Web17 Jul 2024 · Section 80TTA of the Income Tax Act, 1961 deals with the tax deductions granted on interest. This deduction is applicable for interest on savings accounts held by … Web10 Nov 2024 · Section 80TTA of the Income Tax Act provides a deduction for interest income. The deduction is available with a few limitations and restrictions. In this article, …
How to save Income Tax in India with Deductions and Exemptions
WebAnswer (1 of 5): Section 80TTA, deals with tax deduction on interest earned on deposits in savings bank account. You can claim exemption up to Rs. 10,000 received as interest on your savings account deposits. Interest over Rs. 10,000 will be taxed as per the income tax slab rates. Earlier this ... Web12 Sep 2013 · This tax deduction is over and above Rs 1 lac deduction under Sec 80C. Rs 10,000 is the total deduction allowed by combining all the saving bank accounts interest. If you earn Rs 6,000 from each of 3 different accounts (Total Rs 18,000) , you will get deduction of Rs 10,000 and pay tax on remaining Rs 8,000. heath woellert
How to optimise tax savings under the new tax regime in FY24?
Web11 Apr 2024 · Section 80U under Income Tax Act is a legal provision for deduction implies to a resident with at least 40% of disabilities such as low vision and blindness. Buy. ... Section 80U is one such example in which citizens can legally apply for a tax deduction. ... Section 80TTA of Income Tax Act February 27, 2024; Revised Income Tax Return August 19 Web13 Apr 2024 · Section 80TTA is Income Tax provision where an individuals can claim a deduction of upto Rs. 10,000 on interest income. Know more about section 80TTA deduction at 5paisa. ... from the insurer for a health insurance policy or reimbursement from the employer from the total deduction amount under Section 80DDB. For example, Mr … Web1 Mar 2024 · Section 80CCD (1): Income tax deduction for contributions made by individuals to eligible NPS. The contribution made to eligible NPS account is tax-deductible upto Rs 1.5 lakhs under section 80CCD (1). The deductions shall be restricted to the amount contributed or the below-given percentage, whichever is less. movies that should have been oscar nominated