80TTA Calculator - Deduction for Interest Earned on Savings Account
This 80TTA deduction calculator provides you with an idea of how many deductions you can
claim against the interest earned on the savings accounts from your gross total income. This
tool helps you to plan your taxes in advance so that you can save more.
What is Section 80TTA & 80TTA
Section 80TTA allows you to claim deductions on the interest income earned on saving accounts
with banks, cooperative societies, and post offices. 80TTA Calculator helps you determine the deductions you are eligible to claim and the tax you must pay on the interest on savings
accounts. The savings account can be held in any of the following financial institutions:
How to Calculate 80TTA
- Cooperative society
- Post office
The deductions under 80TTA can be calculated with the following:
In a financial year, Mr Sharma gets a salary of Rs. 5,00,000 and earns Rs. 5,000 as interest
on a bank savings account and Rs. 15,000 as interest on fixed deposits. Also, a deduction of
Rs. 10,000 is available under section 80C. Taxable income will be calculated in the following
|Income from Salary
Less: Standard Deduction
|Income from other sources
-Interest on savings account
-Interest on fixed deposits
|Gross Total Income
|Less: Chapter VI-A deduction
The highest amount that can be claimed u/s 80TTA is ₹10,000. If your interest income on your
savings bank account is less than ₹10,000, you can claim this entire amount as a deduction u/s 80TTA. If you earn more than ₹10,000 as interest on your savings bank account, your deduction
will be restricted to ₹10,000 u/s 80TTA.
Note : You have to consider your total interest income from all banks in case you have
Benefits of Using 80TTA
This calculator is part of our larger suite of calculators for you. The 80TTA
calculator will help you to understand the deduction under section 80TTA of the Income Tax
Eligibility for Using
To use the 80TTA calculator, you must meet the following criteria:
How to claim
deductions under Section 80TTA?
- You are an Individual or HUF
- For Sec 80TTA to apply, the taxpayer must be under 60 years
- NRIs holding a Non-Resident Ordinary (NRO) savings account are eligible.
- Taxpayers must have opted for the old tax regime.
- You have earned interest income in your savings account
To claim deductions under Section 80TTA, you need to first add your total interest income
under the head ‘Income from Other Sources’ in your return. Then, calculate your gross total income from all the income heads for the financial year. Thus, show it as a deduction under