Go Ad-Free on CAclubindia with Daily Mobile Updates. Subscribe Now!

income mismatch in ITR

27 March 2018

i have received sms from IT that there is mismatch in my IT return for A.Y 17-18. I checked and that interest of bank account as per form 26 AS was not included in ITR.
now before complying, i want to know .... is interest from MOD of SBI is exempted under section 80TTA or any other section? i got interest of Rs. 3727 during F.Y. and as per form 26AS.
please guide

Reply
Follow
Share

3 Replies

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (178301 Points)
Replied 27 March 2018

MOD of SBI are one type of Fixed Deposit and its interest income is taxable.......

Just agree to mismatch......

Upgrade to CAclubindia Pro. Subscribe Now!

RAMAKRISHNAN R (INCOME TAX OFFICER) (1736 Points)
Replied 27 March 2018

in my opinion interest receipts from mod account is eligible to claim deduction under 80TTA because only interest receipts from fixed or time deposit is not eligible for 80TTA. here mod deposits are not made for fixed period. so in my opinion, you can avail 80TTA. Correct me if iam wrong

1 Like

snehangsu sadhu (2 Points)
Replied 20 July 2023

only interest (upto Rs. 10,000/-) in SB account is eligible for deduction u/s 80TTA. No interest on FD/TD etc. is eligible for deduction u/s 80TTA. MOD(Multi Option Deposit) is nothing but Time Deposit linked with SB A/c. Hence, MOD interest is not eligible for 80TTA.