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Is 80tta applicable on tds deducted under section 194a in 26a

rimpal gupta (Others) (24 Points)

12 August 2015

I have an interets income of RS 20000 and TDS of Rs 2000 has been deducted by bank and is shown in my 26AS form under section 194A. i want to know can I claim Rs 10000 under section 80 TTA in my ITR.

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13 Replies

Deepak Gupta (CA Student) (15922 Points)
Replied 12 August 2015

Deduction u/s 80TTA is allowed only for interest on deposits in savings account whereas you are deriving interest income from fixed deposits. Hence, not allowed.

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MOHD AFROZ (STUDENT) (1480 Points)
Replied 12 August 2015

Section 80TTA applicable on interest received on saving bank account. Its not applicable on interest received on FD.

hareesha g (ca practice ) (32 Points)
Replied 12 August 2015

Which interest......?

Rahul Tyagi (Partner) (24 Points)
Replied 12 August 2015

No Tds is deducted on savings bank interest despite amount hence 80TTA can have no application on interest appearing in 26AS

MAHERBANALIKAYLA (student) (21 Points)
Replied 12 August 2015

Section 80TTA applicable only on saving bank interest amount

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sanjeev kumar goel (Advocate) (260 Points)
Replied 16 August 2015

Section 80TTA is only applicable for interest income from saving account and not from fixed deposit. hence not applicable for interest income from FDRs

Kiran. S (CTO) (745 Points)
Replied 16 August 2015

1) Savings Bank Interest which is given at 4% only comes under 80TTA.

2) No TDS is cut on this interest even though the amt is > 10k

3) TDS is cut on FD/MMD/RD etc.

4) in OS sheet of ITR take s.no 3 + s.no 1 + other interest in interests

5) In chapter VIA - under 80TTA enter amt s.no 1

6) Int amt upto 10k is deductible under VIA

I hope this is clear.

Happy filing.

Kiran. S (CTO) (745 Points)
Replied 16 August 2015

Some banks like Kotak/Yes give 6% also.

That also comes under 80TTA

Bineet Mehra (research) (23 Points)
Replied 14 February 2016

Hello

In form 26 for interest on FD/Savings account, section 194A, Total amount shown under “total amountpaid/credited” comprises of interest from both FD+savings interest ? or is it from FD only ?

Thanks