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Deduction under 80TTA in Income Tax
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).
Replies (5)
Quick Summary
After 10K. that is for 8K... Is taxable amount.
You can take exemption also if your threshold is below the exemption limit.
Pay tax on 8k . It is rhe amount exceeded 10k
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.
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/-.
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