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 … Web8 Mar 2024 · For example, if an individual has earned interest income of Rs. 15,000 from their savings account during the financial year, the deduction under Section 80TTA would be Rs. 10,000. Therefore, the taxable interest income would be Rs. 5,000 (i.e., Rs. 15,000 – Rs. 10,000). Benefits of Section 80TTA:

Section 80 TTA of Income Tax Act - financewikki.com

WebDeduction under section 80TTA is applicable for individuals whose total income is above the taxable slab. For example, if your income is ₹ 2,00,000 and specific earning from interest … Web10 Aug 2024 · Section 80TTA of the income tax act talks about the interest income earned through various sources and the deduction that can be claimed while filing for taxes. The … jerlisa newton

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Web21 Feb 2024 · The maximum / qualifying limit is 10% of the “adjusted gross total income”. Now use this formula to arrive at the amount of deduction =. a) Gross Qualifying limit = All … 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 … WebSection 80TTA. Section 80TTA offers a deduction of INR 10,000 on income earned through interest. Individual or HUF can claim this deduction under Section 80TTA of the Income … jerline rojas