80TTA exemption
Exemption Under Section 80TTA of the Income Tax Act, individuals and Hindu Undivided Families (HUFs) can avail a deduction on the interest earned from savings accounts. This deduction is capped at a maximum of Rs. 10,000. It applies to interest income earned from savings accounts held with banks, co-operative societies, and post offices. The deduction can be claimed on the total interest earned from these accounts. It’s crucial to note that this deduction is specifically applicable to savings account interest and does not cover other types of deposits or investments.
For more information to visit- https://www.mca.gov.in/
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