Deduction for savings account interest: individuals and HUFs may claim a capped deduction for eligible non time deposit interest. Deduction under Section 80TTA allows individuals and Hindu undivided families to deduct interest income from savings accounts with specified banks, ... Summary
Deduction for savings account interest: individuals and HUFs may claim a capped deduction for eligible non time deposit interest.
Deduction under Section 80TTA allows individuals and Hindu undivided families to deduct interest income from savings accounts with specified banks, cooperative banks or Post Offices when computing total income, subject to a statutory cap; time deposits are excluded and interest on accounts held by firms or associations is not deductible to partners or members.
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