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Monthly income scheme of post office

g ranganathan (ca pursuing) (29 Points)

10 July 2018

whether 80 TTA can be claimed for
the monthly income from the scheme.

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3 Replies

Anjali P Nair (ACA,ACMA) (582 Points)
Replied 10 July 2018

If the scheme is post office savings account deduction can be claimed.

Section 80TTA provides a deduction of Rs 10,000 on interest income. This deduction is available to an Individual and HUF.

This deduction is allowed on interest earned –

From a savings account with a bank
From a savings account with a co-operative society carrying on the business of banking
From a savings account with a post office

g ranganathan (ca pursuing) (29 Points)
Replied 12 July 2018

whether monthly income scheme falls under Savings account

Ridhi (Investment Broker) (22 Points)
Replied 01 December 2020

Section 80TTA claims a deduction of 10000 INR on the interest income. This deduction is conceded on interest earned from a savings account with a bank. This deduction is available to HUF and an Individual. From a savings account with a co-operative society leading on the business of banking.

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