Section 80TTA of the Income Tax Act: With Automatic Income Tax Software in Excel All in One for the Non-Govt Employees

80TTA

In this comprehensive guide, we will delve into the intricacies of Section 80TTA of the Income Tax Act, of 1961. Therefore, This provision is a powerful tool for individuals and Hindu Undivided Families (HUFs) seeking to optimize their tax savings by deducting the interest earned from their savings bank accounts. After that, Let’s explore the key aspects of Section 80TTA and how it can benefit you. Eligibility: Who Can Avail Section 80TTA Deduction? In other words, The first thing to understand about Section 80TTA is its eligibility criteria. This deduction is available to both individuals and HUFs, making it…

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…