Income tax on saving account & FD – under sec 80TTA

POSTED BY joshi123 ON September 29, 2013 11:09 pm COMMENTS (2)

If I receive interest Rs.14000/- on  savings  in different  bank saving account  & Rs. 18000/- on FD during financial year 2013-14.How  the amount will be shown in IT return  ? i.e. In income from other source & deduction under sec 80TTA.

2 replies on this article “Income tax on saving account & FD – under sec 80TTA”

  1. bemoneyaware says:

    You need to add interest from saving account to Income from other sources and then claim deduction under section 80TTA. If your total interest income from ALL your saving bank accounts

    is less than or equal to Rs 10,000 For example if your interest from ALL saving bank accounts is Rs 7,000 you need to show 7000 in income from other sources and then show Rs 7000 for section 80TTA . For example 6990 shown in image of Income from other sources
    is more than Rs 10,000 say 15,000 then add 15,000 to Income from other sources and then show Rs 15,000 in Section 80TTA. ITR should automatically give you deduction for 10000 and calculate tax on rest.
    With images it is shown in our article Interest on Saving Bank Account : Tax, 80TTA

  2. ashalanshu says:

    Dear Joshi, out of 14000 Rs. Sb account interest, 10000 Rs. is available under section 80TTA. You need to report your interest income as 32000 Rs. (18000+14000) and then claim 10000 Rs. deduction in 80TTA. Remaining amount ‘ll be taxable as per your slab rate.

    thanks

    Ashal

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