80tta: Know the differences between Sections 80TTA and

Know the differences between Sections 80TTA and 80TTB of the Income-tax Act. Learn eligibility, deduction limits of Rs.10,000 and Rs.50,000, applicable income sources, and rules under the new tax regime Section 115BAC. 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. Section 80TTA Bank credits interest to the savings accounts every month, quarter or year based on their policies. This savings interest earned is the taxable income under the head “ Income From Other Source.” Further, it is allowed to claim the deduction of such interest income under section 80TTA up to INR 10,000. Hence, this section provides relief to taxpayers from paying excess taxes. Eligibility to claim deduction u/s 80TTA Resident Individuals below the age of 60 years and HUFs can ... Section 80TTA of the Income Tax Act, 1961 provides a deduction of Rs 10,000 on such interest income. This article delves deeper into the details of Section 80TTA .