Section 8. 0TTA Deduction Interest on Bank savings deposit. CA Sandeep Kanoi. Section 8. 0TTA is  introduced with effect from April 0. AY 2. 01. 3 1. 4 and onwards. Section is introduced to provide deduction to an individual or a Hindu undivided family in respect of interest received on deposits not being time deposits in a savings account held with banks, cooperative banks and post office. The deduction is restricted to Rs 1. It is also provided that where the income referred to in this section is derived from any deposit in a savings account held by, or on behalf of, a firm, an association of persons or a body of individuals, no deduction shall be allowed under this section in respect of such income in computing the total income of any partner of the firm or any member of the association or any individual of the body. Quicktime System Extension Version 5. Thermo 3920 Manual. Form 26As From Hdfc Bank' title='Form 26As From Hdfc Bank' />1 Form No. G or 15H should be submitted at the beginning of the year so as to avoid a situation where bank has already deducted the tax before you submit the form. Nice comparison of features. I have been using ICICI Netbanking, HDFC Netbanking and Citibank Netbanking for several years now, and believe me, HDFC Bank overall is. The government has made quoting of biometric identity number Aadhaar mandatory for opening of bank accounts as well as for any financial transaction of R 50,000 and. Bank or banking company Cooperative society engaged in carrying on the banking business and as specified. Post office savings account. Section 80TTA deduction not. Everyone is aware that Form 15G and form 15H are used for avoiding the TDS deduction while computing the interest earned during the financial year. In this arti. EFile your Income Tax Returns Exclusively for HDFC Bank Card Customers. Analysis of Section 8. TTAWho can claim deduction under section 8. Practicing Financial Planning For Professionals Eleventh Edition. TTA Deduction us 8. TTA is applicable to individual taxpayers and HUF only. This benefit is not available to a firm, an Association of Persons, a Body of Individuals, LLP or Company Assessee. Eligible savings account for claiming deduction under section 8. TTASaving accounts with any of following entities will qualify Bank or banking company Co operative society engaged in carrying on the banking business and as specified. Post office savings account. Section 8. 0TTA deduction not available on FD Interest. This deduction is NOT applicable to the interest you received on your FDstime deposit or term deposit. Term deposit means a deposit received by the bank for a fixed period and can be withdrawn only after the expiry of the predefined fixed period. Maximum Deduction under section 8. TTAThe deduction allowed is  interest received on eligible saving accounts or Rs. If interest earned is more than 1. Income from Sources and taxed as per your slab rate. The deduction is in addition to deduction of Rs. Lakh of section 8. C of the Income Tax Act 1. Applicable from A. Y. 2. 01. 3 1. 4 Onwards. The section is applicable from April 0. AY 2. 01. 3 1. 4 and onwards. TDS Provisions not applicable on Saving Bank Interest. The interest earned on savings account is exempted from TDS under Section 1. A of Income Tax Act i. No TDS is deducted on interest from saving account. Post office savings bank interest exemption under section 1. Up to the Asessment year 2. Rs. For the Assessment year 2. Rs. From the Assessment Year 2. Rs. Interest on Post Office saving Bank exemption under section 1. Full Exemption, nothing is taxable. Exemption up to Rs. Rs. 7. 00. 0 in a joint account. Exemption up to Rs. Rs. 7. 00. 0 in a joint account. Interest on savings account with a bank, co operative bank and Post office deduction under section 8. TTANo deduction. No deduction. Deduction up to Rs. The insertion of this new section has been a relief to individual or Hindu undivided family as interest on saving bank account was always a taxable income with no corresponding tax benefits. It would also help in avoiding inclusion of small savings bank interest in the taxable income, which was required to be done after deletion of section 8. L. Extract of Section 8. TTADeduction in respect of interest on deposits in savings account. TTA. 1 Where the gross total income of an assessee, being an individual or a Hindu undivided family, includes any income by way of interest on deposits not being time deposits in a savings account witha a banking company to which the Banking Regulation Act, 1. Act b a co operative society engaged in carrying on the business of banking including a co operative land mortgage bank or a co operative land development bank orc a Post Office as defined in clause k of section 2 of the Indian Post Office Act, 1. Where the income referred to in this section is derived from any deposit in a savings account held by, or on behalf of, a firm, an association of persons or a body of individuals, no deduction shall be allowed under this section in respect of such income in computing the total income of any partner of the firm or any member of the association or any individual of the body. Explanation. For the purposes of this section, time deposits means the deposits repayable on expiry of fixed periods.