Thursday, July 25, 2013

Don’t forget to claim Rs 10,000 deduction under sec 80TTA

...........For example, if you have received an interest of Rs18,000 from your savings bank account then you have to pay a tax on Rs8,000 only i.e. (18,000-10,000) thus Rs10,000 can be claimed as a deduction u/s 80TTA. But if total interest income from all your savings accounts is Rs9,000 only, then you don’t need to pay tax at all and the entire amount would be deductible u/s 80TTA...............

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