Deduction in respect of interest on deposits in savings account.
Section 80TTA is a deduction available to an Individual and HUF to the maximum of Rs.10,000 /- on the interest income earned from:
- Saving bank account with a bank
- From a savings account with a co-operative society carrying on the business of banking
- From a savings account with a post office
The Deduction is not available on the interest income earned from fixed deposit, recurring deposits and any other time deposits.