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

Tax queries 2677 views 13 replies

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.

Replies (13)

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.

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

Which interest......?
No Tds is deducted on savings bank interest despite amount hence 80TTA can have no application on interest appearing in 26AS
Section 80TTA applicable only on saving bank interest amount

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

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. 

 

Some banks like Kotak/Yes give 6% also.

That also comes under 80TTA

 

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

 TDS deducted u/s 194A which was in 26AS is the interest earned on Fixed Deposits only not Savings Bank interest.

Section 80 TTA is applicable only for interest earned from savings account hence you can not take the benefit of 80TTA for interest on FDRs.

In 26AS , only FD interest is shown not the SB interest.

Thanks a lot for your replies ;; :)


CCI Pro

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register