Under the proposed new section 80TTA of the Income-tax Act, a deduction up to an extent of Rs. 10,000 in aggregate shall be allowed to an Assessee (Tax Payer), being an Individual or a Hindu Undivided Family (HUF), in respect of any income by way of interest on deposits (not being time deposits*) in a savings account with;

  1. A banking company to which the Banking Regulation Act, 1949 (10 of 1949), applies (including any bank or banking institution referred to in section 51 of that Act);
  2. A co-operative society engaged in carrying on the business of banking (including a co-operative land mortgage bank or a co-operative land development bank); or
  3.  A post office, as defined in clause (k) of section 2 of the Indian Post Office Act, 1898 (6 of 1898).

However, where the aforesaid income is derived from any deposit in a savings account held by, or on behalf of, a firm, an association of persons or a body of individuals, no deduction shall be allowed in respect of such income in computing the total income of any partner of the firm or any member of the association or body.

This amendment is already effective from 1st April, 2013 and this will accordingly apply in relation to the assessment year 2013-14 and subsequent assessment years.

Benefits to Taxpayer

The insertion of this new section is a relief to Individual or Hindu Undivided Family (HUF) as interest on saving bank account was always a taxable income with no corresponding tax benefits. It would also help in avoiding inclusion of small savings bank interest in the taxable income, which was required to be done after deletion of section 80L.

* Here “time deposits” means the deposits repayable on expiry of fixed periods.

Know the Section 80TTA applicable to deduction on interest on Savings Accounts

84 thoughts on “Know the Section 80TTA applicable to deduction on interest on Savings Accounts

  • May 18, 2013 at 11:53 AM
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    IS SECTION 80TTA IS APPLICABLE IN IPCC MAY 2013 PAPERS.

    Reply
    • May 19, 2013 at 10:31 AM
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      Hi Nawaid,

      Sorry I can’t comment on this. I suggest you to check with ICAI.

      Reply
  • May 18, 2013 at 11:55 AM
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    IF IT IS APPLICABLE FROM Ist APRAIL 2013 THEN HOW CAN IT BE TAXED IN 2013-14 AS U SAID “This amendment is already effective from 1st April, 2013 and this will accordingly apply in relation to the assessment year 2013-14 and subsequent assessment years”

    Reply
    • May 19, 2013 at 10:28 AM
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      Hi Nawaid,

      The said section is effective from 1st April, 2013, but the deduction is already declared during March 2012 by the then Finance Minister, Mr Pranab Mukherjee, where individual taxpayers will be allowed a deduction of up to Rs 10,000 on interest from these deposits.

      Reply
  • June 1, 2013 at 7:08 PM
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    Sir,
    As per details of Sec. 80TTA, somewhere it is said that it is applicable from Ist Apr 2012 and somewhere it is mentioned as Ist Apr 2013. In the both the cases the same has been made applicable for AY 2013-14. If it is given effect from Ist Apr 2013 then how c an the deduction be made while submitting the return for AY 2013-14. I have already paid my taxes for FY 2012-13 (AY 2013-14) by way of cash payment through Bank challan. I have not deducted Rs. 10 ,000/- on account of Intt received from SB Accounts. May I claim refund of Rs. 1000/- as 10% of Rs. 10,000/- which has already been paid by me.
    Please confirm. With regards.

    Reply
    • June 1, 2013 at 8:19 PM
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      Yes you can claim.

      Reply
      • June 2, 2013 at 11:11 AM
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        Thanks for the advice.

        Reply
      • July 1, 2013 at 4:54 PM
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        Mr Patra, how do I claim this amount? Do I claim it in my ITR form that i am filing? or do I need to submit proof also?

        Reply
        • July 1, 2013 at 9:52 PM
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          Hi Arjun,

          No proofs required. you can claim it while filing ITR if any TDS deducted.

          Reply
          • July 12, 2013 at 2:46 PM
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            Can I claim the interest amount even if there was no TDS on the interest from savings account.
            My understanding is that I need to fill the total savings account interest received in 80TTA section of ITR.

          • July 12, 2013 at 7:44 PM
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            Hi Jobby,

            yes! you can.

