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        Bills

        Clause 30 - Insertion of new Part.

        Finance Bill, 2012
        Chapter III - Part 1
        Direct Taxes - Income Tax

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        Deduction for savings account interest reduces taxable income for individuals and HUFs on specified deposit interest. Section 80TTA inserts a deduction for interest on savings account deposits for individuals and Hindu undivided families, allowing the aggregate interest up to ten thousand rupees to be deducted (or the whole amount if it does not exceed that aggregate) where the deposits are with specified banks, cooperative banking societies or Post Offices. Deductions are disallowed where such deposits are held by or on behalf of firms, associations of persons or bodies of individuals. 'Time deposits' are excluded. The amendment takes effect from 1 April, 2013.
                          Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                            Provisions expressly mentioned in the judgment/order text.

                                Deduction for savings account interest reduces taxable income for individuals and HUFs on specified deposit interest.

                                Section 80TTA inserts a deduction for interest on savings account deposits for individuals and Hindu undivided families, allowing the aggregate interest up to ten thousand rupees to be deducted (or the whole amount if it does not exceed that aggregate) where the deposits are with specified banks, cooperative banking societies or Post Offices. Deductions are disallowed where such deposits are held by or on behalf of firms, associations of persons or bodies of individuals. "Time deposits" are excluded. The amendment takes effect from 1 April, 2013.


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