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?
4 Replies
Intermediate Student
(-)
(644 Points)
Replied 19 August 2015
deduction u/s 80tta can be availed only in case of saving bank interest and not on fd int.
Udgam Koomar
(Tax Technologist)
(1949 Points)
Replied 19 August 2015
No FD interest is not covered under 80TTA
CA HAYEDAR SHAIKH
(Practice )
(627 Points)
Replied 19 August 2015
Only saving bank account interest can claimed as deduction upto Rs. 10, 000/- u/s 80TTA.
Interest on FD is taxable Income.
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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