is interest on Fd exempt under section 80TTA
Menu
Is interest on Fd exempt under section 80TTA
Replies (13)
No only the savings bank account interest is covered u/s 80TTA
No deduction available for FD interest income.
No exemption available.
FD income fully taxable
80TTA APLIES ON SAVING A/C INTEREST ONLY. INT. ON FIXED DEPOSITS ARE FULLY TAXABLE.
No Not Possible
Fd income is fully taxable.
80 TTA is available only for interest om saving account.
Interest on fd is neither exempted nor deducted.
Interest on fd is neither exempted nor deducted.
does any one know tax treatment of recuring deposit
| 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 |
Interst on savings as well as rd exempt(not fd)
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.
SECTION 80 TTA ONLY & ONLY FOR SAVING INTREST, THE INTREST OF FDR & RECURING DEPOSIT HAVE NOT COME UNDER THIS SECTION .
Recent Topic
- AIS UTILITY
- NPS Premature withdrawl -Tier 1 Account
- Provident fund taxation
- ITR3 AY 26-27 Error in filling status
- Queries on TDS as per IT
- Capital Gains set off on Sale of Land if held for
- ITR Form for income from freelance consultancy
- Gst rate for HSN code 28530010
- Health Insurance
- India GST Mobile App
Related Topics
CAclubindia