  • July 1, 2013 at 6:55 PM
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    Sir,
    Can deduction 80TTA be claimed only if the interest in saving’s account exceeds 10k or it can be claimed by anyone with a saving’s account (even if the interest on saving’s account is less than 10k)?
    Thank you.

    Reply
    • July 1, 2013 at 9:57 PM
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      Hi Ankita ,

      Such deductions of interest can only be claimed up to an extent of Rs. 10,000. For eg: If the interest on saving bank account received is Rs. 12,500, then effectively only Rs. 2,500 will be taxable.

      Reply
        • July 2, 2013 at 4:25 PM
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          Most welcome Ankita.

          Reply
  • July 9, 2013 at 7:24 AM
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    Hi,
    My Company has given Form 16, however while filing ITR-2 can I put the interest earned on savings account in Schedule VI-A 80TTA? Do I need to send any bank statement along with ITRV to Income tax office?

    What is “Interest Income” in Schedule EI of ITR-2? Is it same as interest earned on savings account? I am holding a PPF Account as well. As I am not withdrawing from PPF account, Do I need to show the interest earned on PPF account somewhere in ITR-2?

    Please advise on above matters.
    Thanks
    Regards
    Girish Nalgirkar

    Reply
    • July 9, 2013 at 7:56 PM
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      Hi Girish,

      No need to send any Bank statement as a proof.

      Answer to your second question; certain interest income like interest from PPF account is exempt from tax and you are required to furnish such interest income in this coloumn of schedule EI. Interest earned on Bank deposits including saving bank interest is subject to Income tax and should not be shown in Schedule EI. Such income should be shown as Income from Other sources in the Interest column.

      Reply
  • July 13, 2013 at 8:21 PM
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    1. Do i need to show income earned from Savings bank account in income from other sources in ITR -1 and then claim an exemption under Sec 80TTA, or i need not show it if my interest income is less than 10,000.
    For e.g. Do i need to show INR 7000 as my interest income under IFOS and then claim exemption under Sec 80TTA or is it not required to be disclosed upto INR 10,000.

    2. There is a comment in IFOS in ITR-1 (ensure to fill SCH -2), it no TDS is deducted on the interest earned on saving bank account , then what ????
    and how dod i knw that the bank has deducted my interest or not , file giving interest.

    Thanks

    Reply
    • July 16, 2013 at 1:58 PM
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      Hi Ajit,

      1. Whatever may be the interest income from the SB account, you need to show these, subsequently you will get eligible deduction if any.
      2. If no TDS is deducted then show “0” (Zero). To know any TDS has been deducted or not you check refer to form no 26AS.

      Reply
  • July 18, 2013 at 10:32 PM
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    Dear Sir,

    My taxable salary income is Rs.7,12,320/= . I have PPF a/c. which earned interest of Rs.14,762/= for 2012-13. I have S/B interest of 9425/=. I have FD interest of Rs.23634/= I have mentioned FD interest in income from other sources and paid TDS @ 20%. My question, am I to club S/B interest with FD interest and to mention in Income from Other Sources ? I have not paid any TDS for S/B interest. Again am I to submit ITR-2 (as my PPF interest is more than Rs.5000/= as told by my colleague) ?

    Regards,
    Ashis

    Reply
    • July 19, 2013 at 2:49 PM
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      Hi Ashis,

      You need to enter SB interest under 80TTA, do not club it with FD interest. For PPF interest, since its an exempted income, you can enter the figures in schedule EI in ITR2.

      Reply
      • July 19, 2013 at 10:02 PM
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        Sir, actually I wanted to know whether I should show the S/B interest in “Income from other sources” where I have mentioned FD interest of Rs.23634/=. I shall enter SB interest in 80TTA for relief. Please guide with your valuable advises.

        Regards,
        Ashis

        Reply
        • July 19, 2013 at 10:26 PM
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          Hi Ashis,

          Yes, you need to enter SB interest in 80TTA.

          Reply
          • July 22, 2013 at 9:37 PM
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            I will show my S/B interest in 80TTA. But my question was, whether I should add interest on S/B with interest on F/Deposit and show the total amount in “Income from other sources” ? From your reply it indicates that I should show the S/B interest in 80TTA only and nowhere in ITR2. Please help me in submitting error-free e-return.
            Regards,
            Ashis

          • July 24, 2013 at 12:28 PM
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            Hi Ashish,

            You can show SB & FD interest together, but for claiming 80TTA you need to show SB interest alone in the the ITR2 under 80TTA.

