{"id":3815,"date":"2021-01-13T11:25:52","date_gmt":"2021-01-13T05:55:52","guid":{"rendered":"https:\/\/aktassociates.com\/blog\/?p=3815"},"modified":"2021-12-24T10:23:53","modified_gmt":"2021-12-24T04:53:53","slug":"deduction-under-section-80tta","status":"publish","type":"post","link":"https:\/\/aktassociates.com\/blog\/deduction-under-section-80tta\/","title":{"rendered":"Deduction Under Section 80TTA"},"content":{"rendered":"

The government always tries to make a simple law but sometimes the results are just the opposite. The same happens when an NRI claims the deduction on interest income.<\/span><\/p>\n

For a resident, provision is simple, i.e., up to the age of 60 years, the assessee can claim the deduction on savings bank interest income up to Rs.10,000 under section 80TTA <\/span>and<\/span><\/p>\n

\"Section<\/p>\n

Assessee having age more than 60 years, the deduction amount will be increased to 50,000 under section 80TTB<\/span><\/p>\n

But whether the same provision is also applicable for NRI. To know this, we have to understand the provision of these sections:<\/span><\/p>\n

Legal Term of section 80TTA: <\/b>Where the GTI of an assessee being individual or HUF (Other than a person who is claiming the deduction under section 80TTB) having an income on savings bank account with<\/span><\/p>\n

    \n
  1. Banking company<\/span><\/li>\n
  2. Co-operative society<\/span><\/li>\n
  3. Post office<\/span><\/li>\n<\/ol>\n

    there shall, in accordance with and subject to the provisions of this section, be allowed, in computing the total income \u00b7of the assessee a deduction as specified hereunder, namely:-<\/span><\/p>\n

    (i) in a case where the amount of such income does not exceed in the aggregate of 10,000, the whole of such amount; and<\/span><\/p>\n

    (ii) in any other case, 10,000<\/span><\/p>\n

    Legal Term of Section 80TTB: <\/b>Where the GTI of an assessee being Senior citizen having an income on bank account with<\/span><\/p>\n

      \n
    1. Banking company<\/span><\/li>\n
    2. Co-operative society<\/span><\/li>\n
    3. Post office<\/span><\/li>\n<\/ol>\n

      there shall, in accordance with and subject to the provisions of this section, be allowed, in computing the total income \u00b7of the assessee a deduction as specified hereunder, namely:-<\/span><\/p>\n

      (i) in a case where the amount of such income does not exceed in the aggregate of 50,000, the whole of such amount; and<\/span><\/p>\n

      (ii) in any other case, 50,000<\/span><\/p>\n

      \n
      \n

      In this article, we will discuss about...<\/p>\nToggle<\/span><\/path><\/svg><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n