u/s 80TTA, interest on savings A/c is deducted a maximum amount i.e. restricted to 10000/-
my query is interest is deductible 1) on total interest received on savings account
2) total interest-Bank charges= net amount is deducted u/s 80TTA
rply
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U/s 80tta
Replies (4)
no its only the Interest earned is deductible. Nothing to do with bank charges.
interest recd without giving effect to bank charges shall be allowed as deduction.
Any amount earned over and above Rs. 10k shall be taxable.
1)Bank charges is allowed as deduction u/s 57 or not in case of Individual & HUF.
2) which ITR form is required for sole beneficiary trust.
roshan, in simple words, no deduction allowed. SB interest in excess of 10000/- is taxable
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