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of <h1>Clause 30 of Finance Bill 2012 Introduces Section 80TTA: Deduction on Savings Account Interest for Individuals and HUFs</h1> Clause 30 of the Finance Bill, 2012, amends Chapter VI-A of the Income-tax Act by introducing Part CA, which includes section 80TTA. This provision, effective from April 1, 2013, allows individuals and Hindu undivided families to claim a deduction of up to ten thousand rupees on interest income from savings accounts. Eligible accounts include those with banking companies under the Banking Regulation Act, 1949, cooperative societies engaged in banking, and post offices as per the Indian Post Office Act, 1898. This deduction does not apply to interest from time deposits or accounts held by firms, associations, or bodies of individuals.
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