Deduction in respect of interest on deposits in savings account U/s 80TTA With Automated Income Tax Software All in One for the F.Y.2020-21

Income Tax
Income Tax

Section 80TTA is a deduction available to an Individual and HUF to the maximum of Rs.10,000/ – on the interest pay earned from:

1.         Saving bank account with a bank

2.         From a savings account with a co-operative society carrying on the matter of banking

3.         From a savings account with a mail center

The Deduction isn’t available on the interest pay earned from fixed store, repeating stores and any other time stores.

Income Tax Exemption from the Bank Interest U/s 80TTA

It applies to all individuals and HUFs Other than senior residents (those above 60). Senior residents can instead take advantage of a greater deduction of Rs 50,000 for every annum on the two savings and FD interest under Section 80TTB. Savings Account Interest above Rs 10,000 is taxable under the head ‘Pay from Other Sources’ at your slab rate. Section 80TTA was presented in the Finance Bill of 2013 and became applicable from the Financial Year of 2012-13 onwards. It applies to the current financial year (2020-21) also.

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Previous Rebate Under Section 87A FY 2020-2021 can get the tax benefits who are opt-in Old Tax Regime U/s 115 BAC With Automated Income Tax Software All in One for F.Y.2020-21
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