dhanashri (Accountant) (156 Points)
28 July 2012U/s 80TTA (deduction in respect of interest on deposits in savings account) the interest earned upto Rs 10000 is exempt under respected section and it is additional deduction available to sec 80C.
> if the interest amount is less than 10000 then the effect will be nullified as we treat it as Other Income; or
> donot treat as Other Income and put it under sec 80TTA
in above two i am confused which one to choose as right option.
Please help me to clarify this doubt
Dharani
(Student )
(41 Points)
Replied 29 July 2012
Hi Dhanashri..The Finance Bill 2012 has proposed to insert a new section 80TTA in the Income Tax Act – 1961 which will provide deduction up to Rs. 10,000/- to an Individual/ HUF from Gross Total Income towards Interest on saving bank A/c maintained with a bank / society / post office. The deduction admissible shall be interest received or Rs. 10,000/- whichever is lower.
For Example :Interest on all saving account taken together caanot exceed Rs.10000/- If received Interest amount Rs.12500/-then effectively only Rs. 2,500/- will be taxable.
santhosh kumar
(auditor assistant)
(22 Points)
Replied 29 June 2013
interest on SB a/c is taxable for non resident ?
CA.Vinita Gupta
(Deputy Manager- Finance)
(2923 Points)
Replied 29 June 2013
No not taxable for non resident also
Akshay Deep
(00)
(34 Points)
Replied 10 July 2013
Saving Bank INterest of Child of Rs. 1000..
Can We Take Deduction of Rs. 1000 under section 80TTA or Exemption will be taken u/s 10(32)..
Reply ASAP
its Urgent
KSV Manoj
(CA Final CS Professional and BCOM Student!!)
(83 Points)
Replied 10 July 2013
savings bank interest of child is exempt till Rs.1500 as income of minor child under sec.10(32)...
80tta can be considered for the balance sb int.....
CAclubindia
