Is interest on Fd exempt under section 80TTA

Krk (26 Points)

30 July 2017

is interest on Fd exempt under section 80TTA

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13 Replies

Poltu Ghosh (Job) (1865 Points)
Replied 30 July 2017

No only the savings bank account interest is covered u/s 80TTA

1 Like

CA PuRvI M!$rA (-) (2260 Points)
Replied 30 July 2017

No deduction available for FD interest income.

1 Like

Pankaj Kumar (2 Points)
Replied 30 July 2017

No exemption available.

Udgam Koomar (Tax Technologist) (1949 Points)
Replied 30 July 2017

FD income fully taxable

SANJEET KUMAR (AUDIT ASSISTANT) (70 Points)
Replied 30 July 2017

80TTA APLIES ON SAVING A/C INTEREST ONLY. INT. ON FIXED DEPOSITS ARE FULLY TAXABLE.

NITIN (.) (96 Points)
Replied 30 July 2017

No Not Possible

harshad jain (9 Points)
Replied 30 July 2017

Fd income is fully taxable.

Himanshu Rupela (Student CA IPC / IPCC) (451 Points)
Replied 30 July 2017

80 TTA is available only for interest om saving account.

Interest on fd is neither exempted nor deducted.

Guneet Sharma (CA student) (28 Points)
Replied 31 July 2017

does any one know tax treatment of recuring deposit

Udgam Koomar (Tax Technologist) (1949 Points)
Replied 31 July 2017

Originally posted by : Guneet Sharma
	does any one know tax treatment of recuring deposit	Recurring deposit is just another type of FD, a term deposit, any earnings out of this is fully taxable

Dwaipayan Paul (Ca final) (1767 Points)
Replied 31 July 2017

Interst on savings as well as rd exempt(not fd)

udbhav pratap singh (assistant ) (16 Points)
Replied 31 July 2017

Section 80TTA is titled as ‘Deduction in respect of interest on deposits in savings account’ in the Income Tax Act.

Here are the salient features of this section:

You can claim exemption on up to Rs. 10,000 received as interest on your savings account deposits.
The savings account can be held in any of the following financial institution:
Bank
Cooperative society
Post office
You can claim exemption on any number of savings accounts as long as the total amount you are seeking exemption on is less than Rs. 10,000.
Considering the above citing facts, it is very well established that one cannot cliam Interest on Fixed Deposit irrespective of threshold.