  • July 19, 2013 at 2:52 AM
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    Dear Mr. Patra

    I am confused filling the details of interest earn in my jointed fd and saving account. If I fill the interest earned in the place earning from other sources in my ITR-2 then what should i fill in the place of 80tta. I can see tax paid in my 26as form on the interest earned.

    Also in another saving account where I have only 851 interest , should i directly fill this in my 8otta column.

    Please guide me for this.

    Reply
    • July 19, 2013 at 2:28 PM
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      Hi Mukesh,

      80TTA should be filled for saving account interest. You can enter the mentioned SB interest amount 851 in 80TTA column.

      Reply
  • July 23, 2013 at 11:06 AM
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    I and my wife have a joint savings account.My salary is getting deposited in that account.My home loan EMI is deducted from the joint account and my wife transfers her share from her own account to this account every month. There is an interest of Rs 10,000 that is accmulated.as per 80 TTA deduction, interest cannot be considered as deduction for body of individuals.Does this joint account form a body of individuals? IF not, can I, as a primary account holder claim entire deduction under 80TTA for this joint account on the interest of Rs10,000 earned?

    Reply
    • July 24, 2013 at 1:29 PM
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      Hi Siva,

      Since this joint a/c is used for the limited purpose of transferring HL EMI, this is not an BOI. Thus you can claim the deduction u/s 80TTA in full.

      Reply
      • July 27, 2013 at 7:56 AM
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        Thankyou Soubhagya for your response.

        Reply
        • July 27, 2013 at 8:35 AM
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          Most welcome Siva.

          Reply
  • July 23, 2013 at 5:45 PM
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    Suppose I have Rs 15000 interest on saving, then whether this Rs 15000 will fall in income from other source. I will get Rs 10000 deduction i.e Rs 5000 will be taxable

    Reply
    • July 23, 2013 at 9:35 PM
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      Hi Chandan,

      Yes! your understanding is correct.

      Reply
  • July 25, 2013 at 12:04 PM
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    I have S.B a/c with SBI. It has got auto sweep system. TDS is being deducted by the bank out of interest earned from auto sweep balance on maturity. Please clarify, if i can avail exemption of Rs.10,000/- under 80TTA .

    Reply
    • July 25, 2013 at 12:52 PM
      Permalink

      Hi Sadaf,

      Make sure the auto sweep is not getting into any term/recurring deposits. If that is the case then 80TTA exemption is not allowed here.

      Reply
  • July 29, 2013 at 5:06 PM
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    Hi,

    I am having an savings account interest of Rs. 2500 /-, So i need to add this on the ITR-1 (ensure to fill SCH -2) and as well add the same amount in the section 80TTA ?

    Reply
    • July 29, 2013 at 6:01 PM
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      Hi Sudhir,

      Yes, you are right.

      Reply
      • July 30, 2013 at 2:24 PM
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        Thanks Patra,

        What would be the process of scrutinization for the same?
        shall we submit any certificate proof from the bank at the time of scrutiny?

        If there is an FD matured and the interest which i receive for these + bank savings account interest is around 10,000.

        Then i need to add this on the ITR-1 (ensure to fill SCH -2) and the maximum amount that i can to put in the 80TTA is 10,000/- only right?

        Reply
        • July 30, 2013 at 5:33 PM
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          Hi Sudhir,

          Not required to submit any proof. In case you are not sure about the interest part, ask bank to give statement showing total SB interest and FD interest separately.

          Reply
  • August 1, 2013 at 11:31 AM
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    VERY HAPPY TO FIND YOUR WEB THERE IS LOT OF INTERACTION U/S80TTA.
    FOUND IT AS BEST BRAIN STORMING SEMINAR OF PROFESSIONALS.THANK YOU SOUBHAGYKUMAR.PATRA. FOR YOUR PERSONAL CARE TO REPLY EVERY QUERRY.

    Reply
    • August 1, 2013 at 6:41 PM
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      Hi Subhash,

      Thank you very much for this wonderful comment. Such appreciation motivates a lot.

