80tta: Section 80TTA provides a deduction of

Section 80TTA provides a deduction of Rs 10,000 on interest earned on the Savings account. However, only individuals and HUFs can claim deduction under this section. So, Senior citizens can claim deduction under section 80TTB, which has a higher deduction limit of Rs 50,000. Furthermore, you cannot claim an 80TTA deduction for interest earned on time deposits such as fixed deposits or recurring deposits. Article analyses Section 80TTA – Deduction in respect of interest on deposits in savings account for Individuals (other than Senior citizens) & HUF & Section 80TTB – Deduction in respect of interest on deposits in savings account for Senior citizens. It also contains Extract of Section 80TTA and Section 80TTB of Income TAx Act, 1961. Yes No Interest income from bank saving account Interest from post office saving account Amount of deduction under section 80TTA Reset Advisory: Information relates to the law prevailing in the year of publication/ as indicated . Viewers are advised to ascertain the correct position/prevailing law before relying upon any document. Section 80TTA is introduced with effect from April 01, 2013 and will apply from AY 2013-14 and onwards. Section 80TTA is introduced to provide deduction to an individual or a Hindu undivided family in respect of interest received on deposits (not being time deposits) in a savings account held ...