Deduction in respect of interest on deposits in saving accounts - Section 80TTA

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....r than those covered u/s 80TTB. The explicit exclusion of entities referred to in Section 80TTB (i.e., senior citizens) was introduced by the Finance Act, 2018, effective from April 1, 2019, to avoid dual benefit where a higher threshold is available to senior citizens u/s 80TTB.The provision further clarifies that  the deduction is applicable only where the gross total income includes incom....

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....duction is restricted to Rs. 10,000. It is important to note that this limit applies per assessee, not per account or per institution. Therefore, even if an individual holds multiple savings accounts across different banks, co-operative societies, or post offices, the aggregate deduction cannot exceed Rs. 10,000 for all such accounts taken together. Exclusion of Time Deposits A crucial aspect o....