Tax Deduction Limit of Rs. 10,000 on Savings Account Interest for Individuals and HUFs Under Section 80TTA
A legal provision under Section 80TTA allows individual and Hindu Undivided Family taxpayers a maximum deduction of Rs. 10,000 on interest earned from savings accounts with banks, cooperative societies, and post offices. The deduction applies to aggregate interest across accounts, excluding time deposits. Specific entities like firms, associations of persons, and bodies of individuals are ineligible for this tax benefit. The provision aims to provide targeted tax relief while preventing unintended extensions of the benefit.