Go AD-Free with CAclubindia Pro and get a FREE CCI Coffee Mug. Subscribe Now!

80tta

neeraj (no) (392 Points)

23 July 2013

80tta for this what we have to do....
first add in other source and then deduction

or directly show deducted amount

Reply
Follow
Share

11 Replies

C.A SUVAJIT SAHU (CA ( In Practice )) (708 Points)
Replied 23 July 2013

Hi Neeraj...........

First Add in other source then Show the amount in 80tta Section......

1 Like

Upgrade to CAclubindia Pro. Subscribe Now!

CA ADITYA SHARMA (CA IN PRACTICE ) (16719 Points)
Replied 23 July 2013

AGREED Originally posted by : SUVAJIT SAHU
	Hi Neeraj........... First Add in other source then Show the amount in 80tta Section......

1 Like

Mihir (Wealth Manager) (5293 Points)
Replied 23 July 2013

Fill in your interest earned on saving account for the year in other sources. And fill in your 80TTA deduction with whatever amount - interest amount if it is less than 10,000 or write 10,000 if it is more than 10k.

1 Like

Vidhya (Articled Assistant) (73 Points)
Replied 23 July 2013

Hi,

You have to first add it in your income from other sources and then show the amount in 80tta..

1 Like

Dheeraj (Artical ) (124 Points)
Replied 23 July 2013

When Interest on saving is exempt from tax and what limit

Upgrade to CAclubindia Pro. Subscribe Now!

Trilok chandar.A.M. (CS Professional (Final) Student.) (154 Points)
Replied 23 July 2013

hi, what about FD interest during the year.

if FD interest is only 4% can we put under other source and claim deduction u/s 80TTA

pls clarify..

Mehul Gada (CA) (319 Points)
Replied 23 July 2013

80TTA Tax Rebate

Interest on savings account has income tax exemption up to Rs 10,000 from 01 April 2013. The new section 80TTA inserted by the Finance Act, 2012 makes this provision.

Eligibility for 80TTA

Individuals and HUFs who earn interest on their deposit in a savings account can claim tax exemption on such interest. Savings account can be with a bank, post office or co-operative society doing banking business. This deduction is not valid for time deposits like FD and RD.

If the savings account is held on behalf of a firm, association of persons or body of individuals this deduction is not applicable.

Maximum deduction limit under 80TTA

Up to Rs 10,000 as savings deposit interest can be claimed as exemption under section 80TTA. If the interest is lesser then that amount can be claimed.