      Reply
  • August 6, 2013 at 5:30 PM
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    Suppose my savings account interest is Rs. 8500, and my minor child has (the only income) savings account interest of Rs. 1500, do i club his SB interest with my SB interest and then take a exemption of Rs. 1500 u/s 10(32) and again take a deduction under 80TTA of Rs. 10000(8500+1500) ??
    Is this a case of double deduction ??
    Is this a Loophole in income Tax ??

    Reply
    • August 6, 2013 at 9:12 PM
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      Hi Harsh,
      SB interest of your minor kid should get clubbed and you need to claim deduction u/s 80TTA.

      Reply
      • September 4, 2013 at 4:50 PM
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        Sir,
        Let me understand 2 different cases
        # Case 1. My SB interest is 5400/-
        So ‘other sources of income’ in addition to salary is 0/-
        and deduction under chapter VI-I is 5400/-
        # Case 2. My SB interest is 12000/-
        So ‘other sources of income’ in addition to salary is 2000/-
        and deduction under chapter VI-I is 12000/-
        Am i correct.

        Reply
        • September 4, 2013 at 7:35 PM
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          Hi Nabarun,

          For case 1: Income from other Source is Rs. 5,400 and Deduction under chapter VI-A is Rs. 5,400

          For Case 2: Income from other Source is Rs. 12,000 and Deduction under chapter VI-A is Rs. 10,000

          Reply
          • September 6, 2013 at 10:19 AM
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            Thank you Sir…
            But as far as i know for SB interest, upto 10,000/- is waived off from AY:2013-12

          • September 6, 2013 at 10:24 AM
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            Hi Nabarun,

            I didn’t say no to this. Deduction under chapter VI-A for Rs. 10,000 on SB interest means it is exempted upto this limit.

  • September 6, 2013 at 12:51 PM
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    Sir… That means,
    Calculation of ‘other source of income’ from SB interest will remain same, with waiver upto 10k/-. ….. On the other hand ‘total SB interest’ will be deducted under chapter VI-A irespective of quantum.

    Reply
    • September 6, 2013 at 3:50 PM
      Permalink

      Hi Nabarun,

      Just recall your second case; in that case put full Rs. 12,000 under income from other sources. Then deduction under chapter VI-A will be Rs. 10,000 as per section 80TTA. Finally you have to pay tax on Rs. 2,000.

      Reply
  • September 7, 2013 at 1:41 AM
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    Hi Patra,
    At first thanks for such a nice blog. I saw so many blogs admin not interact with viewers but you are replying every question.

    Recently i submit my ITR-1 for the assessment year 2013 – 14 . In the “income from other source” column i add my SB account interest i.e Rs 3581 and also add it to the Deduction under Chapter VI A Section in 80TTA column.
    Few days ago i got the acknowledgement 143(1). But in acknowledgement sheet ” computed under section 143(1) ” header its not accepted the 80TTA deduction, its showing Zero.

    So my question is should i mention other than 80TTA column for SB account interest
    ?
    Why they r not accepting the 80TTA column value ?

    So now what i will do ? Please explain .

    Reply
  • September 7, 2013 at 1:41 AM
    Permalink

    Hi Patra,
    At first thanks for such a nice blog. I saw so many blogs admin not interact with viewers but you are replying every question.

    Recently i submit my ITR-1 for the assessment year 2013 – 14 . In the “income from other source” column i add my SB account interest i.e Rs 3581 and also add it to the Deduction under Chapter VI A Section in 80TTA column.
    Few days ago i got the acknowledgement 143(1). But in acknowledgement sheet ” computed under section 143(1) ” header its not accepted the 80TTA deduction, its showing Zero.

    So my question is should i mention other than 80TTA column for SB account interest
    ?
    Why they r not accepting the 80TTA column value ?

    So now what i will do ? Please explain .

    Reply
    • September 7, 2013 at 8:12 AM
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      Hi Bidyut,

      Your entries in the ITR form are correct. I don’t think there is any mistake. You can talk to your AO (you can visit to the IT dept basis the jurisdiction as per your PAN) and explain the issue.

      I hope you have entered only SB interest. Some time taxpayer consider interest received from Sweep-in FD to claim deductions u/s 80TTA which is not correct. Just recheck once.

