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What is section 80tta.
What is section 80tta. Know who can avail what are the exclusions etc. The best part is the cumulative impact of section 10 15 i and 80tta are that the exemption under section 10 15 i can be claimed in addition to the deduction under section 80tta. Section 80tta is a part of the income tax of 1961 that allows a deduction of upto rs 10 000 on the interest income.
7000 for the joint account is exempted. Individual or huf can claim this deduction under section 80tta of the income tax act. Exemption sought should be less than rs 10 000.
However it provides deductions of interest only on savings account held in a bank co operative bank or a post office from the gross total income of the individual taxpayer or a hindu undivided family upto rs 10 000. The income tax act in india provides with various deductions that can be claimed by an assessee in order to reduce his or her income tax liability. Section 80tta of the income tax act 1961 is the section which grants deductions on interest for savings account for up to rs 10 000.
Section 80tta vs 80ttb. Section 80tta provides a deduction of rs 10 000 on interest income. Rs 10 000 under section 80tta vs rs 50 000 under section 80ttb.
Under section 10 15 i interest earned from post office savings bank up to rs. If you contrast relief under section 80tta with section 80ttb you can see. Did you know that the interest you receive on your savings account is actually taxable.
This deduction is allowed on interest earned. This deduction is available to an individual and huf. This deduction was introduced in the finance bill of 2013 and is still applicable.
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