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80TTA. Deduction in Respect of Interest on Saving Bank Account Video Lecture | Income Tax for assessment (Inter Level) - Taxation
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FAQs on 80TTA. Deduction in Respect of Interest on Saving Bank Account Video Lecture - Income Tax for assessment (Inter Level) - Taxation
| 1. What is the deduction under section 80TTA for interest on a savings bank account? |  |
Ans. Under section 80TTA of the Income Tax Act, individuals and Hindu Undivided Families (HUFs) are eligible for a deduction on the interest earned from a savings bank account. The deduction is available up to a maximum of Rs. 10,000 per financial year.
| 2. Who is eligible for the deduction under section 80TTA? | |
Ans. Individuals and HUFs who earn interest from a savings bank account are eligible for the deduction under section 80TTA. This deduction is not available for interest earned from fixed deposits, recurring deposits, or any other type of bank deposit.
| 3. What is the maximum amount that can be claimed as a deduction under section 80TTA? | |
Ans. The maximum amount that can be claimed as a deduction under section 80TTA is Rs. 10,000 per financial year. If the interest earned from a savings bank account is less than Rs. 10,000, the actual interest amount will be allowed as a deduction.
| 4. Can I claim this deduction for interest earned from multiple savings bank accounts? | |
Ans. Yes, you can claim the deduction under section 80TTA for interest earned from multiple savings bank accounts. However, the maximum deduction amount remains Rs. 10,000 per financial year, irrespective of the number of savings bank accounts you hold.
| 5. Is the deduction under section 80TTA available for senior citizens? | |
Ans. No, the deduction under section 80TTA is not available for senior citizens. Senior citizens are eligible for a separate deduction on interest earned from savings accounts under section 80TTB, which allows a maximum deduction of Rs. 50,000 per financial year for senior citizens.
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Nov 16, 2024 Last updated |
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