Section 80TTA

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:

  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

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

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