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Viewers are advised to ascertain the correct position prevailing law before relying upon any document.
Section 80tta deduction. The above calculator is only to enable public to have a quick and an easy access to basic tax calculation and does not purport to give correct tax calculation in all circumstances. Section 80tta deduction interest on bank savings deposit. Did you know that the interest you receive on your savings account is actually taxable.
Deduction under section 80tta. Section 80tta provides a deduction of rs 10 000 on interest income. The procedure to claim section 80tta deduction for ay 2020 21 is very simple.
Non residents are also eligible for this deduction. Individual or huf can claim this deduction under section 80tta of the income tax act. Available in fy 2019 20 saving accounts held in following institutes are covered for the deduction.
Section 80tta is introduced to provide deduction to an individual or a hindu undivided family in respect of interest received on deposits not being time deposits in a savings account held with banks cooperative banks and post office. This deduction is allowed on interest earned. This deduction is not allowed on interest earned on time deposits.
Section 80tta of the income tax act allows you to claiming deductions on savings accounts deposits that are held in a post office bank or cooperative society. Section 80tta section 80tta offers a deduction of inr 10 000 on income earned through interest. Exemption sought should be less than rs 10 000.
Section 80tta of income tax act an individual can claim for deduction on interest income of up to rs 10 000 per annum under this section. Section 80tta provides a deduction of rs 10 000 on interest income. 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.
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