hi there,
my question is ,if i create a FDR for of period of 6 month from my saving bank account and got interest thereon, can i claim the deduction of 80TTA on the interest recieved from such FDR?
ish kumar sharma (Sr. Manager Accounts & Finance) (301 Points)
19 August 2015hi there,
my question is ,if i create a FDR for of period of 6 month from my saving bank account and got interest thereon, can i claim the deduction of 80TTA on the interest recieved from such FDR?
Intermediate Student
(-)
(644 Points)
Replied 19 August 2015
Udgam Koomar
(Tax Technologist)
(1949 Points)
Replied 19 August 2015
No FD interest is not covered under 80TTA
CA HAYEDAR SHAIKH
(Practice )
(622 Points)
Replied 19 August 2015
Yash
(Student CS)
(32 Points)
Replied 20 August 2015
Section 80TTA has been inserted with effect from the assessment year 2013/14.
It provides a deduction upto Rs 10,000 in aggregate to an assessee (being an individual or HUF) in respect of any income by way of interest on deposits (not being time deposits) in a savings account with:
a) Banking company
b) A co-operative society engaged in carrying on the business of banking (including a co-operative land or a mortgage bank or a co-operative land development bank)
c) Post office
For further details log onto Income Tax Return Online in India: Quicko.com
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