Deduction in respect of interest on deposits in savings account U/s 80TTA With Automated Income Tax Software All in One for the F.Y.2020-21

Income Tax Form 16 Part B

Section 80TTA is a deduction available to an Individual and HUF to the maximum of Rs.10,000 /- on the interest income earned from:

  1. Saving bank account with a bank
  2. From a savings account with a co-operative society carrying on the business of banking
  3. From a savings account with a post office
Income Tax Section 80TTA

The Deduction is not available on the interest income earned from the fixed deposit, recurring deposits and any other time deposits.

It applies to all individuals and HUFs Other than senior residents (those above 60). Senior residents can instead take advantage of a greater deduction of Rs 50,000 for every annum on the two savings and FD interest under Section 80TTB. Savings Account Interest above Rs 10,000 is taxable under the head ‘Pay from Other Sources’ at your slab rate. Section 80TTA was presented in the Finance Bill of 2013 and became applicable from the Financial Year of 2012-13 onwards. It applies to the current financial year (2020-21) also.

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5) Individual Salary Sheet

6) Individual Tax Computed Sheet

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PRANAB BANNERJE

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Hi, Welcome to a leading Income Tax and Accounts Providing Web Site merataxplan.com, merataxplan.com Blog is owned and maintained by Pranab Bandyopadhyay. Basic Idea behind Income Tax & it’s to help people in achieving excellence for save tax. Data shows that even urban Indian taxpayers are less aware about Income Tax and importance of financial planning.

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