Sec 80tta of income tax act 1961 applicability

At present, a deduction upto rs 10,000 is allowed under section 80tta to an assessee in respect of interest income from savings account. Section 80tta of income tax act, 1961 provides for a deduction of upto rs. Page 1 of 3 section 1 of the income tax act, 1961 an overall view by paras kochar, advocate powers us 1 section 1 is contained in chapter xiii c of the income tax act, 1961. Deduction under section 80tta income tax department. Dgm, says, section 1015i of the incometax act, 1961. Section 80tta deduction interest on bank savings deposit. Section 23 of incometax act 19612017 annual value how. The deduction will be shown under section 80 deductions under section 80tta of income tax act. This additional deduction us 80tta is applicable only to individual and huf on interest income from bank saving account. Sec 80tta income tax exemption is allowed to an individual as well as a huf. Any individual, being a resident or a nonresident indian nri or a hindu undivided family huf having interest income on deposits in savings bank account in india is entitled to a deduction us 80tta up to a maximum of rs. Deduction under section 80tta, 5,000, not applicable.

Section 80tta provides a deduction of rs 10,000 on interest income. Section 80tta of the income tax act allows you to claim deductions on savings accounts deposits that are held in a post office, bank, or cooperative society. Information relates to the law prevailing in the year of publication as indicated. Section 80tta of income tax act check deductions bankbazaar. Section 80m of the income tax act inter corporate dividends ppfcalculator. This deduction is given for interest earned on saving deposits with bank, cooperative society or post office. Section 23 of income tax act 19612017 provides for annual value how determined. How senior citizens can avail tax break on interest income under. Section 80tta was introduced in the finance bill of 20 and became applicable from the financial year of 2012 onwards. But 80tta deduction for ay 201819 will be given only to the extent of. Section 80tta all about claiming deduction on interest cleartax. Section 80m of the income tax act inter corporate dividends. If interest earned is more than 10,000 then balance amount will be taxable as before i. Section 80jja and 80jjaa of income tax act 1961 deduction in respect of profits and gains from business of collecting and processing of biodegradable waste deduction in respect of employment of new workmen are defined under section 80jja and 80 jjaa of income tax act 1961.

Section 1 of the income tax act, 1961 an overall view. How to claim deduction under section 80tta times of india. Section 80tta provides deduction on interest income from savings bank account to individuals and huf. Section 80tta deduction for interest on savings deposits.

List of tax deductions under section 80 of income tax. Through section 80ttb, a senior citizen will be able to claim a. If you are aware of various tax dedcutions provided by the government, you can save more money on taxes. Section 80tta of the income tax act allows deduction of up to rs 10,000. Higher deduction in respect of interest income to senior citizen under section 80ttb. This video will help you gain a better understanding about the deduction available. This article is about claiming deduction on interest under section 8otta. Chapter iv sections 1459 of income tax act, 1961 deals with provisions related to computation of total income. Deduction in respect of interest on deposits in savings account.

Many taxpayers are not aware about section 80tta under income tax act 1961, which was introduced through finance act, 2012. Section 80tta deduction interest on bank savings deposit taxguru. Viewers are advised to ascertain the correct positionprevailing law. Deduction under section 80ttb, not applicable, 50,000. Section 80jja 80jjaa of income tax act deduction in. Lets go through all the tax deductions available under section 80 of the income tax act, 1961. A detailed explanation about the deduction us 80tta of the income tax act. It is advised that for filing of returns the exact calculation may be made as per the provisions contained in the relevant acts, rules etc. Section 80ttb deduction for senior citizens budget 2018 cleartax. The income tax department never asks for your pin numbers, passwords or similar access information for credit cards, banks or other financial accounts through email the income tax department appeals to taxpayers not to respond to such emails and not to share information relating to their credit card, bank and other financial accounts. The deduction allowed is interest received on eligible saving accounts or rs.