Section 80 Tta Income Tax
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Section 80tta all about claiming deduction on interest.
Section 80 tta income tax. For example if the income for an individual for a financial year is 200 000. Available in fy 2019 20 saving accounts held in following institutes are covered for the deduction. The first thing you need to do is to add your total interest income under the head income from other sources in your income tax return form.
Did you know that the interest you receive on your savings account is actually taxable. This deduction is available to an individual and huf. This deduction is allowed on interest earned.
Section 80tta is introduced with effect from april 01 2013 and will apply from ay 2013 14 and onwards. Exemption sought should be less than rs 10 000. The maximum amount of deduction available in inr 50 000.
This deduction is given for interest earned on saving deposits with bank co operative society or post office. Sec 80tta income tax exemption is allowed to an individual as well as a huf. 80tta is an income tax deductions provided to individuals and huf for interest on savings account up to rs 10 000 only.
Non residents are also eligible for this deduction. Does 80ttb include fd interest. From a savings account with a co operative society carrying on the business of banking.
After completing this step you will be able to see the net amount deducted under section 80tta. The procedure to claim section 80tta deduction for ay 2020 21 is very simple. It is available for both individuals as well as hindu.
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