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Sopan Dattatray Pingale (Querist)
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24 July 2014 Sir,
Please solve my query
1] My Client Ramdas Received Int.on Saving A/c Rs.12000/- & FD Interest Rs.13300/-
Total Int.=25300/-
Income from Salary-2,40,000/-
Just Work,
240000-(25300)=214700 (Income)
(+)25300 Income from other sources
(Interest)
Total=2,40,000/-
(-)25300 U/S 80TTA
214700/-
right or Wrong

& issue confirmation how to interest show of saving a/c & FD + how to deduction show

please reply

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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24 July 2014 Show total interest of Rs 25300 under income from other sources. Deduction u/s 80TTA Rs 10000. Income from Salary Rs 240000/-.

Why are you deducting interest income from Income from Salary.?

Nikhil Kaushik

Nikhil Kaushik (Expert)
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24 July 2014 dear friend,

please note that while both interest on saving a/c and FD will be reported in the Income from other sources as "interest" but deduction under 80TTA shall be claimed only for interest on savings A/c

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Nikhil Kaushik

Nikhil Kaushik (Expert)
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