Deduction for interest on fd having maturity period below 5 years
Abhishek Kumar Gupta (Article) (148 Points)
04 February 2016Abhishek Kumar Gupta (Article) (148 Points)
04 February 2016
Vishal Goel
(Chartered Accountant)
(1688 Points)
Replied 28 March 2016
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 –
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.