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Deduction in respect of interest on deposits in savings account U/s 80TTA With Automated Income Tax Software All in One for the F.Y.2020-21
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.
It applies to all individuals and HUFs Other than senior residents (those above 60). Senior residents can instead take advantage of a greater deduction of Rs 50,000 for every annum on the two savings and FD interest under Section 80TTB. Savings Account Interest above Rs 10,000 is taxable under the head ‘Pay from Other Sources’ at your slab rate. Section 80TTA was presented in the Finance Bill of 2013 and became applicable from the Financial Year of 2012-13 onwards. It applies to the current financial year (2020-21) also.
Download Automated Income Tax Preparation Excel Based Software All in One for the West Bengal Govt. Employees for the Financial Year 2020-21 and Assessment Year 2021-22 U/s 115BAC
Feature of this Excel Utility:-
3) Automated Calculation Income Tax House Rent Exemption U/s 10(13A)
4) Individual Salary Structure as per the West Bengal Govt. Employees Salary Pattern as per ROPA-2019
5) Individual Salary Sheet
6) Individual Tax Computed Sheet