Deduction under 80TTA in Income Tax
sandeep (Manager) (32 Points)
01 January 2022sandeep (Manager) (32 Points)
01 January 2022
sabyasachi mukherjee
(26057 Points)
Replied 02 January 2022
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/-.
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