Deduction u/s 80tta

This query is : Resolved

anil (Querist)
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19 July 2013 Dear sirs,madam
i have a query related to section 80tta that i received rs 15000 interest on saving a/c on which tds is deducted.i want to know whether i can avail both the deduction u/s 80tta and tds ????

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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19 July 2013 Yes as per sec 80TTA u can get deduction upto Rs.10,000 for ay13-14.

tds can be claimed if finally you got to have refundable income and no tax liability is to be paid for ay 13-14.

anil

anil (Querist)
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19 July 2013 what about the tds that have been deducted whether we can claim or not??

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CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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19 July 2013 i said that if you dont have any final tax liability while filling return of income then u can cliam refund else u need to adjust tds.

eg. if your final tax liability is rs 1000 suppose and tds deduced is rs 500 then in this case u need to pay tax of rs 500(Rs1000-500)

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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19 July 2013 Income tax need not be deducted from savings bank account interest vide section 194A(vii) of the Income tax Act,1961.
Therefore, make sure that the 'nature of the account' is savings bank a/c before claiming deduction u/s 80TTA