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It - deductions under 80tta

Tax queries 261 views 2 replies

Sir/Madam,

Under Deductions in IT returns ITR1, there's 80TTA Section for Interest from Bank Saving account or Post Office Saving scheme. What I wish to know is  Say if I am earning say Rs 6000 as interest from savings account, can this amount be included here under 80TTA? 6000 that I earned would already be included under total income from Interest/Other sources and then I claim deduction of Rs 6000 is this correct or this comes into effect only when your total interest from saving acct exceeds Rs 10000?

Thanks.

Replies (2)

Yes!! You can claim that 6000 as deduction u/s 80TTA, even it is included in your gross total income. You can take maximum deduction of RS.10000 only.

All savings bank interest should be taken on both sides - income side in other income and deduction side in section 80 . Only 10000 will be claimed as deduction.


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