Please explaine Deduction in respect of interest on deposits in savings accounts U/s. S. 80TTA for the assesment year 2015-16.
What amount should be deduct?
Hi,
Section 80TTA is introduced wef A.Y. 2013-14 to provide deduction to an individual or a Hindu undivided family in respect of interest received on deposits (not being time deposits) in a savings account held with banks, cooperative banks and post office. The deduction is restricted to Rs 10,000 or actual interest whichever is lower.
Regards,
Ashish Thakkar
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