      Reply
      • September 24, 2013 at 12:11 PM
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        Hi,
        As per your direction I have talked with my immediate AO and describe the issue. Then he checked my ITR-1 and told me form is correctly filled but I have to fill up 154 form for rectification 80TTA column.

        So can you please tell me that how can I fill the 154 form?
        Is it available on income tax login portal?
        Can I fill the form online?

        Reply
        • September 24, 2013 at 12:26 PM
          Permalink

          Hi Bidyut,

          For this you need to login to e-Filing application and go to –> My Account –> Rectification request -> Select the Assessment Year for which Rectification is to be e-Filed, enter Latest Communication Reference Number (as mentioned in the CPC Order), and Latest CPC Order Date (as mentioned in the CPC Order).

          You can then follow the self explanatory steps given online.

          Reply
  • December 17, 2013 at 3:40 PM
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    Hi

    I sent proof of interest earned on Savings account for AY 2013-14 to my employer (Rs. 10,590), and the employer gave me the benefit of 80TTA by deducting Rs. 10,000 from my total taxable salary. However when I e-filed my tax return, a demand has been determined against my filing and the difference is because IT department has not given me benefit of 80TTA.

    What to do in this case?

    Reply
  • December 17, 2013 at 5:28 PM
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    My employer gave me the benefit of 80TTA by deducting Rs. 10,000 from my taxable income, and deposited TDS accordingly. However, when I e-filed my return, a demand has been determined against my filing by IT department, and while reviewing the calculation, I found that the difference is because IT department has not given benefit of 80TTA.

    Can you please tell me what should I do in this case?

    Many thanks.

    Reply
    • December 17, 2013 at 5:35 PM
      Permalink

      Hi Rahul,

      It was wrong at the end of your employer that they considered Rs. 10,000 as a deduction which has to be adjusted from income similar to PF or insurance etc. Please understand u/s 80TTA upto Rs. 10,000 interest income from savings account is not taxable.

      In your case eventually Rs. 10,000 of salary income did not get taxed (which was deducted as exemption by your employer) and the same should be taxed.

      You just have to pay the taxes as per the demand notice.

      Reply
  • January 7, 2014 at 6:51 PM
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    Hi,
    Happy new year 🙂 Mr. Patra. Hope you are fine. My query is that recently i took home loan now i want to deduct my principal amount and interest amount from my TDS for financial year 2013 – 2014 . In deduction certificate bank mentioned that for principal amount section 80C(2)(XViii) and for interest amount section 24(b). 80C is ok for me . But how to calculate 24(b) ?

    One more question my home loan start from august 2013 but from April 2013 to July 2013 i paid rent . so can i deduct this 4 month HRA from my TDS.

    Is this possible to take HRA and Home loan facility in same financial year ?

    Please help me.

    Thanks,
    Bidyut

    Reply
    • January 7, 2014 at 9:45 PM
      Permalink

      Hi Bidyut,

      Doing Great! Thank you for the wishes and Happy New Year to you too!

      You can very well get the loan provisional certificate from bank where it will clearly be mentioned that how much Interest repayment will happen for the entire FY 2013-14 along with the amount of total payable Principal figures. If you opt for Self-Occupied house property then Rs. 1,50,000 or actual interest paid whichever is less can be claimed u/s24b.

      If you go for letting out the property then you can claim entire interest paid even if it is more than Rs. 1,50,000.

      You can take the benefits of HRA for those months when you actually stayed in rented accommodation and paid rent. There are situations where you can take both HRA as well as Interest benefits from Borrowed Capital in the same financial year. To know how you may read this; http://www.succinctfp.com/index.php/how-to-claim-tax-benefits-on-both-hra-interest-on-housing-loan/

      Reply
  • March 14, 2014 at 10:36 PM
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    Hi Bidyut !
    A great forum to interact with expert like you.
    I have a query pls. clear my doubt.I have submitted my tax saving proof to my employer in Feb. 14 but had not mentioned about my Saving Bank(SB) Account interest.Since it is SB account there is no TDS as far as i know.
    If the tentative interest earned till march end is 40,000 and as 10,000 will be exempted for 80 TTA for the remaining 30,000 :-
    1) Shall i have to pay tax on this 30,000 before march 31st , 2014.If yes then how ? I mean online or by what means.Can i deposit it after 31 st march, 2014 also.
    2)Or can i have to simply mention this in the ITR form after march the full amount 40,000 (income from other sources) and 10,000 in 80 TTA .

