80tta for this what we have to do....
first add in other source and then deduction
or directly show deducted amount
80tta
neeraj (no) (392 Points)
23 July 2013
C.A SUVAJIT SAHU
(CA ( In Practice ))
(708 Points)
Replied 23 July 2013
CA ADITYA SHARMA
(CA IN PRACTICE )
(16719 Points)
Replied 23 July 2013
AGREED Originally posted by : SUVAJIT SAHU | ||
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Hi Neeraj........... First Add in other source then Show the amount in 80tta Section...... |
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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.
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..
Dheeraj
(Artical )
(124 Points)
Replied 23 July 2013
When Interest on saving is exempt from tax and what limit
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.
Trilok chandar.A.M.
(CS Professional (Final) Student.)
(154 Points)
Replied 23 July 2013
Thank you....
CA Pooja Agarwal
(Chartered Accountant)
(3228 Points)
Replied 23 July 2013
you cant claim deduction u/s 8TTA for FD interest. its applicable for interest on savings account
Arpan Shukla
(Accounting & Tax Professional)
(21 Points)
Replied 29 July 2013
Intrest received from Post Office is also Exempt only upto Rs. 10000/- u/s 80 TTA
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