Section 80tta

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

05 September 2014 While filling income tax return i added interest i got on saving account and also added same amount in section 80 TTA. now i got demand notification from IT department declining deduction under section 80 TTA. Whether it is mistak of IT department or what?

What should be next step?

Shall i request for Rectification?

How to do it?

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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05 September 2014 Yes you are eligible for deduction u/s 80TTA upto Rs 10000. Interest to be shown in Other Income Sheet under Interest and deduction of Rs 10000 or actual whichever is less is claimed. Remember deduction is only for savings bank interest. So please check with your details the reason for disallowance.

CA Devanand Jethanandani

CA Devanand Jethanandani (Expert)
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05 September 2014 Dear Friend,

Deduction u/s. 80 TTA is available upto Rs.10,000/-, kindly check interest on saving account you have shown is within this limit.

If there is no mistake from you end then go for rectification.

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Querist : Anonymous

Querist : Anonymous (Querist)

05 September 2014 Mr. Sanjay Gupta, thankyou very much i got my mistake i shown interest in income from salary head, that i need to show in other income head right........ now pl guide me how to correct that mistake shall i file request for recitfication how to do it online??

SANTOSH SAGAR K

SANTOSH SAGAR K (Expert)
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05 September 2014 Kindly submit a revised return for the said assessment year to rectify the mistake.

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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05 September 2014 Since you did no show the interest under Other Income in Interest column the claim for deduction u/s 80TTA was not given.

Solution:
If the original return was filed within due date and the return is for AY 2013-14 or AY 2014-15 then you can file revised return otherwise you need to submit online request for rectification u/s 154.