    regards,

    Reply
    • March 16, 2014 at 10:16 AM
      Permalink

      Hi Raj,

      Normally there is no TDS on SB interest. In case, such SB interest (net of 10k rebate u/s 80TTA) has not been declared to employer, then you can make an advance tax payment as per your slab. Fyi, for the current financial year due date for final installment for Advance Tax payment date has been extended till 18th March, 2014. You can make online payment.

      P.S. If your net tax liability is not more than Rs. 10,000, then you can skip it and very well make the tax payment (under Self Assessment tax) before you file your IT returns by the due date.

      Reply
  • March 24, 2014 at 11:36 AM
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    hello sir,
    sir agr bank se interest h.10000 se jaada h…
    nsc viii le rakhe h lein abhi mature ni hue h.. 2 yrs hue h… to unkhe kaha show karenge. matab kon se itr me show karenge… in dono ko…
    mummy housewife h sirf bank se interest aata h aur nsc viii le rakhe h… kon se itr file hogi… plz sugguest…

    Reply
    • March 24, 2014 at 9:45 PM
      Permalink

      Hi Richa,

      Bank Interest (jitna bhi hai) aur sath mai NSC ka interest (agar credit mila hai toh), ITR1 ke Income from Other Sources mai daaliye. Usske baad Rs. 10,000 Deductions under Chapter VI A (Section) mai under 80TTA enter kijiye. Bas itna hi hai 🙂

      I repeat! Appke mummy ko ITR1 mai return file karna hoga.

      Reply
  • May 29, 2014 at 12:04 PM
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    Dear sir,

    Does sec80TTA applicable to Non-Residents also? if yes, can they claim the exemption u/s.10(4)(ii) too with sec 80TTA????

    Reply
    • May 29, 2014 at 6:00 PM
      Permalink

      Hi Divya,

      Under the section 80TTA, it has been mentioned that the deduction are applicable to Individual & HUF, but not specifically mentioned as “applicable to only Resident Individual or not applicable to any Non-Resident Individual”. With this I can take a logical extraction that the said section is also applicable to NRIs as well.

      Now come to the section 10(4)(ii); this particular section says that in case of an individual earns any income by way of interest on his/her Non Resident External Account i.e. NRE account in any bank in India in accordance with Foreign Exchange Regulation Act, 1973 and the rules made there under is exempt. This means there is no point linking section 80TTA to NRE account to take deduction as the interest on NRE account itself is tax free.

      Hope I clarified your queries.

      Reply
      • July 30, 2014 at 3:02 AM
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        I’m really impressed with your lucid replies to all types of queries on the subject. You’re doing a great service to taxpayers.
        Thank you v.much Mr S.K. Patra. May your tribe increase !
        I was also going ask same question about NRIs when I found this reply which set at rest the doubt I had in mind.

        Once again thanks ! Have a nice day !

        Reply
        • July 30, 2014 at 10:50 AM
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          Thank you Yogesh.

          Reply
  • June 27, 2014 at 7:13 PM
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    HI,

    Please resolve my query.
    I am a salaried person but I haven’t included my SB interest details with employer.
    If I have two saving accounts. interest gained from both accounts are less than 10000 but more than 10000 when added. Banks have not given any TDS certificate or 26A form details. I have already paid the tax payable coming in ITR using challan 280 online and provided details of payment of self assessment tax in SCH IT section. Do I need to provide the details in SCH TDS2? if so, what should I do?

    Reply
    • June 28, 2014 at 9:51 PM
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      Hi Vikash,

      FYI, bank doesn’t levy TDS on savings bank interest whether the same is less than Rs. 10,000 or more. This is applicable for resident individual account holders & HUF only.

      You need to include total of SB interest under Income From Other Sources i.e. Sch TDS2 and subsequently under 80TTA i.e. Deductions under Chapter VI A (Section)

      Reply
      • June 29, 2014 at 11:48 PM
        Permalink

        Hi Sir,
        thank you so much for reply. I have mentioned the total interest under Income from other sources and Rs. 10000 under 80TTA but for Sch TDS2, I am confused. The Sch TDS2 requires TAN number and the TDS number. Where should I get that from?

