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Information relates to the law prevailing in the year of. In conclusion, section 80tta of the income tax act offers a deduction of up to rs 10,000 on interest generated from savings accounts, which offers significant tax relief to both. Find out which deductions are allowed and which are not under section 80tta.
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Section 80tta is a part of the indian income tax act introduced in 2013, aimed at providing tax relief to individuals and hindu undivided families (hufs). The new income tax regime in india is basically a simplified tax system. Section 80tta provides a deduction of rs 10,000 on interest earned on the savings account.
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One can claim a deduction either under section 80tta or 80ttb based on eligibility criteria and not both deductions at the same time.
However, only individuals and hufs can claim deduction under this section. When filing your income tax return (itr), you need to report the interest income earned from your savings accounts under the head “income from other sources”. Please note that the deductions under section 80tta/80ttb are not available if you opt for the new tax regime but the exemption for saving bank interest up to ₹3,500 is. Check out how can you claim this deduction and the maximum deduction allowed.
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