[Section 80TTA] Interest on Deposit in Saving Account
Applicable to an Individual (other than senior citizen covered under section 80TTB) or a Hindu Undivided Family.
Condition need to be fulfilled:
Gross Total Income of an assessee includes any income by way of interest on deposit (not being time deposit) in a saving account with:
(a) A banking company, or
(b) A co-operative society engaged in carrying on the business of banking, or
(c) A post office.
Minimum of the following shall be allowed as deduction:
(a) Interest on such deposit in saving account
OR
(b) Rs. 10,000
Notes:
(i) Interest on post office saving bank is exempt under section 10(15) to the extent of interest of Rs. 3,500 (in case of single account) and Rs. 7,000 (in case of joint account).
(ii) Where such income is derived from any deposit in a saving account held by, or on behalf of, a firm an association of persons or body of individuals, no deduction shall be allowed under this section in respect of such income in computing total income of any partner of the firm or any member of the association or any body of individuals.
[Section 80TTB] Interest on deposit in case of senior citizen
Applicable to Senior Citizen,
Condition need to be fulfilled:
Gross Total income includes any income by way of interest on deposit with:
(i) A banking company, or
(ii) A co-operative society engaged in carrying on the business of banking, or
(iii) A post office.
Minimum of the following shall be allowed as deduction:
(a) Interest on such deposit,
OR
(b) Rs. 50,000
Note:
Where such income is derived from any deposit held by, or on behalf of, a firm, an association of persons or body of individuals, no deduction shall be allowed.
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