Deduction on Interest Income Under Section 80TTA
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CA SIDDHARTH JAIN ?
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For a residential individual (age of 60 years or less) or HUF, interest earned upto Rs 10,000 in a financial year is exempt from tax. The deduction is allowed on interest income earned from:
- savings account with a bank;
- savings account with a co-operative society carrying on the business of banking; or
- savings account with a post office
Senior citizens are not entitled to benefits under section 80TTA.