A New Section 80 TTA 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 banks, co-operative banks and post office. The deduction is restricted to Rs 10,000.

It is also proposed to provide 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.

The section is applicable with effect from April 01, 2013 and will apply from AY 2013-14 and onwards.

This Article has been posted by CA Prahsnat Doshi. He can be reached at prashantdoshi22@gmail.com

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adminINCOME TAXUncategorizedauthor,Income Tax,Prashant Doshi,Section 80TTAA New Section 80 TTA 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 banks, co-operative banks and post office. The deduction is restricted to Rs 10,000. It is also proposed to provide that where...Helping Hand of Professionals