Deduction under Section 80TTA and Section 80TTB

Deduction under Section 80TTA & 80TTB of The Income Tax Act

section 80tta of the income tax act
deduction under section 80tta 80ttb

Under Income Tax act if an Individual/HUF has a deposit in saving account, the interest received or earned on same is availed for deduction in total income. The sections are applicable for Individual/HUF assessee who has saving account with a bank/a co-operative society engaged in banking business or a post office saving account (not being time deposits, which are repayable on expiry of fixed periods).

The deductions are classified in two sections – Section 80TTA & Section 80TTB. Section 80TTB applies to senior citizen Individual.

Section 80TTA:

Eligible Assessee: Individual/HUFs (except senior citizen)

Amount of deduction: Actual Interest but subject to maximum 0f Rs 10000 i.e. amount of permissible deduction will be actual interest received or Rs 10000, whichever is lower.

Section 80TTB:

Eligible Assessee: Senior Citizen

Amount of deduction: Actual Interest but subject to maximum 0f Rs 50000 i.e. amount of permissible deduction will be actual interest received or Rs 50000, whichever is lower.

See Also:

Advertisements

Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.