Section 80TTA & TTB

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12 Points Posted on 15 February 2020
u/s 80TTA ,which amount will be exempted ? and u/s 80TTB ?
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On 15 February 2020 at 13:05 Report
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This discussion clarifies tax deductions available under Section 80TTA and 80TTB of the Income Tax Act. Section 80TTA allows individuals and HUFs to claim a deduction of up to £10,000 on interest earned from savings accounts with banks, co-operative societies, or post offices. Section 80TTB, exclusively for senior citizens, offers a higher deduction of up to £50,000 on interest from all types of deposits. The old taxation regime is recommended to avail these deductions.

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General Manager - Finance
1040 Points Posted on 15 February 2020

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

This deduction is NOT allowed on interest earned on these deposits.

  • Interest from fixed deposits
  • Interest from recurring deposits
  • Any other time deposits

Section 80TTB (Only for senior citizen) provides a deduction of Rs 50,000 on interest of all kind of deposits.

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On 15 February 2020 at 13:44
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12 Points Posted on 15 February 2020
Thanks
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On 15 February 2020 at 13:46
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17269 Points Posted on 16 February 2020
Go for old taxation regime to get all such 80C 80D 80TtA /80TTB 24(2) etc deductions.

Old or new tax regime is from FY 1-4-2020 that is FY 2020-2021
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On 16 February 2020 at 20:19
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Tax and Business Consultant
11616 Points Posted on 24 July 2020
Section 80TTA and 80TTB nicely explained by Mr. Sushank kumar
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On 24 July 2020 at 21:55

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