whether Interest on FD is eligible for 80TTA deduction for the AY2017-18?
10 Replies
CA Jaya pandey
(Chartered Accountant)
(224 Points)
Replied 20 February 2019
No, only Interest on savings bank account is eligible for deduction u/s 80TTA.
prasad Nilugal
( GST Practitioner & Accounts )
(14831 Points)
Replied 20 February 2019
Yes , agree with Pandey Madam
Giridhar S Karandikar
(Team Lead)
(7548 Points)
Replied 20 February 2019
only savings account interest with bank or post office is eligible. no other amount is eligible
PUSHP KUMAR SAHU
(CA FINAL ASPIRANT)
(3115 Points)
Replied 20 February 2019
fd interest upto 50000 is allowable as deduction u/s 80TTB to senior citizens
Narendra Varma
(30 Points)
Replied 20 February 2019
what is the amount of deduction u/s10(15) for interest on post office savings account?
MOHAMMED IMRAN
(1020 Points)
Replied 20 February 2019
rs 3,500 for single a/c or actual which ever is lower
or rs 7,000 for joint account or actual which ever is lower
or rs 7,000 for joint account or actual which ever is lower
PUSHP KUMAR SAHU
(CA FINAL ASPIRANT)
(3115 Points)
Replied 20 February 2019
agreed with mohammed imran
Ka Srinivas
(24 Points)
Replied 20 February 2019
no,only savings interest upto Rs.10000 you can claim as deduction
CA Inderjeet Sunda
(Chartered Accountant)
(355 Points)
Replied 21 February 2019
No, Interest on FD is not eligible for Deduction under sec 80TTB. However Interest on FD /RD received by senior citizen from FY 2018 -19 will be eligible for Deduction under sec 80TTB including Interest on saving account up to Rs. 50000.
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