        Reply
  • July 5, 2014 at 2:16 AM
    Permalink

    Hi Sir,
    thank you so much for reply. I have mentioned the total interest under Income from other sources and Rs. 10000 under 80TTA but for Sch TDS2, I am confused. The Sch TDS2 requires TAN number and the TDS number. Where should I get that from?

    Reply
    • July 5, 2014 at 9:35 AM
      Permalink

      Hi Vikash,

      But TAN details shouldn’t be mandatory there!

      Reply
  • July 14, 2014 at 5:53 PM
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    Sir,
    You mentioned that the interest details should be entered in the schedule OS and the deduction on should be entered in chapter VI A (80TTA).
    Then what is to fill in schedule EI. the same things are asked there, I am confused. please clarify?

    Reply
    • July 14, 2014 at 10:17 PM
      Permalink

      Hi Gaurav,

      You have mistaken it with Exempted Income. U/s 80TTA upto Rs. 10,000 is given as deduction. EI schedule is for exempted income such as, PPF interest, Tax Fee Allowances, Tax Fee Bonds Interest, Insurance Maturity proceeds (if tax free etc.)

      Reply
  • July 21, 2014 at 9:08 PM
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    Hello,

    I have savings interest more than 10k and have not paid tax on it yet. While filing its it is showing that i have to pay tax with penalty. So ideally when should i pay tax on savings account interest as year end i don’t know the correct amount of interest credited to my account is by 31st march.

    i want to file its before 31st july.

    Reply
  • August 22, 2014 at 10:43 AM
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    Hi
    I have forgotten to claim deduction u/s 80 TTA in my return ay 2013-14 which was filed online. now whether I have to file revised return or just wait till intimation comes and file for rectification to claim the deduction. Ideally I wouldn’t like to ho for revised return as I have loss adjustments kindly suggest what to fo

    Reply
  • August 22, 2014 at 12:18 PM
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    I
    I have forgotten to claim deduction u/s 80 TTA in my return for AY 2013-14 which was filed online. But I have mentioned bank savings interest in income from other sources Now should I file a revised return or wait for the intimation to come and file for rectification. I am not so keen on filing a revised return as I have loss adjustments and also worried about being called for scrutiny.kindly advise on the appropriate course of action

    Reply
    • August 22, 2014 at 9:14 PM
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      Hi Mamta,

      You need to check ITR status, if the same has not yet been processed then try to revise the same and send to CPC. If you feel revising returns will attract any scrutiny due to loss adjustment then you can ignore. Please do not take this as an advice 🙂

      Reply
  • September 4, 2014 at 10:27 PM
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    Recently I purchased plot (residential) and paid stamp duty and registry charges accordingly. Can i get tax benefit for the amount paid as stamp duty and registry charges? if yes, under which section?//

    Reply
    • September 7, 2014 at 6:16 PM
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      Hi Gagan,

      Such deduction is allowed on residential house property, not on land (even if residential land).

      Reply
  • September 4, 2014 at 10:32 PM
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    Recently I filled IT return and claimed around 6000 under section 80TTA, which i had shown in gross income, but now got demand notification from IT department wherein they have not considered deduction under section 80TTA as i claimed……….pl tell me what to do???/

    Reply
    • September 7, 2014 at 6:14 PM
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      Hi Gagan,

      You might not have entered savings interest in both the places, income under the head of other sources and deduction head i.e. under 80TTA. If not file revise returns.

      Reply
  • February 8, 2015 at 4:09 PM
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    Hai
    I earned an interest on SB a/c for Rs 24,158/- for that bank had deducted Rs 1504/ at source.
    How i can show in IT return? Which form shall I use?

    Reply
    • February 8, 2015 at 7:06 PM
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      Hi Rajanna,

      You need to show this interest income under the head of “Income from Other Sources” while filing IT returns. For this ITR-1 would be enough.

      I hope this is FD interest, not interest on Savings Bank balance. Bank doesn’t levy TDS on on SB interest unless you are a non-resident.

      Reply

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