1. how to deal with section 80tta in itr form ? whether it should be first disclose u/h income from other source then give deduction.
2. whether original and revised return sent to cpc in one envelope .
CA Anil Agarwal
(Practicing CA)
(67 Points)
Replied 30 July 2013
Yes sir Deduction under Chapter Vi of the income tax act are available from the Gross Total Income only. Therefore first the Interest on Savings BAnk A/c will be shown in other source head and then deduction u/s 80TTA will be claimed. Suppose you have Interest Income of Rs. 11000 then first disclose the whole amout under other source head then claim deduction u/s 80TTA of Rs.10000(max deduction available) so that on net basis 1000 will form part of taxable income.
S.R.Associates
(Tax & Investment Consultants)
(115 Points)
Replied 10 August 2013
| Originally posted by : CA Anil Agarwal | ||
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Yes sir Deduction under Chapter Vi of the income tax act are available from the Gross Total Income only. Therefore first the Interest on Savings BAnk A/c will be shown in other source head and then deduction u/s 80TTA will be claimed. Suppose you have Interest Income of Rs. 11000 then first disclose the whole amout under other source head then claim deduction u/s 80TTA of Rs.10000(max deduction available) so that on net basis 1000 will form part of taxable income. |
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Totally agreed with Anilji.....
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