What is section 80TTA of the income tax act: Eligibility criteria, types of interest income allowed, types of interest income not allowed, and how to claim section 80TTA . Section 80TTA provides a deduction of Rs 10,000 on interest earned on the Savings account. However, only individuals and HUFs can claim deduction under this section. So, Senior citizens can claim deduction under section 80TTB, which has a higher deduction limit of Rs 50,000. Furthermore, you cannot claim an 80TTA deduction for interest earned on time deposits such as fixed deposits or recurring deposits. Yes No Interest income from bank saving account Interest from post office saving account Amount of deduction under section 80TTA Reset Advisory: Information relates to the law prevailing in the year of publication/ as indicated . Viewers are advised to ascertain the correct position/prevailing law before relying upon any document. Learn how to claim deduction under Section 80TTA for interest income from savings accounts up to Rs 10,000 per annum. Find out the exceptions, eligibility, and tax implications of this section for FY 2025 - 26 & AY 2026 - 27.
