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Interest on saving 80tta provides a deduction is eligible only if have income ??

16 July 2019

My P.Y. i show a business loss and i have Interest on saving 80TTA Rs. 10000.00 but they disallowed and i was demanding for the same

so is it ture that we can't get deduction if we don't have income.

Regards,

Haresh Hemani

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4 Replies

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (160327 Points)
Replied 16 July 2019

Sec. 80TTA deduction is available only against savings account interest offered to assessment u/h. IFOS in ITR. (max. 10000/-)

If not declared, plain deduction not allowed.

haresh hemani (8 Points)
Replied 17 July 2019

sir it has declared but they disallowed so asking you

rishabhsharma (Article Assistant) (140 Points)
Replied 17 July 2019

have you shown interest income in other sources?

Sagar Patel (Tax and Business Consultant) (11611 Points)
Replied 24 July 2020

Not allowed, As you declared interest under head income from other sources and there is a loss under head PGBP So, after inter head adjustment Gross total income will be Negative ( i.e loss which left after inter head adjustment will be c/f to next year)

So, if Gross total is negative than any Deduction is not allowed.

it's happen because first we have to do inter head adjustment and then after if any Income remain than deduction is allowed from that income.