About section 80tta

Discussion in 'Tax planning' started by saniya, Apr 3, 2014.

  1. saniya

    saniya Member

    In the recent amendment it is said that interest on saving account is exempted upto 10000/- under section 80TTA. What's my question is if an assessee earns an interest income of 50000/- for the financial year then as per section 80TTA of the income tax act whether 10000/- Is exempted and 40000/- is taxable ? And the amount of 10000/- may include interest from different bank acounts? Please clarify this.

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