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Fixed deposit/recurring deposit interest comes under 80TTA

Vijay Bist (2 Points)

18 February 2019

fixed deposit/recurring deposit interest comes under 80TTA

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14 Replies

Pankhuri Agrawal (Chartered Accountant) (412 Points)
Replied 18 February 2019

No it doesnt

Vijay Kumar Yadav (Accountant) (22 Points)
Replied 18 February 2019

that is basically goes to 80c

Rajesh Goyal (57 Points)
Replied 18 February 2019

Please go through the link for Deduction on Interest Income: Under Section 80TTA/80TTB
https://www.caclubindia.com/articles/details.asp?mod_id=35011

kiran (student) (71 Points)
Replied 18 February 2019

only savings account interest will come under deduction

Amit Kumar Bansal (Job/Blogger) (688 Points)
Replied 18 February 2019

Interest from Fixed Deposit and recurring deposit comes under 80C, and if we talk about 80TTA - the only interest from the bank account.

RAJA P M ("Do the Right Thing...!!!") (127072 Points)
Replied 18 February 2019

No...
FD interest & RD** interest can't comes under 80C & 80tta.
It's fully consider "IFOS" and declare Incomes.

manoj (student) (5205 Points)
Replied 18 February 2019

Interest from FD only comes under 80C if the deposit comes under 80C

for 80TTA only saving interest

manoj (student) (5205 Points)
Replied 18 February 2019

Interest from FD only comes under 80C if the deposit comes under 80C

for 80TTA only saving interest

manoj (student) (5205 Points)
Replied 18 February 2019

Interest from FD only comes under 80C if the deposit comes under 80C

for 80TTA only saving interest

manoj (student) (5205 Points)
Replied 18 February 2019

Interest from FD only comes under 80C if the deposit comes under 80C

for 80TTA only saving interest

PUSHP KUMAR SAHU (CA FINAL ASPIRANT) (3115 Points)
Replied 18 February 2019

no...FD interest can not be claimed as deduction u/s 80TTA ...

1 Like

Amit Kumar Bansal (Job/Blogger) (688 Points)
Replied 19 February 2019

No, It comes under 80C, and interest earned from bank saving account falls under 80TTA

CA. Umesh kumar (ca.umesh11@gmail.com) (1465 Points)
Replied 20 February 2019

only savings bank account/ post office savings bank account interest/ cooperative bank savings interest can be claimed under section 80TTA. Limit is 10000/-

Interest on FD is fully taxable.

CA Inderjeet Sunda (Chartered Accountant) (355 Points)
Replied 21 February 2019

Interest on FD /RD doesn't fall in preview of sec 87TTA. No Deduction/Exemption on Interest from FD or RD except Interest on FD or RD Received by a senior citizen subject maximum cap of Rs. 50000 including Interest on saving Account.