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Deduction for interest on fd having maturity period below 5 years
pls guide me as to whether interest on FD having maturity period below 5 years is allowed as deduction anywhere. also please answer as to interest on savings account deduction with section.
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Section 80TTA provides a deduction of Rs 10,000 on interest income. This deduction is available to an Individual and HUF.
This deduction is allowed on interest earned –
- From a savings account with a bank
- From a savings account with a co-operative society carrying on the business of banking
- From a savings account with a post office
No deduction is allowed from the Interest earned on Fixed Deposit and it is taxable as per the Income Tax Slab Rates of the recipient individual.
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