Section 80TTA Deduction

Section 80TTA deduction can be claimed by individuals and HUFs having interest income on savings account (not being time deposits). The maximum deduction allowed under this section is Rs.10,000.

Eligibility for Deduction under Section 80TTA

Interest on Savings Account
Interest income received from a savings account deposit is eligible for deduction under Section 80TTA. The savings account deposit can be maintained with a public sector bank, private sector bank, cooperative society or post office.
Interest on Bank Deposits
Interest earned on a bank fixed deposit or time deposit will not be eligible for deduction under Section 80TTA. Time deposits mean deposits repayable on expiry of fixed periods.
Eligibility for Deduction under Section 80TTA

NRI Eligibility for Section 80TTA Deduction

NRI Eligibility for Section 80TTA Deduction

Like Resident Indians, NRIs can also claim deductions on income from interest on saving bank account. Since NRIs can only hold NRE or NRO saving account, and given interest earned on NRE saving account is tax-free, this section effectively applies to only interest earned on the NRO saving account. Thus, this tax deduction is only applicable to saving account deposit and not on NRO term deposit which is subject to TDS @ 30.9%.

INDIAFILINGS

India's Largest Business Services Platform
Welcome IndiaFilings

OUR MISSION

We help Entrepreneurs start and operate successful businesses

IndiaFilings.com is India's largest online business services platform dedicated to helping people easily start and manage their business, at an affordable cost. Our aim is to help the entrepreneur on the legal and regulatory requirements, and be a partner throughout the business lifecycle, offering support at every stage to ensure the business remains compliant and continually growing.

IndiaFilings.com partners with a network of experienced Chartered Accountants, Company Secretaries, Lawyers, Cost Accountants, Chartered Engineers, Ex-Bankers and Financial Experts across India to provide a comprehensive range of services for small and medium sized enterprises.

IndiaFilings Map Data

Reasons to choose IndiaFilings
google-partner

IndiaFilings is a Google Partner. Google Partners are tasked with helping businesses market their service or products online.

Google Partner
tuv-sud

IndiaFilings is ISO 9001:2008 Certified by TUV SUD, a leading Certification Body recognized worldwide.

TUV ISO Certified
red-herring-winner

IndiaFilings.com is a winner of Red Herring Top 100 Asia Award. Red Herring recognizes promising companies from across the world.

Red Herring Award
crisil-verified

IndiaFilings is a CRISIL Verified Business. CRISIL is a subsidiary of Standards & Poor, a leading International Rating Agency.

CRISIL Verified

In The Media

LEARNING CENTER

We have put together an amazing collection of article, guides, videos and business tips in our Learning Center. Planning to start a business or need legal help? Visit the IndiaFilings Learning Center and you will find articles and guides on a wide range of topics. Feel free to share our articles and bookmark the IndiaFilings Learning Center.

Vibrant Team

A talented workforce that works in collaboration with a network of over 6000+ Professionals.

24/7 Support

Get support through phone, email, mobile app or live chat - 24/7, 365 days.

EMI Payment

Easily pay online with EMI payments, credit or debit card, net banking, PayPal and more.

X Need help with something?

Need help with something?

loading...