RD interest and 80TTA

Rahul Rustagi (Student CA Final ) (310 Points)

07 July 2020

whether interest earned on RDs are deductible u/s 80TTA. ??

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7 Replies

sabyasachi mukherjee (27574 Points)
Replied 07 July 2020

There are two sections 80TTA AND 80TTB..

Rahul Rustagi (Student CA Final ) (310 Points)
Replied 07 July 2020

My question is regarding 80TTA which is mentioned in the subject as well.

Ravi SADhiyan (Practice) (4510 Points)
Replied 07 July 2020

Originally posted by : Rahul Rustagi
	whether interest earned on RDs are deductible u/s 80TTA. ??

Any income by way of interest on deposits (not being time deposits) in a savings account deduction u/s 80TTA allowed

here Time Deposit Means the deposits repayable on expiry of fixed periods

Therefore in Your case RD is a deposit which is repayable after expiry of period so that you are not eligible for deduction u/s 80TTA

sabyasachi mukherjee (27574 Points)
Replied 07 July 2020

Age of the assesse is important.

Akash Somani (66 Points)
Replied 07 July 2020

No , it is not deductible u/s 80TTA

Anoushka Paliwal (150 Points)
Replied 07 July 2020

It is not deducted u/s 80TTA however if an asessee is a senior citizen then it is deductible u/s 80TTB

Rahul Rustagi (Student CA Final ) (310 Points)
Replied 11 July 2020

Thanks a lot.

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