80TTA Calculator
This 80TTA deduction calculator is an educational tool providing you with an idea of what you can claim as your tax deductions from your salary. It is a good tool to have so that you can plan your tax deductions for the year.
This 80TTA deduction calculator is an educational tool providing you with an idea of what you can claim as your tax deductions from your salary. It is a good tool to have so that you can plan your tax deductions for the year.
80TTA is used for deduction in respect of interest on deposits in the savings account. The 80TTA Calculator helps you determine the deductions you may be eligible to claim and the tax you may have to pay on the interest on deposits and savings accounts. The savings account can be held in any of the following financial institutions:
Bank
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 in interest on a bank savings account and Rs. 15,000 in interest on fixed deposits. Also, a deduction of Rs. 10,000 is available under section 80C. The following is how taxable income is calculated:
The highest amount that can be deducted is ₹10,000. If your interest income is less than ₹10,000, you can count this entire amount as a deduction. If you earn more than ₹10,000 in interest, your deduction would be restricted to ₹10,000.
This calculator is a part of a larger suite of calculators that we have for you to use. The 80TTA calculator will help you understand the deduction under section 80TTA of the Indian Income Tax Act, 1961.
To use the 80TTA calculator, you must meet the following criteria:
- You are a resident of India
- You have a source of income
- You have earned interest income in your savings account
Interest generated on time deposits, such as fixed deposits or recurring instalments is not eligible for this deduction.
80TTA deduction for NRIs can be claimed on the Non-Resident Ordinary Savings bank account. Nevertheless, this deduction cannot be availed on the NRO Fixed Deposit account.
Individuals and HUFs, with the exception of old persons, are exempt from paying taxes on the interest income from savings accounts under Section 80TTA. Section 80TTB, on the other hand, exempts only older citizens from paying taxes on interest from savings and fixed deposit accounts.
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