Schedule IV - A

First fill the schedule OS and fill the savings account interest along with other interest incomes. Confirm the schedule OS, after that the sec. 80TTA will get opened for its exemption.

We all have a savings bank account but most of us are not aware that the interest received is taxable under the head ‘Income from other sources. However, you can save taxes on interest received up to Rs 10,000. Section 80TTA of the Income Tax Act, 1961 provides a deduction of Rs 10,000 on such interest income. This article delves deeper into the details of Section 80TTA.