 8K... Is taxable amount.

sabyasachi mukherjee (26047 Points)
Replied 02 January 2022

You can take exemption also if your threshold is below the exemption limit.

Shankar Rugge (369 Points)
Replied 02 January 2022

Pay tax on 8k . It is rhe amount exceeded 10k

Kammy Singh (Retired) (100 Points)
Replied 02 January 2022

You have to show the entire Rs. 18,000/ as income. while u/s 80TTA you get deduction of Rs. 10,000/ therefore only Rs. 8000/- will be taxable.

Sonal Agarwal (Chartered Accountant) (41 Points)
Replied 02 January 2022

If the assessee is a senior citizen (age 60 years or more) then the interest on deposits and savings account can be deducted from gross total income upto an amount of Rs.50000/-.