The provisions of Section 80 TTA of the Income savings account in accordance with the provisions of Chapter 80 TTA
• Account where the total income of an appraiser (excluding the assessment prescribed in the 80TTB section for senior residents) is included in the savings (not the time deposit) as an individual or a Hindu integrated family.
1. Banking Institutions: Interest earned from any banking institution (including any bank or banking institution referred to in Section 51 of that Act) is applicable under the Banking Regulation Act, 1949 (10 of 1949);
Cooperative Societies: Interest received from a co-operative society engaged in conducting banking business (including a co-operative land mortgage bank or a co-operative land advance bank); Or
3. Mailing stations: Interest received from mail centers as defined as section (k) of section 2 of the Indian Mailing Stations Act, 1898 (6 of 1898),
If the above conditions are satisfied, the following section will be approved in accordance with 80TTA:
1. a. In cases where the total amount of such national income does not exceed 10,000 And
2. b. In any other case, 10,000.
Section 60 TTA sets a number of parameters that select the savings accounts”.
Accordingly, Section 80 does not allow other interest income from TTA banks, financial institutions from other instruments for example, recurring stores, fixed deposit, company stores are not eligible to avail Section 80 TTA discount.
Therefore, any person or persons of HUF can claim savings bank account held in a bank;
From Post Office Savings Account.
Exemption: However, interest received from fixed deposit, repurchase deposit, banks, financial institutions, co-operative social orders, mailing stations and other maintained stores under this section are not eligible for Section 80 TTA, non-residents have no limit to claim income Section 80TTB applies to senior residents. According to Section 80 TTB, a senior resident can claim a maximum discount of up to Rs. 50,000 a year under Section 80 TTB for interest income from a bank for interest income (RD, FD, Time deposit). , Cooperative Banks are not yet from any organization’s FD
Thus, in fundamental terms, the Income-U / S 80TTB cannot appreciate the benefits provided under Section 80TTA.